The real estate investment arm of Norway's mammoth sovereign wealth fund has acquired a 100% interest in an office & retail property in central Paris, well-informed sources have told PropertyEU. The sellers were advised by BNP Paribas Real Estate.
Norges Bank Real Estate Management paid €1 bn for the mixed-use property in an all-equity transaction. The agreement was signed and completed on 16 December 2016.
The vendors were Trajan Luxembourg S.a.r.l and Trajan Luxembourg II S.a.r.l, both controlled by private Irish investors John Magnier and JP McManus. The deal is one of the largest single-asset deals in the French capital.
The property is located on 9 Place Vendôme and 368-374 rue Saint-Honoré in central Paris and comprises 26,800 m2. It includes 80% rentable office space and 20% rentable retail space.
