Norges Bank Investment Management Acquires 80% Stake in Paris Property for €347.4 Million
Deal News | Dec 20, 2024 | Norges Bank Investment Management (NBIM)
Norges Bank Investment Management (NBIM) has announced a major investment deal in Paris, agreeing to purchase an 80 percent stake in a prime office property for €347.4 million. The transaction, which was finalized on December 20, values the property at a gross €447.5 million. Unibail-Rodamco-Westfield, the current owner and seller, will retain a 20 percent interest and continue to manage the property. This deal does not involve any financing as the asset will remain unencumbered by debt. The completion of the deal is expected in the first quarter of 2025. This strategic acquisition indicates NBIM’s ongoing commitment to expanding its real estate portfolio in key international markets.
Sectors
- Real Estate Investment
- Fund Management
Geography
- France – The property that is being acquired is located in Paris, which is within France.
- Norway – Norges Bank Investment Management, the acquiring entity, is based in Norway.
Industry
- Real Estate Investment – The deal involves the acquisition of an office property in Paris, which falls under the real estate investment sector.
- Fund Management – Norges Bank Investment Management's role as a fund management division is integral to the transaction.
Financials
- €347.4 million – The amount paid by Norges Bank Investment Management for an 80% ownership interest in the property.
- €447.5 million – The gross value of the property being acquired.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norges Bank Investment Management | Buyer | Company | NBIM is the fund management division of Norges Bank, responsible for managing direct investments in real estate and infrastructure. |
| Unibail-Rodamco-Westfield | Seller | Company | A leading global developer and operator of flagship shopping destinations, managing and partially owning the Paris property. |