GPFG Purchases Stakes in Five Properties in Paris
According to the press release, “The Norwegian Government Pension Fund Global agreed today to buy 50 percent of five properties in Paris from Generali Group for 275 million euros, or approximately 2.1 billion Norwegian kroner.
Norges Bank Investment Management (NBIM), the fund’s manager, and Generali also agreed to form a joint venture where Generali Real Estate provides asset management services. The partnership will have a long-term investment strategy focused on central Paris and may over time be extended to other European markets.
“We are pleased to partner with an institution of Generali’s calibre and hope to expand the relationship in the years ahead,” says Karsten Kallevig, NBIM’s chief investment officer for real estate.
‘The transaction will increase our exposure to high-quality properties in central Paris.’”
Generali will hold the remaining 50 percent of the properties on completion of the transaction, which is expected by year-end. The properties, used as office and retail premises, have a total surface area of about 38,600 square metres and are located in:
- 100 avenue des Champs Elysées, Paris
- 8e3-5 boulevard Malesherbes, Paris
- 8e15-17 rue Scribe, Paris
- 9e11/13/15 rue Pasquier, Paris
- 8e 183-185 avenue Daumesnil, Paris 12e
Read more: NBIM Press Release