NBIM Acquires Vendome Property in Central Paris
On December 16, 2016, Norges Bank Real Estate Management signed and completed an agreement to purchase a 100% ownership interest in the Vendôme Saint-Honoré property, located at 9 Place Vendôme and 368-374 rue Saint-Honoré in central Paris. The sales price was €1 billion. No financing was used in the acquisition and the asset will be held unencumbered by debt. The sellers of the property were Trajan Luxembourg S.a.r.l and Trajan Luxembourg II S.a.r.l, both controlled by private investors John Magnier and JP McManus who are both Irish businessmen and racehorse owners. It is reported that they acquired the property in 2007 for €650 million.
The property is split between 80% leasable office space and 20% retail space. In total, the property is comprised of 26,800 square meters.
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