Norway SWF Sells Stake in Die Welle Property in Frankfurt
Posted on 06/27/2019
Norges Bank Investment Management (NBIM) manages Norway Government Pension Fund Global. A real estate partnership between AXA France and NBIM inked a deal to sell the Die Welle property in Frankfurt to Invesco Real Estate. The deal is expected to close in October 2019. NBIM will receive 310 million EUR for its 50% ownership stake in the property. The partnership acquired the Frankfurt property in 2013.
The property consists of 80,600 square meters of predominantly office space.
Property location: An der Welle 3-7 and 2-10 in Frankfurt.
NBIM has thrown in the towel on unlisted real estate in favor of listed real estate. One should expect more sell-offs from NBIM in institutional real estate.