Fund makes new investments in Berlin and Paris
9 September 2022
Both investments will be made together with Swiss Life Group.
The agreements were signed on 8 September, with completion expected in February 2023 for VoltAir and in December 2022 for 86 boulevard Haussmann.
Norges Bank Investment Management will pay 297 million euros for its 65 percent ownership interest in VoltAir, valuing the property at 457 million euros.
The sellers of VoltAir are ABG Real Estate and Gaedeke & Sons. The property comprises c.30,000 square meters of office and retail.
Norges Bank Investment Management will pay 141 million euros for its 65 percent ownership interest in 86 boulevard Haussmann, valuing the property at 217 million euros.
The sellers of 86 Haussmann are Swiss Life Assurance et Patrimoine, Swiss Life Prevoyance et Santé and Swiss Life Assurances de Biens. The property comprises c.11,000 square meters of office.
Both assets will be unencumbered by debt, and no financing will be involved in the transaction.
Swiss Life Group entities will hold a 35 percent interest in the properties, and Swiss Life Asset Managers will perform the asset management.
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