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NBIM enters Munich real estate market with SZ Tower acquisition

22 November 2013

Norges Bank Investment Management (“NBIM”), manager of the Norwegian Government Pension Fund Global, together with its joint venture partner AXA Real Estate, acting on behalf of AXA France Insurance Companies (“AXA Real Estate”) have agreed to acquire the SZ Tower in Munich.

It has been agreed to acquire the SZ Tower for approximately EUR164 million, or NOK1.35 billion, from German publicly listed Prime Office REIT-AG further expanding the existing partnership. NBIM’s 50% share will be EUR82 million. The asset is a 28 storey, 62,000 sqm high quality office tower which is fully let on a long term basis. The transaction is set to complete before year end.

NBIM entered the German market at the end of 2012 through a joint venture with AXA Real Estate purchasing the two assets “Die Welle” and "Neues Kranzler Eck".