Norges Bank Investment Management, responsible for the investments of the Government Pension Fund Global, has agreed to acquire an 80 per cent interest in a Paris office property.

The property, Trinity Tower, is located in Paris La Défense and it has been acquired through a new partnership with Unibail-Rodamco-Westfield.

The agreement was signed on 20 December, with completion expected in the first quarter of 2025.

NBIM will pay €347.4m for its 80 per cent ownership interest, valuing the property at a gross value of 447.5m. The asset will be unencumbered by debt, and no financing will be involved in the transaction.

The seller of the property, Unibail-Rodamco-Westfield, will keep a 20 per cent interest in the property, and continue to provide asset and property management services.

The property comprises approximately 50,000 square meters of office space.

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