Norges Bank Investment Management has agreed to acquire a 65 per cent stake in two properties, VoltAir, a newly built mixed-use office building located in Berlin, and 86 boulevard Haussmann, an office property in central Paris.
The investments will be made together with Swiss Life Group, with Swiss Life Group to hold a 35 percent interest in the properties, while Swiss Life Asset Managers will oversee asset management.
The VoltAir property is expected to be completed in February 2023, while 86 boulevard Haussmann is expected to complete in December 2022.
NBIM paid a total of €297m for its 65 per cent ownership interest in VoltAir, valuing the 30,000 square meter property at €457m.
The 11,000 square meter Paris property meanwhile, 86 boulevard Haussmann, has been valued at around €217m, with NBIM to pay €141m for its 65 per cent ownership interest.
Both assets will be unencumbered by debt, and no financing will be involved in the transactions.
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