Norges Bank Investment Management (NBIM), responsible for the investments of the Government Pension Fund Global (GPFG), has agreed to acquire a 65 per cent interest in the office section of the Les Ateliers Gaité property.

The agreement, completed as part of NBIM's partnership with Swiss Life Group, was signed on 30 September, with completion expected in the fourth quarter of 2024.

As part of the deal, NBIM will pay €112.1m for its 65 per cent ownership interest, valuing the property at a gross price of €172.5m.

The asset will be unencumbered by debt, and no financing will be involved in the transaction.

Swiss Life Group entities, meanwhile, will hold a 35 percent interest in the property, and Swiss Life Asset Managers France will perform the asset management.

The seller of the property, which is located in central Paris, is Unibail Rodamco Westfield. The property comprises approximately 12,500 square meters of office space

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