Norges Bank Investment Management (NBIM), responsible for the investments of the Government Pension Fund Global, has made two acquisitions in the real estate sector.

NBIM agreed to acquire a 40 per cent interest in AXA Lifestyle Housing, which owns and operates student housing and co-living properties in France and Spain under the brand The Boost Society (formerly known as KLEY Group).

The portfolio is comprised of 42 assets, totalling approximately 12,200 student housing and co-living beds.

The agreement was signed on 19 March 2025 and the competition is expected in quarter one of 2025, subject to sellers’ acceptance following consultation with a works council.

NBIM will pay €240m for its 40 per cent ownership interest, valuing the platform at a gross value of €1.3bn. The portfolio would be encumbered by approximately €600m in debt.

The platform sellers are subsidiaries of AXA, with European Student Accommodation Venture S.C.A., a fund controlled by AXA Investment Managers Alts, holding the remaining 60 per cent in the joint venture.

AXA Investment Managers Alts, through AXA Real Estate Investment Managers SGP, will continue to provide the asset management of the portfolio.

In addition to this acquisition, NBIM also acquired a 25 per cent interest in a mixed-use property portfolio located in Covent Garden, London, in a joint venture with Shaftesbury Capital Plc.

The agreement was signed on 20 March 2025, with completion expected in early April 2025.

NBIM will pay £570m for its 25 per cent ownership interest, valuing the portfolio at £2,659m. The portfolio is encumbered by £380m of existing debt, and no financing will be involved.

The seller of the 25 per cent interest is Shaftesbury Capital Plc, which will retain the remaining 75 per cent interest and manage the portfolio on behalf of the joint venture.

The 1.5 million square feet mixed-use portfolio is predominately retail and leisure assets clustered around Covent Garden and Seven Dials in London’s West End.

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