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Norges-AXA JV Buys Paris Assets For €290M

A joint venture between Norges Bank Investment Management, which manages the Norwegian Government Pension Fund Global, and AXA Real Estate Investment Managers, a unit of French insurer AXA Group, is taking over three prime offices in Paris.

A joint venture (JV) between Norges Bank Investment Management, which manages the Norwegian Government Pension Fund Global, and AXA Real Estate Investment Managers, a unit of French insurer AXA Group, is taking over three prime offices in Paris, Reuters reports. The transaction is valued at a total of €290 million.

The three fully let office buildings are situated in the city’s central business district, the Rive Gauche business area, and the Boulogne-Billancourt business district. The deal will be completed by the end of 2011. The properties are being acquired from open-ended real estate fund SEB ImmoInvest, adds Bloomberg.

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