Fund makes new investment in Paris

Norges Bank Investment Management [1] has agreed to acquire a 65 percent interest in the office component of the property Les Ateliers Gaité, located in central Paris, through its partnership with Swiss Life Group.

The agreement was signed on 30 September, with completion expected in the fourth quarter of 2024.

Norges Bank Investment Management will pay 112.1 million euros for its 65 percent ownership interest, valuing the property at a gross price of 172.5 million euros. The asset will be unencumbered by debt, and no financing will be involved in the transaction. 

The seller of the property is Unibail Rodamco Westfield. 

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

The property comprises approximately 12,500 square meters of office space.

Press contact:
Line Aaltvedt    
Head of Communications
Tel: +47 948 54 656
Email: press@nbim.no 

[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.