Fund makes new investment in Paris

Norges Bank Investment Management has acquired a 100 percent interest in "Le Madeleine", a 31,500 square metres mixed-use property on Boulevard de la Madeleine in Paris.

1 August 2014

The agreement was signed 22 May 2014 and closed 31 July. Norges Bank Investment Management paid 425.6 million euro, equivalent to 3.46 billion kroner. The transaction did not include any debt financing.

The property consists of 60 percent office and 40 percent retail. It has been refurbished over the last three years and is fully let.

The vendor is BlackRock Europe Property Fund III, a closed-end fund managed by Blackrock. AXA Real Estate will perform the asset management of the property.