Norwegian govt pension fund sells Paris property

Norges Bank Investment Management (NBIM) has together with AXA France decided to dispose of the Prelude property outside of Paris.

The partnership acquired Prelude, located on 27 avenue du Général Leclerc in Boulogne-Billancourt outside the French capital in 2011, and the two own 50 per cent each.

AXA and NBIM, which manages the assets of the Norwegian Government Pension Fund Global, signed an agreement to sell the property to Fidelity International Real Estate Fund on 1 August 2019, with the completion expected towards the end of the year.

NBIM will receive €49m for its 50 per cent ownership interest, which was one of the first investments NBIM made on behalf of the pension fund in French real estate.

Prelude consists of 8,368 square metres of office space and is located on the former Renault site. It was designed by Buffi Associés and is 100 percent leased. The building stretches over 7 floors and features a five-level, 194-car garage.

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