A partnership between Norges Bank Investment Management (NBIM) and AXA France is selling a €130 million office asset in France’s capital to a group of investors including La Française. NBIM, which holds a 50% stake in the Memphis property located on 109-111 avenue de France in Paris, said the 14,414 square metre building has been sold to a partnership between La Française’s LF Grand Paris, Epargne Fonciere and EDF in a deal expected to be completed by the end of 2023.
NBIM, the manager of Norway’s sovereign wealth fund, said it will receive €65.1 million for its interest. The NBIM and AXA France partnership acquired the asset in 2011.
Source: realassets.ipe.com on the 28th of the July 2023