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Norwegian Wealth Fund Interested In French Properties

Norwegian Wealth Fund Interested In French Properties
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Norwegian’s have always been interested in real estate deals that involve French properties. This can be demonstrated by the deal of Norwegian Wealth Fund, a $584 billion Assets Company, which has finalized a deal this week making it the second major property deal in Europe within a year’s time. The deal includes the buying of stakes in seven French office properties which has been valued at 1.4 billion euros or $2.04 billiion.

A payment of 702.5 million euros for obtaining a 50% share in the french real estate which Includes properties in the Champs-Elysees city and in the emerging business city located at the edge of Paris, La Defense, by the Norges Bank Investment Management of Norway.

Ownership of the real estate property will be managed by a fund by AXA Real Estate Investment Managers which is the support of the property management of AXA SA, a French insurer. Norges bank and AXA have came upto a deal in which a 50-50 joint venture will be formed in which the real estate properties will be managed by AXA and both the parties will make a joint investment in French office properties in the future. The chief executive of AXA real Estate firms declared that this venture with the Norges bank will provide opportunities to invest and diversify capitals in the European real estate sector, especially in the German and UK markets.

This Norway-based fund made its debut in the market last year in November by obtaining a 25% share for an amount 448 million pounds ($719 million) in the UK Crown Estate’s Regent Street real estate properties in the city of London.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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