Norway Oil Fund to Buy $396 Million of Paris Property With Axa
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Norway’s $570 billion oil fund and Axa SA’s real estate asset management unit agreed to buy three Paris office buildings for 290 million euros ($396 million), their second portfolio acquisition in the French capital.
The venture is purchasing the properties from SEB ImmoInvest, a Frankfurt-based fund that’s selling assets to return money to investors after halting redemptions. The buildings, which are fully occupied, generate a rental income equivalent to 6 percent of the purchase price, according to a statement today.