mast image

Impact Investing

IPE special report May 2018

Sections

Norwegian oil fund acquires German office building with AXA RE

Related images

  • Munich, Germany

Related Categories

Norway’s giant Government Pension Fund Global is investing in its third property in Germany in a joint deal with AXA Real Estate to buy a Munich office building for €164m.

Norges Bank Investment Management (NBIM), which manages the NOK4.9trn (€593bn) Norwegian sovereign wealth fund, said the transaction to buy the 28-storey, 62,000sqm SZ Tower was set to complete before the end of the year.

AXA Real Estate, acting on behalf of AXA France Insurance Companies, and NBIM were buying the building from publicly listed Prime Office REIT-AG, the Norwegian asset manager said.

AXA Real Estate and NBIM are each buying a 50% share in the property, representing an investment of €82m.

NBIM said it first entered the German property market at the end of 2012 through a joint venture with AXA Real Estate, buying the two assets “Die Welle” in Frankfurt am Main and “Neues Kranzler Eck” in Berlin.

The SZ Tower serves as the headquarters of the German publishing group Süddeutscher Verlag, and is fully let to the company.

It has Gold LEED (Leadership in Energy and Environmental Design) for sustainable construction, AXA Real Estate said.

Pierre Vaquier, chief executive of AXA Real Estate, said expanding its real estate business in Germany was a strategic priority for the company.

 

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2435

    Asset class: CLOs.
    Asset region: Global.
    Size: USD 50m.
    Closing date: 2018-05-22.

  • QN-2436

    Asset class: Real Estate - Core Open-ended Real Estate Equity Fund (non-listed).
    Asset region: Asia Pacific.
    Size: Approx. CHF 70-100m per investment.
    Closing date: 2018-05-25.

  • QN-2438

    Asset class: High Yield Bonds.
    Asset region: US.
    Size: USD 300 million.
    Closing date: 2018-05-25.

Begin Your Search Here