Norges Bank

Press release

Fund to buy stakes in five properties in Paris

The Norwegian Government Pension Fund Global agreed today to buy 50 percent of five properties in Paris from Generali Group for 275 million euros, or approximately 2.1 billion Norwegian kroner.

Norges Bank Investment Management (NBIM), the fund's manager, and Generali also agreed to form a joint venture where Generali Real Estate provides asset management services. The partnership will have a long-term investment strategy focused on central Paris and may over time be extended to other European markets.

"We are pleased to partner with an institution of Generali's calibre and hope to expand the relationship in the years ahead," says Karsten Kallevig, NBIM's chief investment officer for real estate. "The transaction will increase our exposure to high-quality properties in central Paris."

Generali will hold the remaining 50 percent of the properties on completion of the transaction, which is expected by year-end. The properties, used as office and retail premises, have a total surface area of about 38,600 square metres and are located in:

  • 100 avenue des Champs Elysées, Paris
  • 8e3-5 boulevard Malesherbes, Paris
  • 8e15-17 rue Scribe, Paris
  • 9e11/13/15 rue Pasquier, Paris
  • 8e 183-185 avenue Daumesnil, Paris 12e

Norges Bank Investment Management (NBIM) safeguards and builds financial wealth for future generations as the manager of the Norwegian Government Pension Fund Global. The fund is invested globally in equity, fixed-income and real estate markets. It held assets worth about $550 billion dollars at the end of 2011.

Generali Real Estate is a leading European property manager and services provider for institutional clients. Established in 2011 as the sole manager of the Generali Group's property assets, Generali Real Estate also intends to develop services for third-party institutional investors. With an asset portfolio worth approximately € 28 billion, Generali Real Estate is present in ten markets (Italy, France, Germany, Austria, Spain, Belgium, Netherlands, Switzerland, East Europe and Asia) with operating units located in the nerve centres of each market, and a team of more than 500 professionals with international and wide experience on their respective local markets.


Press telephone: +47 21 49 09 30

Published 5 July 2012 15:00