09.07.2012 - Norwegian SWF chases La Belle Vie
Europe's largest sovereign wealth fund will buy 50% of a multimillion Parisian property portfolio to take advantage of a robust real estate market. Norway's $600 billion sovereign wealth fund will buy half of five commercial properties for 275 million ($341 million). The properties, owned by the Generali Group, represent almost 40,000 square meters of office and retail space in the heart of Paris. Norges Bank Investment Management (NBIM), which manages the sovereign wealth fund, and the Generali Group also agreed to form a join venture to oversee the investment. According to the Norges Bank, the partnership will focus on a long-term real estate investment strategy that could branch out to other European markets...............................................Full Article: Source
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