Norway Oil Fund Buys 65% Stake in Paris and Berlin Properties For Combined EUR438 Million

By Dominic Chopping

Norway's $1.2 trillion sovereign-wealth fund, the world's largest, said Friday that it has agreed to acquire a 65% stake in two properties for a combined 438 million euros ($437.9 million).

Norges Bank Investment Management, the arm of Norway's central bank that manages the fund, commonly known as the oil fund, said it will pay EUR297 million for its stake in VoltAir, a newly built mixed-use property in Berlin, and EUR141 million for its stake in an office property in central Paris.

Swiss Life Group entities will hold a 35% interest in the properties and Swiss Life Asset Managers will perform the asset management, it said.

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(END) Dow Jones Newswires

09-09-22 0504ET