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Norwegian sovereign wealth fund to pay €613M for Paris mixed-use property

Norway's sovereign wealth fund is acquiring a mixed-use property in central Paris for €613 million.

Under the terms of a Dec. 13 agreement, Norges Bank Real Estate Management will acquire a 100% stake in the property at 79 avenue des Champs-Elysées from Groupama Group.

The property, which consists of 7,200 square meters of retail space and 3,100 square meters of office space, will be unencumbered by debt, and no financing will be involved in the transaction, Norges Bank said in a release.

The deal is slated to close before the end of 2019.

In November, Norges Bank agreed to pay €415.5 million to acquire a 20,400-square-meter office property at 54-56 rue la Boétie, also in central Paris, from a South Korean mutual fund.