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Norway's sovereign fund, AXA France to sell Munich property

A partnership between Norges Bank Real Estate Management and AXA France struck a deal to sell SZ Tower in Munich to a subsidiary of Art-Invest Real Estate for an undisclosed sum.

However, Norges Bank, which manages real estate investments for Norway's sovereign fund, expects to receive €122.1 million for its 50% stake in the asset, implying a total sale price of €244.2 million.

The sale, which follows a recent agreement that the partnership struck to sell an office property at 31-33 Rue de Verdun in Paris for an implied sale price of €126.5 million, is expected to close within the next two months.

The property encompasses 62,200 square meters of lettable space.