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Norway's sovereign wealth fund buys central Paris property for €1B

Norges Bank Real Estate Management acquired the Vendôme Saint-Honoré property in central Paris for €1 billion.

The office and retail asset was sold to the Norwegian sovereign wealth fund by Trajan Luxembourg Sarl and Trajan Luxembourg II Sarl, both of which are controlled by private investors John Magnier and JP McManus, according to a release.

The 26,800-square-meter property, located at 9 Place Vendôme and 368-374 rue Saint-Honoré, comprises 80% office and 20% retail.