PARIS-A joint venture between AXA Real Estate Investment Managers and Oslo-based Norges Bank Investment Management has agreed to purchase a portfolio of offices for $395 million. The properties include two offices in Paris and one in Boulogne-Billancourt, totaling almost 380,000 square feet.
The JV was launched in August 2011 to target co-investment opportunities in the Paris office market. The first transaction for the JV comprised the sale to Norges Bank of a 50% interest in seven assets from AXA’s Paris office portfolio with a total value of $1.9 billion.
In the recent transaction, the Paris offices include the 102,000-square-foot 28 Victor Hugo building and the 154,000-square-foot 99 Avenue de France building. Both are fully leased.
The 88,000-square-foot Le Prelude building is in Boulogne-Billancourt, in the established Western Business District. This building is also fully leased.
AXA provides asset management services to all the properties held in the JV. The firm is a subsidiary of AXA France Insurance Cos.
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