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Norway’s SWF pays nearly $1.2b for two assets

by Andrea Waitrovich

Norges Bank Investment Management, which invests on behalf of Norway’s Government Pension Fund Global, has two pending deals in Boston and Paris for a total investment of approximately $1.15 billion. This year the sovereign wealth fund announced plans to increase its allocations to real estate from 1.2 percent to 5 percent. To go along its investments plans, NBIM is purchasing Le Madeleine, a 318,691-square-foot office complex in Paris. The sales price is rumored to be approximately $586.5 million, or $1,835 per square foot. The seller of the six-story property was BlackRock Real Estate.

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