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Norway wealth fund sells properties in Munich and London for €453m
Transactions - DECEMBER 23, 2019

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Norway wealth fund sells properties in Munich and London for €453m

by Andrea Zander

Norges Bank Investment Management has sold a 25 percent stake in the West One Shopping Centre and 75 Davies Street in London and two Munich properties.

The new owner is British Land.

Norges Bank Investment Management received £54.25 million ($60.15 million) for the 25 percent ownership interest and will retain the remaining 75 percent. The property was originally acquired 100 percent by the fund in 2015.

British Land will perform the asset management on the property on behalf of the joint venture.

The property consists of 92,000 square feet of office and retail space.

And in Munich, the two assets were office buildings in Sophienstrasse 26, Katharina-von-Bora-Strasse 1 and 3, Karlstrasse 23 and Luisenstrasse 14 in the Lenbach Gärten quarter in Munich.

Norges Bank Investment Management will receive €390 million ($432 million) for its 100 percent ownership interest. The property was acquired in 2014.

The buyers of the property are E

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