Generali Real Estate and Norges Bank Investment Management (NBIM) are to launch a JV for property investment in Paris.
NBIM manages the Norwegian Government Pension Fund.
Generali Real Estate has provided an initial contribution of five properties with a combined value of €550m to the joint venture, via the sale of 50% of the assets to NBIM.
Karsten Kallevig, NBIM’s chief investment officer, said: “We are pleased to partner with an institution of Generali’s calibre and hope to expand the relationship in the years ahead.”
The transaction will increase our exposure to high-quality properties in central Paris.”
Giancarlo Scotti, CEO of Generali Real Estate said: “We are proud to partner a top financial institution like Norges Bank Investment Management, in an alliance that is the best acknowledgment of Generali Real Estate’s expertise and market know-how.”
Sofia.Furber@estatesgazette.com
