Norges Bank Investment Management has acquired a 100% interest in "Le Madeleine", a 31,500 m² mixed-use property on Boulevard de la Madeleine in Paris.
The agreement was signed 22 May 2014 and closed 31 July. Norges Bank Investment Management paid €425.6 million. The transaction did not include any debt financing.
The property consists of 60% office and 40% retail. It has been refurbished over the last three years and is fully let.
The vendor is BlackRock Europe Property Fund III, a closed-end fund managed by Blackrock. AXA Real Estate will perform the asset management of the property.