Swiss Life Asset Managers and Norges Bank Investment Management have agreed to acquire, respectively for 35 and 65 percent, the office component of the property Les Ateliers Gaîté, in Paris 14th district, in the heart of Montparnasse neighborhood.
The agreement was signed with the seller of the property, Unibail-Rodamco-Westfield, on 30 September, with completion expected in Q4 2024, once standard conditions precedents are met.
Swiss Life Asset Managers on behalf of Swiss Life Group entities will hold a 35 percent interest in the property, for 60.4 million euros. Swiss Life Asset Managers France will perform the asset management.
Norges Bank Investment Management will hold a 65 percent interest in the property for 112.1 million euros.
The property is valued at a gross price of 172.5 million euros.
Launched in 2022, the investment vehicle managed by Swiss Life Asset Managers targets core assets in Berlin and Paris, predominantly with commercial use.
This new transaction underlines its ability to source high quality real estate assets through local and specialised teams. Berlin and Paris are dynamic and future-proof cities with exemplary development ambitions in the areas of sustainability and modernisation.