Generali Real Estate has signed an agreement for the creation of a joint investment platform with Norges Bank Investment Management (Nbim), the company that manages the Norwegian sovereign fund "Norwegian Government Pension Fund Global". The goal is to invest in core properties in Paris.
As an initial endowment, the Generali Group contributed five buildings in Paris to the joint venture, for a total value of € 550 million, contributed through the sale to Norges Bank of 50% of these assets. Generali Real Estate will provide the asset management services. The buildings in question, used for offices and shops, have a total area of approximately 38.600 square meters and are located.
"Being a partner of an important financial institution such as Norges Bank Investment Management is a source of pride for us - said Giancarlo Scotti, CEO of Generali Real Estate -, as well as the best recognition of the expertise and knowledge of the markets of Generali Real Estate ”.
The joint venture has a long-term investment plan and strategy, and will focus on office or retail leased properties located in Paris. In the future, the partnership may be extended, through the creation of similar investment platforms, to other markets in Continental Europe.
“We are happy to partner with an institution of the caliber of Generali and we hope to extend the relationship in the coming years – commented Karsten Kallevig, chief investment officer for Real Estate at Nbim -. The deal will increase our exposure to high quality properties in central Paris."
