AXA Real Estate Investment Managers and Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, have revealed they were the buyers of the SZ Tower in Munich.
AXA Real Estate Investment Managers and Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global, have revealed they were the buyers of the SZ Tower in Munich.
On 21 November German REIT Prime Office reported that it had sold the 28-storey tower to an international investment consortium for €164 mln. Colliers International advised Prime Office on the sale.
SZ Tower is a 62,200 m², 28-storey, prime office building in Munich which is fully let to, and serves as the headquarters of a German publishing group.
Four days later AXA Real Estate and NBIM confirmed they bought the asset in a 50-50 joint venture. The transaction is expected to close before the end of 2013.
SZ Tower was the first office building in Germany to be awarded a Gold LEED certification (Leadership in Energy and Environmental Design) for sustainable construction.
AXA Real Estate is the largest real estate portfolio and asset manager in Europe, with over €45 bn of assets under management as of September 2013.
The Norwegian Government Pension Fund Global is the largest pension fund and sovereign wealth fund in the world with almost €600 bn of assets under management. The fund began investing directly in real estate in 2010 and now has some €5 bn of property under management.
