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NBIM Signs Co-Investment Program

In a press release dated 15 October, Norges Bank Investment Management (NBIM) informed that it has signed a co-investment programme with AXA Real Estate, acting on behalf of various AXA insurance companies, targeting investments in senior secured performing commercial real estate loans in Europe. AXA Real Estate will manage the portfolio on behalf of the parties.

NBIM and AXA Real Estate have formed a joint venture that will target large size senior loan investments, of up to €600 million, with a primary focus on the United Kingdom, France and Germany.

The partners will invest mostly in primary issuances of commercial real estate loans.

The approach to this real estate debt program is similar to the (Norwegian) Government Pension Fund Global’s existing real estate investment strategy and philosophy. According to the press release the joint venture will allow NBIM to achieve two main objectives, namely to invest in commercial real estate debt and to invest alongside an experienced team with balance sheet capacity and long term investment horizon. For further information on the Government Pension Fund Global, please click here to read our earlier report.

The Author

Klaus Henrik Wiese-Hansen
Klaus Henrik Wiese-Hansen Klaus Henrik Wiese-Hansen is a partner at Steenstrup Stordrange’s office in Oslo, and is a member of the M&A and Corporate Practice as well as the Banking and Finance group. He has 14 years' experience in all aspects of financial markets legislation and asset management, including Private Equity, Investment Fund Management, Securities Legislation, Banking and Finance, Insurance, and M&A with respect to these areas. He has advised numerous Norwegian and foreign institutional clients in all aspects of their businesses relating to the aforementioned legal areas.

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