Europe's biggest fund enters Paris real-estate market

A €700m property deal with Axa gives Norway fund its first footprint in France

Norway's Government Pension Fund, which is the biggest investor in Europe, made its first property purchases in France today - eight months after it began building a real estate portfolio that could grow to as much as €20bn in the years ahead.

The investment takes the form of a joint venture with Axa Real Estate, into which the Norwegian fund will invest €702.5m while Axa stays on as manager of the French portfolio.

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