The agreement was signed on 19 May 2022, with completion expected on 30 June 2022.

Norges Bank Investment Management will pay 677 million euros for its 50 percent ownership interest, valuing the property at 1,354 million euros. The property is encumbered by 625 million euros of existing debt. No further financing will be involved in the transaction.

The sellers of the property are Oxford Properties and Madison International Realty.

Oxford Properties will retain a 50 percent interest in the property and will perform the asset management on behalf of the joint venture.

The property comprises 113,000 square meters of office, retail and residential space.