World's Biggest Wealth Fund Looking to Sell Frankfurt Property

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Norway’s sovereign wealth fund and Axa Investment Managers SA are looking to sell the Die Welle office complex in Frankfurt, according to people with knowledge of the matter.

The joint owners are seeking about 550 million euros ($622 million) for the building in the city’s business district, the people said, asking not to be identified because the details aren’t public. The Norwegian fund and Axa both declined to comment.

Prices for office properties have hit records in Frankfurt as investors pour money into the German financial capital on speculation talent and money will relocate there because of Brexit. Die Welle’s occupants include Citigroup Inc. and law firm Latham & Watkins LLP.

The partners bought the complex -- named for the German word for wave, which describes its appearance -- in a 50:50 joint venture in 2012. It marked the Norway fund’s first entry into German real estate. The $1 trillion fund has since built up a $25 billion global real estate portfolio, and announced last month it would scale back its property investments.

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