Norges Bank Investment Management (NBIM) said it bought a 25% interest in a property portfolio in London in a new joint venture with Shaftesbury Capital for £570 million, (US$740.03 million), valuing the portfolio at £2.66 billion.

It said in a separate statement it has agreed to buy a 40% interest in AXA Lifestyle Housing, which owns and operates student housing and co-living properties in France and Spain, for €240 million (US$261.02 million).

Shaftesbury Capital will retain the remaining 75% interest and manage the London portfolio on behalf of the joint venture, while subsidiaries of AXA will hold 60% ownership in the other portfolio.

“Completion of the deal with Shaftesbury Capital is expected in early April, while the agreement with AXA Lifestyle Housing is expected to be completed in the first quarter of this year (Q1 2025),” NBIM added.