Tuesday, 6 October 2026
Norges Bank Investment Management and Art-Invest Real Estate are preparing to invest jointly in additional German office properties, establishing a new relationship aimed at major metropolitan markets at a time when institutional capital remains selective toward the sector.
The cooperation started operationally on 1 October, when Art-Invest assumed asset-management responsibility for the Axel Springer Campus in Berlin on behalf of Norges Bank Investment Management. The parties intend to use the relationship for further office acquisitions in Germany over the coming years, although no overall investment target or capital commitment has been disclosed.
The Berlin property provides around 52,700 sqm of rental space and approximately 3,500 workplaces at Zimmerstraße 50 in Mitte. Completed in 2020, it was designed by OMA and is characterised by a large diagonal atrium connecting terraced working areas through the centre of the building. The property is DGNB Gold certified and is leased long term to Axel Springer.
Norges Bank’s involvement with the building dates considerably further back. The manager of Norway’s Government Pension Fund Global agreed to acquire the development from Axel Springer in 2017 through a EUR 425 million forward purchase. At that stage, NBIM reported that the planned building would comprise approximately 52,200 sqm and would be acquired without debt financing.
The new relationship goes beyond management of the existing Berlin asset. Norges Bank intends to increase and diversify its German office exposure through additional investments in leading cities, while Art-Invest will contribute its local acquisition and asset-management capabilities. The announcement does not establish that the companies have created a separately capitalised joint venture or an exclusive investment partnership.
The timing is significant for the German office investment market. Following several years of repricing caused by higher financing costs, investors have become increasingly selective over building quality, location, leasing and capital expenditure requirements. The planned cooperation indicates that large institutional investors continue to see opportunities in the sector where assets meet long-term investment criteria.
Art-Invest is already active across several major German property markets and continues to acquire offices. In June, it purchased Deutsche Bank’s historic Hamburg headquarters at Adolphsplatz, where a major refurbishment is planned between 2028 and 2031 and the bank is expected to retain around 75% of the future 16,450 sqm of rental space.
For Norges Bank Investment Management, the approach is consistent with its established model of investing in real estate alongside specialist partners. The fund has been investing directly in German property since 2012 and has previously used local and international partners to provide asset-management expertise.
The Norwegian fund is one of the world’s largest institutional investors and currently manages assets worth more than NOK 22 trillion. Its portfolio includes hundreds of properties internationally, while its investment mandate allows up to 7% of the fund to be allocated to unlisted real estate.
The significance of the Art-Invest agreement will ultimately depend on the scale and timing of the acquisitions that follow. For now, the appointment at the Axel Springer Campus provides an initial operating relationship while giving both parties a platform from which to pursue new German office investments as opportunities emerge.
