Royal Bank of Scotland has agreed to sell two buildings in Frankfurt and Berlin to Axa Investment Management, according to news agency reports.
Bloomberg says the properties are valued at about €790m ($1bn), according to people who were happy to disclose private information so long as their names were kept secret. Axa made the purchase on behalf of Norges Bank Investment Management, Norway's $650 billion sovereign wealth fund, one of Bloomberg's sources said yesterday.
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Cash-rich pension funds and insurance companies, on the other hand, are happy to invest in assets which provide a steady income stream.
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DIY pension investors take tax-free cash amid switch to ISAsSelf-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
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12 ways pensions could be reformed in Budget – including an alternative to charging IHTPension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?
