Norges Bank, the Norwegian central bank and sovereign wealth manager, has entered exclusive negotiations to acquire the retail portfolio of the Balkany group for €1.5 billion.
The move marks a significant expansion of the fund’s footprint in European commercial real estate, with the central bank reportedly outbidding several major European rivals including Klépierre, Generali, Orion, Nepi, and Grupo Lar.
The transaction is being pursued in partnership with Sonae, a Portuguese retail and real estate group.
According to reports from CincoDías, the process is advancing without major obstacles, positioning the Norwegian entity as the clear favorite to close the deal.
The acquisition would represent one of the largest real estate transactions in Spain in recent years, consolidating a substantial portfolio of shopping centers under state-backed ownership.
This strategic investment comes as Norges Bank simultaneously intensifies its foreign exchange operations.