Norway’s sovereign wealth fund, the largest of its kind in the world, has acquired major stakes in five retail and office buildings in Japan.
It comes less than a month after the US$1 trillion fund proposed to discontinue investing in oil & gas stocks as it seeks to diverse the fund away from oil. The fund, which has already invested in property in Europe and North America, paid ¥92.75 billion (US$820 million) for a 70% stake in five commercial buildings in Tokyo.
“This is the fund’s first real estate investment in Asia and is in line with our strategy to build a high-quality, global portfolio,” Karsten Kallevig, the head of the fund’s real estate management, said in a statement.
Full Content: CNBC