Norway: World’s biggest sovereign fund enters Asian market

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

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