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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Norway sovereign wealth fund enters US property market

Posted on 12 February 2013

Norway’s Government Pension Fund, the world’s largest sovereign wealth fund, has entered the US real estate market by investing $600m (¤448m) in five office properties. The fund bought a 49.9 percent stake in five office buildings in Washington DC, New York and Boston after forming a joint venture with the seller, TIAA-CREF, a pension fund.The US fund will retain a 50.1 percent holding and will be responsible for managing the properties, it said.
“As the world’s largest real estate market, the US will be an important part of the fund’s long-term property portfolio,” said Karsten Kallevig, chief investment officer for real estate at the Norwegian central bank unit responsible for managing the fund’s assets………………………………………..Full Article: Source


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