01.10.2012 - Norway’s wealth fund targets U.S. real estate by end 2013
Norway’s $650 billion sovereign wealth fund is closing in on its first U.S. real estate investment as the market struggles with stagnant prices. The fund will invest in the U.S. “by the end of next year at the latest,” Trond Grande, deputy chief executive officer at Norges Bank Investment Management, said in a Sept. 27 interview in Molde, Norway. “The U.S. is the largest real estate market so if you want to have a global portfolio you must have exposure to the U.S.” Built from Norway’s oil and gas wealth, the fund in 2010 got approval to invest as much as 5 percent of its capital in real estate as it seeks to meet a 4 percent return target...............................................Full Article: Source
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