| 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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