| Norway's Government Pension Fund Global will soon start investing in Japanese office buildings, possibly spending $5 billion to $8 billion over the long term, according to the chief real estate investment officer at Norges Bank Investment Management. Among Asian cities, the world's largest sovereign wealth fund has set its sights on Tokyo and Singapore, said Karsten Kallevig. Norges Bank Investment Management, which manages the fund, opened an office here in early October for this purpose.
Growth is expected over the long term thanks to the concentration of global businesses, Kallevig said of the Tokyo market. Investment will be limited to the capital, with no plans to expand to Osaka or Nagoya. With the weakening of the yen, some view Japanese real estate as a bargain for overseas investors. But Kallevig said the soft price trend did not factor into the fund's decision...............................................Full Article: Source
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