| Norway's $860 billion sovereign wealth fund may invest more than $4 billion in property worldwide this year, breaking the record it set last year, its chief executive said on Friday, as the fund builds up its portfolio of real estate. The fund invests Norway's revenues from oil and gas production in stocks, bonds and property. The latter - mostly commercial real estate - represented 3 percent of the fund's total value at the end of the third quarter but will reach 5 percent over time.
Last year, the fund invested a record 36 billion crowns ($4.23 billion) in net real estate purchases, CEO Yngve Slyngstad told a seminar on Friday, and may be on track this year to do more. "This year we are still below our record of 36 billion last year, but there is ... potential that we will actually pass it," he said. The fund has so far invested some 28 billion crowns in property in 2015, he said...............................................Full Article: Source
|