| Karsten Kallevig has a mandate to spend about $6 billion a year on high-end properties across Europe, North America and Asia. The snag: The freshly minted real-estate chief at Norway’s sovereign-wealth fund can’t find enough bricks for his bucks.
Although it has decided to invest about $6 billion a year in real estate as part of an effort to diversify an $820 billion portfolio built out of the Nordic nation’s oil windfall, the fund managed by Norway’s central bank, is facing a dearth of attractive opportunities. “It’s natural for us to proceed at a slightly slower pace,” Mr. Kallevig, who took office on Jan. 1, said in an interview. “Our appetite hasn’t been reduced. But times are uncertain.”..............................................Full Article: Source
|