14.09.2016 - Brexit Triggered Fastest Property Deal for Biggest Wealth Fund
Norway’s $875 billion sovereign wealth fund, the world’s biggest, pounced on London’s Oxford Street after U.K. voters decided to leave the European Union. Just about two weeks after Britons unexpectedly voted to leave the EU at the end of June, the fund snapped up a retail and office property for 124 million pounds ($164 million) from the Aberdeen U.K. Property Fund. The deal “may have been the fastest transaction we’ve ever made,” Karsten Kallevig, chief executive officer of Norges Bank Real Estate Management, said in an interview in Oslo on Tuesday. The fund got a “significant discount” because the seller had liquidity pressure, he said...............................................Full Article: Source
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