The Oil Fund buys properties in Tokyo

TokyoA woman walks past an electronic stock indicator of a securities firm in Tokyo, Wednesday, Nov. 29, 2017. Shares are mostly higher in Asia following a broad rally that lifted U.S. stocks to a milestone-shattering finish. Investors appeared to shrug off the latest launch of a ballistic missile by North Korea. (AP Photo/Shizuo Kambayashi)

The oil fund is in the process of making its first real estate investment in Asia through the purchase of a share of five properties in Tokyo.

 

The price for the properties is NOK 6.8 billion.

Norges Bank Real Estate Management signed an agreement with Tokyu Land Corporation on Thursday to purchase a 70 percent share of five properties.

“This is the Fund’s first real estate investment in Asia and is in line with our strategy of building a global portfolio of high-quality properties,” said Karsten Kallevig, head of Norges Bank Real Estate Management.

The properties consist of 12,300 square meters of store and office space.

“As one of the world’s largest real estate markets, Tokyo will be an important part of the fund’s real estate portfolio in the long run,” says Kallevig.

 

NTB Scanpix / Norway Today

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