The oil fund invests in property in Berlin

BerlinBerlin

Norges Bank have decided to buy an office building in the center of Berlin for NOK 4 billion.

 

The property, comprising 52,000 square meters (62,191 square yards), is located on the corner of Axel Springer strasse and Zimmerstrasse.

The price was € 425 million, which will be paid when the building is completed in the autumn of 2019. Payment will be made both through sales and lease. The seller and future tenant are the media group, Axel Springer SE.

Norge’s Bank Investment Management manage the oil fund on behalf of the Ministry of Finance, who are the formal owner of the fund on behalf of the Norwegian people.

Up to 7% of the fund is permitted to be invested in unlisted real estate. The Oil Fund has invested in office and retail properties in selected cities around the world, as well as so-called logistics properties associated with global distribution chains.

On Monday, the oil fund’s market value was NOK 7,936 billion.

© NTB Scanpix / Norway Today

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