Norges Bank Investment Management (NBIM) is targeting Japan and Singapore for its first real estate investments in Asia.
The investment manager of Norwayβs Government Pension Fund Global has confirmed it is opening an office in Tokyo to invest in Japanese real estate.
Karsten Kallevig, CIO for real estate, said: βWeβve picked out Tokyo and Singapore as the two markets where we want to start our efforts in Asia.β
It was previously reported that NBIM had hired former Grove International partner Kei Ando to run a new Japan office.
NBIM did not confirm Andoβs appointment but said it would hire βthree local staff, all attached to the real estate department and advising on property investmentsβ.
The Norwegian oil fund has allocated 5% of its NOK6.9trn (β¬753bn) assets to real estate, and since 2011 has invested in core real estate in Europe and the US.
NBIM said the strategy for Asia would be βlargely the sameβ.
Kallevig said: βTokyo is a market that fits well with the rest of our portfolio. Weβll be focusing on office buildings in selected central areas of the city.β
NBIM already has offices in Singpore and Shanghai to support its equity and fixed income investments in Asia.
Kallevig said: βHaving a separate real estate office in Tokyo will give us that important local presence and help us build the best possible property portfolio in this market.β
