Norway's sovereign wealth fund, which has around 拢240bn of profits from its oil and gas reserves, plans to start buying commercial property in the second half of 2009, according to a report in Property Week. The UK is at the top of the fund's shopping list.
Norway's sovereign wealth fund, which has around 拢240bn of profits from its oil and gas reserves, plans to start buying commercial property in the second half of 2009, according to a report in Property Week. The UK is at the top of the fund's shopping list.
Norway has reportedly set aside the equivalent of $20 bn (拢14.5 bn) to invest in real estate in the coming years, said Yngve Slyngstad, executive director of Norges Bank Investment Management, the division of the central bank which oversees the sovereign fund. 'The UK will be one of the first markets we will go into,' Slyngstad said. 'We look for markets with transparency and a good legal system to protect our investment.'
