Press

Norway wealth fund beefs up logistics portfolio amid trade war

Norway’s sovereign wealth fund added to holdings of logistics buildings in the U.S. and Europe, betting against any escalation of the ongoing trade war. Norges Bank Investment Management acquired three buildings in the U.S. and four in Europe in partnership with Prologis Inc. The $1 trillion fund paid $55.6 million for a 45 percent stake in three properties in Orange County, California and €69.1 million for a 50 percent stake in four properties in Barcelona, Madrid and Tilburg, the Netherlands. The move also comes after the investor in February decided to scale back its real estate push and focus more on buying stakes in listed real estate companies. The fund lowered its target for real estate in its portfolio to 3 to 5 percent from 7 percent earlier. By the end of 2018, the fund had invested 246 billion kroner in unlisted real estate, or about 3 percent of the fund’s value. Unlisted real estate returned 7.5 percent last year. - Bloomberg -

 

BACK

Register newsletter

Get to know about Nordic Chamber, our press releases and all news, straight to your inbox.