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Norway’s oil fund looking at Tokyo, Singapore for property investments

Norway’s oil fund looking at Tokyo, Singapore for property investments

OSLO: Norway’s US$819 billion (S$1.1 trillion) Government Pension Fund, the world’s biggest sovereign wealth fund, is looking to buy properties in Tokyo and Singapore in the coming months, a key executive said on Wednesday.

The fund, built on revenues from the country’s oil and gas production, has previously bought office blocks, shopping malls and other properties in key cities in Europe and North America, and has a stated ambition of expanding its real estate portfolio to Asia.

It’s hard to say exactly when the first investment will come, but we’re hoping for 2015 or early 2016,” Nina Hammerstad, the fund’s chief operating officer for real estate, told a business seminar in Norway.