Norway sovereign fund sops up US real estate
Second only to Canada in amount spent, it has blown US$3.2b this year
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[SEATTLE] Norway has vaulted to the top ranks of foreign buyers of US commercial real estate, with its US$870 billion sovereign-wealth fund, the world's largest, acquiring buildings from New York to San Francisco.
The country has spent more than US$3.2 billion on US real estate this year, including the assumption of debt, going by figures from research firm Real Capital Analytics Inc and statements from the wealth fund. This makes it the biggest international buyer after Canada. The total is more than double the amount spent all of last year, when Norway was ranked sixth for property purchases.
Norway, which has a smaller population than New York City, is spending billions of dollars on properties globally as its wealth fund seeks to meet a target to invest as much as 5 per cent of its assets in real estate.
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