Norway's fund will need nod for large property deals

Oslo

THE board of Norway's central bank is introducing an extra layer of supervision for the country's sovereign wealth fund, which will need to seek approval for all property deals over US$250 million, the bank said on Tuesday.

For the first time, the US$860 billion wealth fund, the world's largest, will need approval for some of its most valuable property deals. Property represents 2.7 per cent of its total value, which it wants to increase to five per cent.