World's Biggest Wealth Fund Eyes Long Game in Japanese Property
- Real estate arm of Norway’s fund manages $25 billion globally
- Fund can do ‘a couple’ of 100 billion yen deals a year: CEO
Commercial buildings stand in Tokyo, Japan.
Photographer: Noriko Hayashi/BloombergThis article is for subscribers only.
The property-investment arm of Norway’s $1 trillion sovereign wealth fund is keen to buy more real estate in Japan after making its first investment in the country last year.
Norges Bank Real Estate Management has the capacity to complete “a couple of” 100 billion yen ($912 million) deals in Japan each year “if the right opportunities come along,” Chief Executive Officer Karsten Kallevig said in an interview in Tokyo. He said the fund hopes to own property there “for a very, very long time.”