First we take Manhattan.
Norges Bank Investment Management (NBIM) safeguards and develops “Norway’s financial values for future generations,” as it is called. It is invested in equity, interest and real estate markets.
The Government Pension Fund Global, popularly called the Oil Fund, had a total value of NOK 3 723 billion at the end of September 2012. It is divided by 60 per cent in shares, 35-40 per cent in fixed income securities – and up to 5 per cent in real estate.
The fund has purchased a number of spectacular buildings in recent years. The very last transactions were completed 8. February this year. This was in a partnership with TIAA-CREF where they purchased 49.9 percent of five office buildings in the United States. The properties are located in New York, Washington D. C. and Boston and is valued at around $ 6.6 billion.
The building at 33 Arch Street in Bosten, designed by Elkus Manfredi Architects, is 145 meters high and thus higher than both Oslo Plaza (117 m) and Haldentårnet (120 m), which is considered to be Norway’s tallest buildings.
First Purchase Outside Europe
The seller TIAA-CREF will be responsible for operating the US properties on behalf of the partnership.
This is the Fund’s first real estate investment outside of Europe and is in line with our strategy of building a global property portfolio, “said Karsten Kallevig, Managing Director of Real Estate Investments in Norges Bank Investment Management (NBIM), when the acquisition was completed in February.
Two of the buildings are located in New York City, two in Washington D. C. and one in Boston. The five properties have a total of 172 450 square meters with rental space.
The first real estate investments were also the purchase of office and retail premises in London and Paris. Later, the fund has purchased 50 percent of a portfolio of logistics properties in Europe for around NOK 8.9 billion. This transaction is expected to be completed this year. By comparison, the opera in Bjørvika cost about NOK 4.4 billion when it was completed.
On harry trade
Formerly, they bought an office building in Switzerland for about $ 6.1 billion and 50 percent of the giant Meadowhall shopping center in the UK for around 3.2 billion dollars.
Even Strømmen Storsenter is short to the Meadowhall shopping center, about 5 kilometers northeast of Sheffield city center. The center has about 25 million visitors a year and consists of around 141,000 square meters of rental rooms spread over two floors. It has 219 shops, 53 kiosks, 30 dining places and a cinema with 11 halls.
NBIM has previously bought other shopping locations – including parts of Regent Street in London, one of London’s busiest shopping streets, with well-known brands like Apple and Burberry. Paris also boasts fashionable addresses, including 100 Avenue Champs Elysees, Paris 8th.
Many billions remain
– I think property has a natural place in any pension fund. The proportion will vary, but the special thing about this fund is that it has an eternal perspective. It actually speaks of having more property than usual, and preferably another weight, says chief economist Jan L. Andreassen in the Eika Group to click. no.
The fund has been mandated to assess property investments outside of Europe and North America. They can use up to 5 percent in real estate. Until now, they have spent about 1 percent. In other words, there are quite a few billions left – which means that many large real estate investments are in the pipeline.
– But what countries are future winners is not good to say, admits Andreassen. Since most of the world’s population lives in developing countries, it is probably good to wake up outside the mature rich OECD countries. We must buy where growth comes, not where it has been, but now falls, he warns.
Source: Norges Bank and Wikipedia, the free encyclopedia
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