In a letter to the Ministry of Finance, Norges Bank presents the work on its strategy for real estate investments in the Government Pension Fund Global.
Norges Bank Real Estate Management has acquired 100 percent of the long leasehold interest in 355-361 Oxford Street, a 59,000 square foot retail and office property in central London.
The limit for the Norwegian Oil Fund (NBIM’s) real estate allocation is increased from five to seven percent.
The Norwegian Oil Fund (NBIM) returned ten percent on their real estate investments during 2015. The fund’s total return was 2.7 percent.
Karsten Kallevig has been appointed Chief Executive Officer of Norges Bank (The Oil Fund) Real Estate Management. He will start in the new position on 1 January 2016.
Norges Bank Investment Management has entered into contract to acquire a 44 percent interest in a portfolio comprising 11 office properties in New York City, in a joint venture with Trinity Wall Street.
Norges Bank Investment Management (Norwegian Oil Fund) has acquired a 100 percent interest in the West One Shopping Centre and 75 Davies Street, a 90,000 square foot retail and office property located above Bond Street Underground station in London.