OSLO ¨C Norway¡¯s wealth fund is making final preparations for its first Asian real estate investment as it builds a portfolio of properties in the world¡¯s biggest cities.
After scouring Asia for investment opportunities, the $870 billion fund, built from Norway¡¯s oil revenue, has narrowed its search to Singapore and Tokyo, said Karsten Kallevig, head of real estate investments at the Oslo-based fund.
¡°Tokyo is arguably the single biggest market in the world for real estate,¡± he said in an interview Friday. While the fund doesn¡¯t have an ultimate spending target, ¡°we can invest a lot in Asia,¡± he said.
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