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World’s largest wealth fund plans huge Asian portfolio | 26 March 2014

The world’s biggest sovereign wealth fund, known officially as The Government Pension Fund Global, is planning to make a huge investment in Asian commercial property.

Based in Oslo, Norway, the $870 billion fund is built from Norway’s oil revenue. It is currently creating a large portfolio of properties in the world’s biggest cities, and now it looks as if Tokyo or Singapore could become the next area of investment, reports bloomberg.com. The fund has not invested in Asia before.

Karsten Kallevig, head of real estate investments at the fund, said there is no spending target, but that it could afford to “invest a lot” in Asia.

“When we say Singapore and Tokyo, we mean the better parts,” he explained. “My guess is office properties will be the main component, because that’s what’s for sale in those parts of town. There aren’t many shopping malls in the centre of Tokyo or the centre of Singapore.”

The fund already owns properties in cities including New York, Paris, Berlin and London, but it wants to invest in ten to 15 cities across the globe. In 2014, 2.2 per cent, or $18 billion, of the fund’s assets were held in commercial property, and it hopes to grow that percentage to five per cent, reports todayonline.com.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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