Despite its massive assets under management, Norway's sovereign wealth fund has not been able to source attractive property investments in Tokyo or Singapore.
Sitting on a cash pile of $935 billion, the world's largest sovereign wealth fund, managed by Norges Bank Investment Management, has not found suitable real estate projects in Tokyo and Singapore, despite long-standing plans to invest in the two Asian capitals, the fund's chief executive said recently, as «Reuters,» reports.
During a hearing in the Norwegian parliament's finance committee Yngve Slyngstad said, «We do not see attractive property projects in Singapore and Tokyo today.»
In recent years the Oslo based fund has bought billions of dollars worth of real estate in European and U.S. cities, including London, Paris and New York.
Nothing to Buy?
However another wealth fund also built on the riches of fossil fuels, the Qatar Investment Authority, (QIA) shelled out approximately $2.45 billion to acquire Asia Square Tower 1 in Singapore from BlackRock, making the deal one of the most significant single-tower real estate transactions in Asia-Pacific in 2016.
The building is home to numerous wealth managers including Julius Baer, J.Safra Sarasin and Citi Private Bank.
At the time finews.asia reported that several suitors had been circling the prize asset including the local Singapore fund GIC and the Norwegian state fund.
