Norway wealth fund makes first Asia property deal with Tokyo acquisition

Norges Bank Investment Management, which manages Norway’s Government Pension Fund Global, will buy a 70 percent interest, valued at $823.2 million, in five properties in Tokyo in a joint venture with a new partner, Tokyu Land Corp. The acquisition marks the Norway wealth fund’s first real estate investment in Asia.

Tokyu Land Corp. will own the remaining 30 percent and manage the properties on behalf of the joint venture.

The seller was Veloqx Group.

The portfolio totals more than 130,000 square feet of retail and office space.

Real estate accounts for 2.5 percent of the fund’s overall investments.