Norway's Wealth Fund Expands Real Estate Investments

Norway's sovereign wealth fund has invested $1 billion to acquire stakes in real estate portfolios managed by Shaftesbury Capital in London and AXA Lifestyle Housing in France and Spain. They hold a 25% interest in the London portfolio and a 40% stake in the student and co-living housing in Europe.

Norway's sovereign wealth fund announced a significant expansion in its real estate investments by acquiring stakes in portfolios managed by Shaftesbury Capital and AXA Lifestyle Housing for $1 billion.

Norges Bank Investment Management revealed it purchased a 25% interest in the London property portfolio in a joint venture with Shaftesbury Capital, valuing it at 2.66 billion pounds. They also secured a 40% stake in AXA Lifestyle Housing's assets in France and Spain.

Shaftesbury Capital will manage the London properties, retaining a 75% interest, while AXA subsidiaries hold 60% ownership in the European housing assets. The London deal completes in April, with the AXA agreement finalizing in the first quarter.

(With inputs from agencies.)