Norway’s oil fund enters $480m US property deal

Norway’s oil fund, the largest in the world, has bought stakes in two more office properties in the US for $480 million (£293m). Last month it spent $450 million (£275m) […]

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By Priyanka Shrestha

Norway’s oil fund, the largest in the world, has bought stakes in two more office properties in the US for $480 million (£293m).

Last month it spent $450 million (£275m) for a 45% stake in 66 properties located across eight states.

As part of the latest deal, the oil fund will hold 47.5% of the properties while MetLife, the largest US life insurer, will get 52.5% and manage them, Norges Bank Investment Management (NBIM), the fund’s manager said. The office properties are located in Washington DC and in San Francisco.

The oil fund is valued at around $814 billion (£497bn).