Norway is becoming a major player in European property.
This week the Norwegian sovereign wealth fund completed a deal to take a 50 per cent stake in a 1.4 billion euro portfolio of Paris offices. Norges Bank Investment Management, which manages the Norwegian government's pension fund, teamed with Axa Real Estate to make the deal, which includes properties in some of Paris' toniest neighbourhoods.
Last year the Norway fund bought a 25 per cent stake in Regent Street for 547 million euro.
The fund, which is backed by revenues from the country's oil and natural resources, has announced plans to invest 16.6 billion euro in property in the next four to seven years, Property Week reports.