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Norway wealth fund makes first Asia property deal with Tokyo acquisition
December 7, 2017 / 9:17 AM / 7 days ago

Norway wealth fund makes first Asia property deal with Tokyo acquisition

OSLO, Dec 7 (Reuters) - Norway’s $1 trillion sovereign wealth fund has made its first real estate investment in Asia by acquiring a 70-percent stake in five properties in Tokyo, it said on Friday.

The fund will pay 92.75 billion yen ($823.20 million) for its stake, valuing the portfolio at 132.5 billion yen, while partner Tokyu Land Corporation will acquire the remaining 30 percent, the fund said in a statement.

The agreement was signed on Dec. 7 and is scheduled to be completed at the end of December. The venture plans to finance 49 percent of the acquisition with a bank loan, the fund added.

$1 = 112.6700 yen Reporting by Gwladys Fouche, editing by Terje Solsvik

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