Norway's $685 bln oil fund buys 1.2 bln euro real estate portfolio

OSLO Thu Dec 20, 2012 9:11am EST

OSLO Dec 20 (Reuters) - Norway's $685 billion sovereign wealth fund purchased a 50 percent stake in an industrial real estate portfolio from Prologis Inc for 1.2 billion euros, the fund said in a statement on Thursday.

Prologis, which will retain a 50 percent stake in the venture, will manage the portfolio, which include 195 properties in 11 European countries, including France, the UK, Spain, Poland and Italy.

Norway's oil fund manages the country's surplus oil revenue and holds over $135,000 for each of Norway's 5 million residents.

It invests outside Norway and holds about 1 percent of all the stocks in the world.