Norway's oil fund makes new property deal with MetLife

OSLO Mon Jan 13, 2014 9:40am EST

OSLO Jan 13 (Reuters) - Norway's $824.40 billion sovereign wealth fund purchased stakes in two office properties in Washington and San Francisco for a net purchase price of $480 million, the central bank, which manages the fund, said on Monday.

The fund, commonly known as the oil fund, will hold 47.5 percent of the properties while MetLife will hold 52.5 percent and manage the assets.

The fund, the world's biggest sovereign wealth fund can invest up to 5 percent of its assets in real estate and has made a string of investments in recent years, building a portfolio that is still worth only around 1 percent of the fund.

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