Norway's oil fund buys London properties for $576 mln

OSLO Mon Aug 11, 2014 1:10am EDT

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OSLO Aug 11 (Reuters) - Norway's $870 billion oil fund purchased a 57.8 percent stake in the 730,000-square-foot Pollen Estate in London's West End for 343 million pounds ($575.59 million), the fund said in a statement.

The estate, which consists of 43 assets with a mix of retail and office space, was bought from the Church Commissioners for England and the property will be managed by Pollen Estate trustee company.

The fund, the world's biggest sovereign wealth fund, keeps around 1 percent of its assets in real estate but has said it would sharply increase its purchases over the coming years. ($1 = 0.5959 British pound) (Reporting by Balazs Koranyi, editing by Terje Solsvik)

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