December 3, 2013 / 6:27 AM / 6 years ago

Norway's $815 bln oil fund buys into London property

OSLO, Dec 3 (Reuters) - Norway’s $815 billion sovereign wealth fund purchased a 25 percent stake in Regent Street’s 270,000 square feet Quadrant 3 building in London’s West End from The Crown Estate for 97.5 million pounds, it said on Tuesday.

The Crown Estate retained a 75 percent interest in the property and will continue to manage the asset on behalf of the partnership, it added.

The fund, commonly known as the oil fund, aims to hold 5 percent of its portfolio in real estate over time but the level is currently around 1 percent, indicating more purchases in the near term.

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