Norway's Oil Fund Buys into U.S. Office Space

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Norway's government pension fund has purchased stakes in two office properties in Washington and San Francisco for a net purchase price of $480 million, according to Reuters. 

The $824.40 billion sovereign wealth fund, commonly known as the oil fund, will hold 47.5 percent of the properties. MetLife will hold the remaining 52.5 percent and manage the assets. 

The fund, one of the world's largest investors, wants to establish itself as a major player in real estate. It can invest up to five percent of its assets in real estate. Through a flurry of deals, the fund has invested about 1 percent so far.  

Last December, the fund purchased a 45 percent stake in an industrial and logistics portfolio in the U.S. for $450 million. The fund entered a joint venture in October to invest in real estate loans in Europe, worth up to $815 million. 

Last summer the fund purchased a £250m portfolio of suburban warehouses in the U.K.