Sunday, Sep 20, 2009
Orders from Oslo - cancel the house price crash
Guardian: Norway's sovereign wealth fund: £259bn and growing
Norway's massive sovereign wealth fund, the world's third largest, is about to hit the UK property market. It's enough to turn a bear's head.
"The fund's exposure to the UK will soon increase further, as Slyngstad is planning to invest into the UK property market in the coming months. "The UK is the first [property] market we will go into," he says. "I will be surprised if we are not present by summer next year." He adds: "Our presence will be probably take the shape of a joint-venture with a real-estate company." Talks with major property companies in the UK are ongoing, but Slyngstad isn't naming names.
Posted by tpbeta @ 09:46 PM (294 views) Add Comment
1 Comment
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1. paul said...
The Norwegians are welcome to it. I seem to remember REITs promising to transform the residential property market into an ever-ascending virtuous spiral of speculative potential a couple of years ago.
Unless you actually bought one in which case there were severe exit penalties "in order to protect the fund" as they plummeted in value.