Norway's sovereign wealth fund, the world's largest, announced on Tuesday the conclusion of a strategic partnership with the American company Asana Partners in order to strengthen its presence in the commercial real estate market in the United States.
In a statement, Norges Bank Investment Management (NBIM), which manages the assets of Norway's sovereign wealth fund, indicated that it would hold a 49% stake in this partnership.
NBIM specifies that it has invested $500 million in equity in this transaction. The two partners plan to invest in open-air shopping centers as well as retail businesses located on high streets across the United States.
This partnership is part of the diversification strategy of the Norwegian sovereign wealth fund, which has been investing in international real estate for several years in addition to its significant holdings in the stock and bond markets.
Thanks to this new alliance with Asana Partners, the fund intends to strengthen its exposure to the US commercial real estate sector by focusing on assets intended for local retail and open commercial spaces.
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