(Bloomberg) -- Norway’s wealth fund is making final preparations for its first Asian real estate investment as it builds a portfolio of properties in the world’s biggest cities.
After scouring Asia for investment opportunities, the $870 billion fund, built from Norway’s oil revenue, has narrowed its search to Singapore and Tokyo, said Karsten Kallevig, head of real estate investments at the Oslo-based fund.
“Tokyo is arguably the single biggest market in the world for real estate,” he said in a March 20 interview. While the fund doesn’t have an ultimate spending target, “we can invest a lot in Asia,” he said.