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UPDATE 1-Norway wealth fund makes first Asia property deal with Tokyo acquisition

UPDATE 1-Norway wealth fund makes first Asia property deal with Tokyo acquisition
From Reuters - December 7, 2017

OSLO (Reuters) - Norways $1-trillion sovereign wealth fund has made its first real estate investment in Asia by acquiring a 70-percent stake in five properties in Tokyo, it said on Friday.

The fund will pay 92.75 billion yen ($823.20 million) for its stake, valuing the portfolio at 132.5 billion yen, while partner Tokyu Land Corporation will acquire the remaining 30 percent, the fund said in a statement.

Three of the properties are located in the shopping district of Shibuya while the two others are located in the upscale district of Omotesando.

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