The State Pension Fund of Norway, the largest sovereign wealth fund in the world, bought out a building of a retail and office center in Paris, located in the vicinity of famous Place Vendôme, from a company controlled by investors John Magnet and John Patrick McManus.
Offices account for 80% of the building with an area of 26,800 square meters, the rest of the space is occupied by boutiques.
According to NBIM, a company managing the fund, there was no external financing of the transaction.
At present, over 60% of the fund’s assets worth $870 billion are invested in shares, 35% are allocated in bonds and 3,1% account for real estate. In the near future, a portion of investments in equities might increase up to 75%.