Norway SWF Went Big Into Listed REITs
With modifications in asset allocation strategy with regard to including listed real estate investment trusts (REITs) in its real estate allocation,
Norway Government Pension Fund Global (GPFG) gobbled up shares globally in this industry over the past six months.
Despite the increase in allocation, listed real estate returned -10.3% in 2018 for Norway’s GPFG.
At that period, the wealth fund had 81 billion NOK allocated to listed REITs, or roughly 1% of the fund.
Select REIT Investments by Norway’s Sovereign Wealth Fund
Company Country Dec 2018 Ownership Holding in Million NOK
Shaftesbury Plc United Kingdom 24.6% 6,913
Great Portland Estates Plc United Kingdom 9.6% 1,946
Vornado Realty Trust United States 9.5% 9,684
Gecina SA France 9.3% 7,955
Paramount Group Inc United States 8.3% 2,134
Capital & Counties Properties Plc United States 7.9% 1,703
Vonovia SE Germany 7.7% 15,638
Land Securities Group Plc United Kingdom 7.3% 4,806
Deutsche Wohnen SE Germany 7.2% 10,195
Svenska Cellulosa AB SCA Sweden 7.2% 3,408
Boston Properties Inc United States 6.9% 10,318
JBG SMITH Properties United States 6.1% 2,211
Source: Norges Bank Investment Management Annual Report 2018
SWFI – Sovereign Wealth Fund Institute
https://www.swfinstitute.org/swf-news/norway-swf-went-big-into-listed-reits/