Norway's wealth fund adds to property holdings

The acquisition of a stake in the UK's Meadowhall Shopping Centre continues a shift into real estate investments and away from fixed income

Norway's sovereign wealth fund said on Monday it is buying a stake in the UK's Meadowhall Shopping Centre, continuing its shift into real estate investments and away from fixed income as it diversifies its $650bn investment portfolio.

Norges Bank Investment Management, the central bank division which runs the Government Pension Fund Global, said it has bought the 50% stake in Meadowhall for £348m, the fund's second direct investment in UK property after it received a mandate in 2010 to invest up to 5% of assets in real estate.

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