Norway fund to buy properties in Paris

OSLO: Norway's $584 billion sovereign wealth fund will spend 702.5 million euros ($1.02 billion) in prestigious addresses in Paris in its second property investment deal in less than a year, the fund said on Tuesday.

The sovereign wealth fund, one of the world's largest, said it had agreed to buy 50 percent of seven properties in and around Paris from the real estate arm of France's insurance group AXA Group

Last November in its first-ever property deal, the fund, which invests Norway's oil and gas revenues for when the oil runs out, agreed to buy a 25 percent stake in the UK Crown Estate's Regent Street properties in London for 448 million pounds ($719 million).

Copyright Reuters, 2011