Norway's oil fund, AXA invest in German properties

OSLO (REUTERS) - Norway's US$650 billion (S$800 billion) sovereign wealth fund and joint venture partner AXA France Insurance Companies have agreed to buy two properties in Germany for 784 million euros (S$1.24 billion) from the Royal Bank of Scotland, Norway's central bank said on Wednesday.

The properties are located in Berlin and Frankfurt and are used mainly for office and retail purposes. The two partners will each hold 50 per cent stakes in the properties, Norges Bank, which manages the wealth fund, said.

"It is in line with our strategy to build our real estate portfolio by initially investing in large, well-developed markets alongside partners with aligned interests," the bank said in a statement.