Norwegian SWF invests in Paris

Norway’s $584bn sovereign wealth fund has agreed to buy prime Paris property worth about $1bn in its second major European real estate investment in less than a year, it said yesterday. The sovereign wealth fund, which invests oil and gas revenues for future Norwegians, said it would pay €702.5m to purchase 50 per cent of seven properties in and around Paris from the real estate arms of French insurer AXA Group. Last November, in its first-ever property deal, the fund agreed to buy a 25 per cent stake in the UK Crown Estate's Regent Street properties in London for £448m.