Norway Reveals Property Investment Fund in SEA

The Norwegian Finance Ministry has issued a tender for a company to draft a report on tax issues relating to real estate investment and infrastructure in 32 markets outside Norway including Singapore, Thailand, and Malaysia.
The report, which is required by mid-June, is intended to assist the NOK1.82trn (€224.4bn) Norwegian Government Pension Fund – Global to gain its first exposure into real estate.
The ministry noted that the report should look into any possible tax consequences arising from a decision on whether the Norges Bank were the manager of the fund’s future real estate portfolio.
“It has not been decided whether Norges Bank would also be managing any real estate portfolio,” the tender document said, adding that the portfolio could be managed by the ministry itself or “by a designated company”.
In addition, the ministry also indicated that the fund would also consider both direct and indirect real estate investment. The deadline for participating in the tender is April 12.

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