Norway seeks real estate expertise

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NORWAY - The Norwegian Government Pension Fund - Global has effectively confirmed its intention to invest in real estate by tendering for a real estate investment consultant.

Details of a tender notice just issued reveal the Ministry of Finance is considering a separate allocation of its assets to investment in real estate, so a specialist consultant is being sought to prepare a report for the government.

More specifically, the Ministry of Finance's asset management department is seeking guidance on "how to formulate a real estate mandate to the operational manger [sic] of the fund (The Central Bank of Norway, Norges Bank)", along with a set of evaluation criteria for the operational management of the portfolio, said the document.

Report recommendations could then be published by the government.

The fund signalled its intention to move into real estate in May when Norges Bank Investment Management (NBIM) appointed a real estate manager. (See earlier IPE story: NBIM appoints real estate manager)

Tender submissions should be priced for approximately 40 days' work, with space for a 20-day extension, and presented in either Norwegian or English.

Closing date for tenders is December 18.

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