Greenland invests $2 billion in the United Kingdom.

 

Greenland Holding Group, a Chinese property developer, will invest £1.2 billion ($1.97 billion) in two London construction ventures, marking the first foray into the British market.

According to a company statement, the state-owned developer will buy the historic Ram Brewery construction site for £600 million. The Shanghai-based firm intends to construct homes, social housing units, and retail space. qatar dale

In a quote, Greenland chairman Zhang Yuliang said, "London is the world's financial hub and Europe's most international region, with a mature economy."

Greenland is buying the 7.75-acre Ram Brewery site from a property firm backed by ARES Capital Management and Delancey Real Estate Asset Management Ltd., according to The Wall Street Journal. The Ram Brewery site is the former home of the original brewery of British pub chain Young & Co's Brewery. The agreement calls for the construction of 661 new homes, including a 36-story tower with 166 units and 9,500 square meters of commercial space.

Greenland expects to spend another £600 million in a project near the River Thames in London's Canary Wharf, with a gross floor area of 98,000 square meters and plans to become the UK's tallest luxury residential housing project, according to the Wall Street Journal.

Last October, the developer revealed plans to enter the London market.

Greenland has been actively seeking foreign acquisitions, buying a $1 billion interest in a downtown Los Angeles project in July for the first time.

The developer expanded its U.S. portfolio last October when it bought a 70% stake in the Atlantic Yards Apartment Project in Brooklyn.

Greenland recently announced plans to invest $5 billion to $8 billion in new ventures overseas, with a focus on Canada, France, and Singapore.

A $1 billion joint venture has been formed by the Norway Oil Fund.

For $450 million, Norway's government pension fund bought a 45 percent stake in Prologis Inc.'s 12.8 million-square-foot manufacturing and logistics property portfolio in the United States.

According to a company release, Prologis will retain a 55 percent stake in the joint venture and will control the portfolio on behalf of the partnership.

The portfolio consists of 66 assets spread across eight states and nine markets, with a deal price of approximately $1 billion.

The deal has no debt attached to it, and no borrowing would be used, according to the firm.

In a tweet, Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management, said, "We are investing in a strong portfolio of logistics assets close to main transportation hubs."

The transaction is scheduled to be completed in February 2014. The new partnership intends to expand its initial portfolio by making further investments in the United States.

Norway's oil fund, one of the world's biggest investors, plans to become a major player in real estate in the next few years, with real estate investments accounting for 5% of the fund's total assets.

The fund has made purchases in major cities such as New York, Paris, and London so far. The fund bought a £350 million portfolio of suburban warehouses in the United Kingdom in June.

According to Reuters, the fund paid $238 million for a 47.5 percent stake in Boston's 46-story office tower One Financial Center, which has 1.3 million rentable square feet.