Norway GPFG Real Estate holdings
Norway's Government Pension Fund Global holds 97 real estate companies worth $ 42.5B — 4.1% of its listed equity value — as of 8 September 2026.
Every position in this sector, largest first. Values are the fund's holding; ownership is the share of the company held.
| Company | Ticker | Country | Fund value (USD) | Fund value (NOK) | Ownership | Voting | Price | P/E | Market cap | Analyst rec |
|---|---|---|---|---|---|---|---|---|---|---|
| Welltower Inc | WELL | United States | $ 4.0B | kr 39.8B | 2.51% | 2.51% | 238.81 | 107.57 | $ 172.1B | Buy |
| Digital Realty Trust Inc | DLR | United States | $ 3.5B | kr 34.3B | 5.12% | 5.22% | 191.43 | 93.38 | $ 72.3B | Strong Buy |
| Vonovia SE | VNA.DE | Germany | $ 2.6B | kr 25.3B | 12.21% | 12.21% | 18.75 | 4.25 | $ 15.9B | Buy |
| Equity Residential | EQR | United States | $ 2.4B | kr 23.4B | 9.27% | 9.27% | 63.66 | 28.68 | $ 24.6B | Buy |
| Prologis Inc | PLD | United States | $ 1.7B | kr 16.5B | 1.29% | 1.32% | 138.54 | 30.86 | $ 134.7B | Buy |
| Invitation Homes Inc | INVH | United States | $ 1.6B | kr 15.4B | 8.65% | 8.65% | 28.32 | 25.99 | $ 16.8B | Buy |
| AvalonBay Communities Inc | AVB | United States | $ 1.4B | kr 14.3B | 5.51% | 5.51% | 184.06 | 25.25 | $ 26.3B | Hold |
| Public Storage | PSA | United States | $ 1.4B | kr 13.7B | 2.48% | 2.48% | 302.36 | 28.85 | $ 56.5B | Hold |
| Regency Centers Corp | REG | United States | $ 1.4B | kr 13.5B | 9.08% | 9.08% | 76.02 | 25.60 | $ 14.2B | Buy |
| Extra Space Storage Inc | EXR | United States | $ 1.3B | kr 13.3B | 4.38% | 4.38% | 139.76 | 30.85 | $ 30.8B | Buy |
| Segro PLC | SGRO.L | United Kingdom | $ 1.3B | kr 12.9B | 8.31% | 8.31% | 946.80 | 23.09 | $ 12.8B | Buy |
| UDR Inc | UDR | United States | $ 1.2B | kr 11.6B | 9.06% | 9.06% | 36.14 | 22.87 | $ 13.3B | Buy |
| Equinix Inc | EQIX | United States | $ 1.2B | kr 11.6B | 1.14% | 1.14% | 1049.84 | 67.56 | $ 103.6B | Buy |
| American Tower Corp | AMT | United States | $ 998.3M | kr 9.9B | 1.31% | 1.31% | 177.55 | 24.46 | $ 82.7B | Buy |
| Simon Property Group Inc | SPG | United States | $ 946.7M | kr 9.4B | 1.31% | 1.31% | 210.40 | 14.84 | $ 79.9B | Buy |
| Alexandria Real Estate Equities Inc | ARE | United States | $ 866.9M | kr 8.6B | 9.41% | 9.41% | 50.85 | — | $ 8.8B | Hold |
| Shaftesbury Capital PLC | SHC.L | United Kingdom | $ 842.5M | kr 8.3B | 23.45% | 23.45% | 143.90 | 6.85 | $ 2.6B | Buy |
| Realty Income Corp | O | United States | $ 768.4M | kr 7.6B | 1.33% | 1.33% | 61.24 | 44.70 | $ 57.9B | Buy |
| Mid-America Apartment Communities Inc | MAA | United States | $ 754.6M | kr 7.5B | 4.67% | 4.67% | 128.20 | 37.38 | $ 15.3B | Hold |
| American Homes 4 Rent | AMH | United States | $ 740.2M | kr 7.3B | 6.12% | 5.64% | 32.40 | 25.71 | $ 13.3B | Buy |
| Federal Realty Investment Trust | FRT | United States | $ 690.5M | kr 6.8B | 6.47% | 6.47% | 117.23 | 23.68 | $ 10.2B | Buy |
| Sun Communities Inc | SUI | United States | $ 650.0M | kr 6.4B | 4.42% | 4.42% | 118.44 | 151.84 | $ 15.0B | Buy |
| Lineage Inc | LINE | United States | $ 603.5M | kr 6.0B | 6.13% | 6.13% | 37.77 | — | $ 9.5B | Hold |
| CBRE Group Inc | CBRE | United States | $ 584.6M | kr 5.8B | 1.48% | 1.48% | 143.57 | 32.78 | $ 41.6B | Buy |
| Vornado Realty Trust | VNO | United States | $ 566.4M | kr 5.6B | 7.72% | 7.72% | 35.42 | 1180.67 | $ 7.0B | Hold |
| Ventas Inc | VTR | United States | $ 565.0M | kr 5.6B | 1.31% | 1.31% | 90.81 | 165.11 | $ 46.6B | Buy |
| Iron Mountain Inc | IRM | United States | $ 488.1M | kr 4.8B | 1.30% | 1.3% | 118.46 | 84.01 | $ 35.3B | Buy |
| CubeSmart | CUBE | United States | $ 486.6M | kr 4.8B | 5.40% | 5.4% | 39.64 | 26.97 | $ 9.0B | Buy |
| Essex Property Trust Inc | ESS | United States | $ 465.3M | kr 4.6B | 2.48% | 2.48% | 277.68 | 43.32 | $ 19.1B | Buy |
| Crown Castle Inc | CCI | United States | $ 431.2M | kr 4.3B | 1.30% | 1.3% | 76.92 | 31.40 | $ 33.6B | Buy |
| LondonMetric Property PLC | LMP.L | United Kingdom | $ 429.9M | kr 4.3B | 7.34% | 7.34% | 182.50 | 14.04 | $ 4.3B | Buy |
| BXP Inc | BXP | United States | $ 429.8M | kr 4.3B | 4.06% | 4.06% | 66.42 | 35.71 | $ 12.0B | Buy |
| VICI Properties Inc | VICI | United States | $ 386.2M | kr 3.8B | 1.33% | 1.33% | 25.48 | 9.87 | $ 28.0B | Buy |
| Rayonier Inc | RYN | United States | $ 372.5M | kr 3.7B | 5.82% | 5.82% | 20.25 | 44.01 | $ 6.1B | None |
| First Industrial Realty Trust Inc | FR | United States | $ 340.2M | kr 3.4B | 4.19% | 4.19% | 61.81 | 22.47 | $ 8.5B | Buy |
| EastGroup Properties Inc | EGP | United States | $ 313.7M | kr 3.1B | 2.88% | 2.88% | 199.74 | 35.17 | $ 10.7B | Buy |
| UNITE Group PLC/The | UTG.L | United Kingdom | $ 308.4M | kr 3.1B | 8.89% | 8.89% | 494.00 | — | $ 2.5B | Buy |
| STAG Industrial Inc | STAG | United States | $ 308.3M | kr 3.1B | 4.15% | 4.24% | 37.49 | 28.84 | $ 7.4B | Buy |
| CapitaLand Integrated Commercial Trust | C38U.SI | Singapore | $ 202.7M | kr 2.0B | 1.39% | 1.39% | 2.34 | 14.63 | $ 18.4B | Buy |
| Great Portland Estates PLC | GPE.L | United Kingdom | $ 169.7M | kr 1.7B | 9.48% | 9.48% | 319.80 | 8.42 | $ 1.3B | Buy |
| AGNC Investment Corp | AGNC | United States | $ 168.7M | kr 1.7B | 1.35% | 1.35% | 10.77 | 5.36 | $ 12.8B | Hold |
| CoStar Group Inc | CSGP | United States | $ 162.2M | kr 1.6B | 1.40% | 1.4% | 29.91 | 166.19 | $ 12.1B | Buy |
| Grainger PLC | GRI.L | United Kingdom | $ 151.7M | kr 1.5B | 9.08% | 9.08% | 171.00 | 9.50 | $ 1.3B | Buy |
| Derwent London PLC | DLN.L | United Kingdom | $ 148.9M | kr 1.5B | 5.19% | 5.19% | 1925.00 | 44.77 | $ 2.1B | Hold |
| CapitaLand Ascendas REIT | A17U.SI | Singapore | $ 138.8M | kr 1.4B | 1.44% | 1.44% | 2.37 | 14.81 | $ 11.8B | Strong Buy |
| Land Securities Group PLC | LAND.L | United Kingdom | $ 130.9M | kr 1.3B | 2.03% | 2.03% | 658.00 | 14.30 | $ 4.9B | Buy |
| Millrose Properties Inc | MRP | United States | $ 117.7M | kr 1.2B | 2.36% | 2.54% | 30.97 | 10.79 | $ 5.1B | Strong Buy |
| British Land Co PLC/The | BLND.L | United Kingdom | $ 114.4M | kr 1.1B | 2.03% | 2.03% | 413.60 | 9.19 | $ 4.2B | Buy |
| LEG Immobilien SE | LEG.DE | Germany | $ 100.4M | kr 993.8M | 2.07% | 2.07% | 48.64 | 3.24 | $ 3.7B | Buy |
| Kilroy Realty Corp | KRC | United States | $ 87.6M | kr 866.7M | 2.01% | 2.01% | 36.44 | 25.48 | $ 4.3B | Hold |
| FirstService Corp | FSV.TO | Canada | $ 77.0M | kr 762.4M | 1.15% | 0.75% | 192.15 | 39.29 | $ 8.4B | None |
| CapitaLand Investment Ltd/Singapore | 9CI.SI | Singapore | $ 76.0M | kr 752.2M | 0.79% | 0.79% | 2.61 | 65.25 | $ 13.0B | Strong Buy |
| Aroundtown SA | AT1.DE | Germany | $ 75.6M | kr 748.5M | 1.85% | 1.85% | 1.89 | 5.12 | $ 2.1B | Hold |
| Rithm Capital Corp | RITM | United States | $ 75.0M | kr 742.0M | 1.43% | 1.43% | 10.02 | 16.69 | $ 5.6B | None |
| Godrej Properties Ltd | GODREJPROP.NS | India | $ 73.5M | kr 727.2M | 1.24% | 1.24% | 1906.60 | 35.94 | $ 574.3B | Buy |
| Embassy Office Parks REIT | EMBASSY.NS | India | $ 70.2M | kr 694.3M | 1.60% | 1.6% | 369.92 | 92.71 | $ 350.6B | — |
| Chartwell Retirement Residences | CSH-UN.TO | Canada | $ 67.5M | kr 668.1M | 1.32% | 1.32% | 20.85 | 1042.50 | $ 6.9B | Strong Buy |
| TAG Immobilien AG | TEG.DE | Germany | $ 62.9M | kr 622.3M | 2.05% | 2.05% | 12.13 | 67.39 | $ 2.3B | Strong Buy |
| Americold Realty Trust Inc | COLD | United States | $ 62.6M | kr 619.3M | 1.40% | 1.4% | 13.90 | — | $ 4.0B | Buy |
| RioCan Real Estate Investment Trust | REI-UN.TO | Canada | $ 61.5M | kr 608.5M | 1.28% | 1.28% | 20.82 | 24.21 | $ 6.1B | Buy |
| UOL Group Ltd | U14.SI | Singapore | $ 58.8M | kr 582.2M | 0.94% | 0.94% | 8.78 | 14.16 | $ 7.4B | Buy |
| Keppel DC REIT | AJBU.SI | Singapore | $ 58.8M | kr 582.0M | 1.39% | 1.39% | 2.19 | 11.53 | $ 5.4B | Strong Buy |
| Granite Real Estate Investment Trust | GRT-UN.TO | Canada | $ 54.7M | kr 541.6M | 1.34% | 1.34% | 87.95 | 14.54 | $ 5.5B | Strong Buy |
| Colliers International Group Inc | CIGI.TO | Canada | $ 54.2M | kr 536.2M | 1.13% | 0.76% | 132.41 | 45.35 | $ 6.8B | Buy |
| Smartstop Self Storage REIT Inc | SMA | United States | $ 53.0M | kr 524.3M | 2.94% | 2.94% | 32.70 | 54.50 | $ 1.8B | Buy |
| National Health Investors Inc | NHI | United States | $ 51.3M | kr 507.4M | 1.39% | 1.39% | 71.13 | 20.56 | $ 3.5B | Buy |
| Canadian Apartment Properties REIT | CAR-UN.TO | Canada | $ 49.5M | kr 490.0M | 1.31% | 1.31% | 32.52 | — | $ 5.0B | Buy |
| Brookfield India Real Estate Trust | BIRET.NS | India | $ 46.3M | kr 457.7M | 1.59% | 1.59% | 263.49 | 35.27 | $ 218.7B | — |
| First Capital Real Estate Investment Trust | FCR-UN.TO | Canada | $ 45.7M | kr 452.3M | 1.32% | 1.32% | 22.71 | 4.67 | $ 4.8B | None |
| Phoenix Mills Ltd/The | PHOENIXLTD.NS | India | $ 42.7M | kr 422.8M | 0.58% | 0.58% | 1885.00 | 52.64 | $ 674.2B | Buy |
| Choice Properties Real Estate Investment Trust | CHP-UN.TO | Canada | $ 38.4M | kr 380.5M | 0.47% | 0.47% | 15.38 | — | $ 11.1B | None |
| Dream Industrial Real Estate Investment Trust | DIR-UN.TO | Canada | $ 36.7M | kr 363.5M | 1.28% | 1.28% | 13.24 | 22.84 | $ 3.8B | Strong Buy |
| SmartCentres Real Estate Investment Trust | SRU-UN.TO | Canada | $ 36.3M | kr 359.3M | 0.99% | 0.99% | 27.40 | 30.11 | $ 4.7B | Buy |
| Lodha Developers Ltd | LODHA.NS | India | $ 34.9M | kr 345.6M | 0.35% | 0.35% | 1212.00 | 29.45 | $ 1.2T | Strong Buy |
| Nexus Select Trust | NEXUSSELECT.NS | India | $ 33.0M | kr 326.4M | 1.26% | 1.26% | — | — | — | — |
| Mindspace Business Parks REIT | MINDSPACE.NS | India | $ 27.5M | kr 272.6M | 0.83% | 0.83% | 345.06 | 28.88 | $ 228.4B | — |
| Prestige Estates Projects Ltd | PRESTIGE.NS | India | $ 25.7M | kr 254.6M | 0.36% | 0.36% | 1561.60 | 58.91 | $ 672.6B | Strong Buy |
| Deutsche Wohnen SE | DWNI.DE | Germany | $ 25.4M | kr 251.0M | 0.30% | 0.3% | 16.88 | 4.43 | $ 6.7B | None |
| Boardwalk Real Estate Investment Trust | BEI-UN.TO | Canada | $ 24.5M | kr 242.6M | 1.04% | 1.04% | 62.38 | — | $ 3.1B | Buy |
| Oberoi Realty Ltd | OBEROIRLTY.NS | India | $ 23.7M | kr 234.5M | 0.35% | 0.35% | 1833.80 | 25.38 | $ 666.8B | Buy |
| NTT DC REIT | NTTU.SI | Singapore | $ 18.2M | kr 180.6M | 1.88% | 1.88% | — | — | — | — |
| AIMS APAC REIT | O5RU.SI | Singapore | $ 16.5M | kr 163.2M | 1.62% | 1.62% | 1.45 | 11.15 | $ 1.2B | None |
| Digital Core REIT Management Pte Ltd | DCRU.SI | Singapore | $ 9.8M | kr 97.2M | 1.50% | 1.5% | 0.49 | 16.50 | $ 641.5M | None |
| Anant Raj Ltd | ANANTRAJ.NS | India | $ 6.4M | kr 63.2M | 0.32% | 0.32% | 625.85 | 38.44 | $ 225.2B | None |
| Sobha Ltd | SOBHA.NS | India | $ 5.6M | kr 55.0M | 0.36% | 0.36% | 1255.60 | 58.05 | $ 134.3B | Strong Buy |
| Aditya Birla Real Estate Ltd | ABREL.NS | India | $ 5.4M | kr 53.6M | 0.35% | 0.35% | 1372.10 | — | $ 151.7B | Strong Buy |
| Deutsche EuroShop AG | DEQ.DE | Germany | $ 4.2M | kr 41.2M | 0.27% | 0.27% | 17.94 | 6.27 | $ 1.4B | Underperform |
| Instone Real Estate Group SE | INS.DE | Germany | $ 4.1M | kr 40.5M | 1.02% | 1.02% | 7.10 | 6.45 | $ 307.6M | Strong Buy |
| Grand City Properties SA | GYC.DE | Germany | $ 3.6M | kr 35.6M | 0.20% | 0.2% | 9.24 | 4.13 | $ 1.6B | Hold |
| PATRIZIA SE | PAT.DE | Germany | $ 3.2M | kr 31.9M | 0.40% | 0.4% | 7.01 | 21.24 | $ 606.1M | None |
| Brigade Enterprises Ltd | BRIGADE.NS | India | $ 3.0M | kr 30.1M | 0.18% | 0.18% | 687.00 | 34.75 | $ 224.1B | Strong Buy |
| Knowledge Realty Trust | KRT.BO | India | $ 2.0M | kr 19.4M | 0.04% | 0.04% | 113.51 | 80.50 | $ 503.3B | None |
| Mahindra Lifespace Developers Ltd | MAHLIFE.NS | India | $ 1.9M | kr 18.6M | 0.23% | 0.23% | 366.15 | 23.37 | $ 78.2B | None |
| SignatureGlobal India Ltd | SIGNATURE.NS | India | $ 1.9M | kr 18.3M | 0.17% | 0.17% | 785.20 | 10.58 | $ 110.5B | None |
| Valor Estate Ltd | VALORESTATE.NS | India | $ 603.0K | kr 6.0M | 0.09% | 0.09% | — | — | — | — |
| TLG Immobilien AG | TLG.DE | Germany | $ 435.6K | kr 4.3M | 0.03% | 0.03% | — | — | — | — |
| Embassy Developments Ltd | EMBDL.NS | India | $ 1.0 | kr 7.0 | 0.00% | 0% | 58.12 | — | — | None |