Norway's sovereign wealth fund announced it has acquired stakes in two real estate portfolios from Shaftesbury Capital and AXA Lifestyle Housing, amounting to a total investment of $1 billion.

Norges Bank Investment Management (NBIM) purchased a 25% interest in a London property portfolio through a joint venture with Shaftesbury Capital for £570 million ($740.03 million), which values the portfolio at £2.66 billion.

In a separate announcement, NBIM confirmed its agreement to acquire a 40% interest in AXA Lifestyle Housing, which operates student housing and co-living properties in France and Spain, for €240 million ($261.02 million).

Shaftesbury Capital will maintain a 75% interest and manage the London portfolio on behalf of the joint venture, while subsidiaries of AXA will retain 60% ownership in the other portfolio.

The deal with Shaftesbury Capital is expected to close in early April, while the agreement with AXA Lifestyle Housing is anticipated to be completed in the first quarter of this year.