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What the World's Largest Sovereign Wealth Fund Will Buy Soon

Tickers in this article: FUR GOV SLG VNO

Another potential partner with "deep pockets" may be SL Green Realty (SLG) , another New York-based REIT with a $6.9 billion market cap and a forward PE ratio of around 15.43.

Like VNO, its shares offer a much lower dividend payout (current yield-to-price of around 1.74%) and a more modest payout ratio of 67%. At $76 per share the REIT trades well below its Sept. 17 52-week high of $85.74. One year ago (Dec. 29, 2011) its 52-week low of $65.08 was established.

The Norwegian SWF must believe Federal Reserve Chairman Ben Bernanke, who stated emphatically the Fed will keep interest rates near zero until 2015, which should be good for established REITs with long-standing lines of credit. The SWFs of the world want income with slow and steady growth. The U.S. real estate apparently meets those requirements to a "T."

At the time of publication the author had a position in GOV.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

DISCLOSURE: As of the time of publication the author is only long shares of GOV.

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