Less than a week before national elections, Norway's oil minister is proposing a significant shift for the nation's $750 billion oil wealth fund, suggesting a separate real estate fund with increased exposure to US property be carved out amid expectations of low returns in the global bond market.

Ola Borten Moe, minister of petroleum and energy and a deputy leader of the nation's Center Party, said that he is proposing taking 10% of the sovereign wealth fund and putting it into a new vehicle exclusively designed for real estate holdings. Currently, Norway's pension fund is allowed to set aside 5% for real estate but is far from meeting that threshold.