The gods built Ásgarðr in the middle of the world. Odin sits on the high-seat Hliðskjálf and looks out over all worlds.
Þá gengu þeir goðin til sætis síns ok dœmdu ok mintust hvar Ásgarðr skyldi vera. Þeir gerðu þar borg í miðjum heimi ok var sú borg kölluð Ásgarðr. Þar byggðu goðin ok ættar þeira, ok gerðust þaðan af mörg tíðendi ok eptirmæli bæði á jörðu ok á lopti.
Then the gods went to their seats and took counsel, deciding where Ásgarðr should be. They built a stronghold in the middle of the world and that stronghold was called Ásgarðr. There the gods and their kindreds dwelt, and from there arose many events and tales, both on earth and in the sky.
Óðinn á þar hásæti ok heitir Hliðskjálf, ok þá er hann sitr þar þá sér hann um alla heima ok alla menn ok kann hann þar af alla hluti er hann vill vita.
Odin has there a high-seat called Hliðskjálf, and when he sits there he sees over all worlds and all people, and through this he knows whatever he wishes to know.