Norway’s sovereign wealth fund has cut the value of its UK real estate portfolio by 5% following the UK vote to leave the European Union, in what deputy chief executive Trond Grande described as an extraordinary measure.
There is no indication it should be adjusted down further, given a pickup in the listed real estate market in the current quarter, he said.
The cut reduced returns on the fund’s property portfolio by 1.4%, while currency movements since then cut returns by an additional 1.6%.
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