The NKr 8,337bn (£772bn) Norges Bank IM Norwegian sovereign wealth vehicle returned 1.8% in Q2.
Unlisted real estate returned 1.9% and equity investments 2.7%, while overall returns were dragged down by fixed income investments returning 0%.
The overall return on the fund was 0.2 of a percentage point lower than the return on the benchmark index set by the Norwegian Ministry of finance.
Allocation in the fund stands at 66.8% in equities, 2.6% in unlisted real estate and 30.6% in fixed income.
Despite statements from Norges Bank IM that it will be increasing its real estate allocation, real estate has remained around the 2.5% mark for the past 18 months.
Read EG’s exclusive interview with Norges Bank IM.
Its main property deals for the quarter were the sale of eight European logistics properties held in partnership with Prologis for €40.5m for its 50% stake, and the acquisition of 30 Warwick Street in London with The Crown Estate, with Norges paying £28.8m for its 25%.
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