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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Norway’s oil fund upgrades value of UK property portfolio

Posted on 10 October 2016

The world’s biggest sovereign wealth fund has revised up the value of its UK property portfolio after cutting it days after the vote to leave the EU. Norway’s $890bn oil fund had written down the value of its properties — mostly retail and office space in London’s West End — by 5 per cent at the end of the second quarter, just after the Brexit vote on June 23, due to the uncertainty in the market.
But Trond Grande, the fund’s deputy chief executive, said that it had now marked up the market value of its UK property to “approximately the same” level as it was before the write down. “We feel more secure with the valuation than we did at the end of the second quarter,” he added…………………………………….Full Article: Source


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