11.10.2016 - Norwegian sovereign fund revises UK property value months after writedown
Norway’s sovereign wealth fund has revised the value of its UK property holdings just two months after a writedown of its portfolio. Trond Grande, NBIM’s deputy chief executive, told UK media that it had marked up the value of its UK portfolio to a level close to where it was before the UK’s vote to leave the European Union in June. The fund wrote down the value of its UK property holdings by 5% in August, citing market uncertainty. The Government Pension Fund Global has significant exposure to UK property, with 16% of its NOK221bn (€23.6bn) real estate portfolio in London and 23% in the UK – more than twice its exposure to French property........................................Full Article: Source