Brexit Takes a Toll on Norwegian Wealth Fund
The Brexit has impacted Norway’s sovereign wealth fund as manager announced that they reduced valuations of its UK property portfolio by 5%. Almost a quarter of its NKr222 billion property portfolio is vested into UK with 16% of the total situated in London. UK commercial property in July has seen the biggest slide in value since 2009.
“The Brexit has impacted Norway’s sovereign wealth fund as manager announced that they reduced valuations of its UK property portfolio by 5%.”
~ Financial Times
The oil fund is not the first to downgrade UK property. A group of British funds focused on the area has implemented “fair value adjustments” after the referendum will likely reflect drops in the value of commercial property and six funds holding more than 15 billion in assets suspended trading as investors rushed for exits.
Related Reports: Financial Times
About Government Pension Fund of Norway
The Government Pension Fund Global was set up in 1990 to underpin long-term considerations when phasing petroleum revenues into the Norwegian economy. Norges Bank Investment Management manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people. The ministry determines the fund’s investment strategy, following advice from among others Norges Bank Investment Management and discussions in Parliament. The management mandate defines the investment universe and the fund’s strategic reference index.
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