Norway fund cuts UK property investments

Norway’s $890bn (€790bn) sovereign wealth fund, the world’s biggest, took the step of independently cutting the value of its massive UK real estate portfolio by 5% after Britain voted to leave the EU.

“It’s an extraordinary measure,” deputy chief executive Trond Grande said at a press conference in Oslo as he presented second-quarter results.

Given a pick up in the listed real estate market in the third quarter “we at least have no indication that it should be adjusted further down,” he said.