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Norway's sovereign fund cuts value of UK property portfolio after Brexit Norway's sovereign fund cuts value of UK property portfolio after Brexit
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Norway’s $893bn (£687bn) sovereign wealth fund has cut the value of its UK property portfolio by 5% after Britain’s vote to leave the EU.Norway’s $893bn (£687bn) sovereign wealth fund has cut the value of its UK property portfolio by 5% after Britain’s vote to leave the EU.
The world’s largest sovereign fund is one of Britain’s biggest foreign investors, owning shares in most top UK companies and $11bn in government bonds. It co-owns Regent Street, one of London’s premier shopping streets.The world’s largest sovereign fund is one of Britain’s biggest foreign investors, owning shares in most top UK companies and $11bn in government bonds. It co-owns Regent Street, one of London’s premier shopping streets.
Britain is its largest investment location after the US, representing more than 10% of the fund’s value, with property accounting for just over 3%.Britain is its largest investment location after the US, representing more than 10% of the fund’s value, with property accounting for just over 3%.
The deputy chief executive of the fund, Trond Grande, said the decision to reduce the UK property portfolio by 1.9bn Norwegian kroner (£178m) had been prompted by external assessors reporting greater uncertainty in their valuation after the vote. Nearly a quarter of the fund’s property investments are in Britain – 16% in London alone, he said.The deputy chief executive of the fund, Trond Grande, said the decision to reduce the UK property portfolio by 1.9bn Norwegian kroner (£178m) had been prompted by external assessors reporting greater uncertainty in their valuation after the vote. Nearly a quarter of the fund’s property investments are in Britain – 16% in London alone, he said.
The fund insisted it would remain a long-term investor in Britain, but Grande told Reuters there were “question marks” as to what Brexit would mean. “For a fund that invests the way we do, anything that is not in favour of free movement of goods, services and people – that creates frictions in the marketplace. And if that hampers growth in some shape or form, that will ultimately be to our disadvantage.”The fund insisted it would remain a long-term investor in Britain, but Grande told Reuters there were “question marks” as to what Brexit would mean. “For a fund that invests the way we do, anything that is not in favour of free movement of goods, services and people – that creates frictions in the marketplace. And if that hampers growth in some shape or form, that will ultimately be to our disadvantage.”
Car insurer Admiral Group said yesterday it may move its European business if British insurers lose their right to sell products across Europe. Car insurer Admiral Group said it may move its European business if British insurers lose their right to sell products across Europe.