Norway's wealth fund cuts value of UK real estate after Brexit

Oslo

NORWAY'S US$890 billion sovereign wealth fund, the world's biggest, took the step of independently cutting the value of its massive UK real estate portfolio by 5 per cent after Britain voted to leave the European Union.

"It's an extraordinary measure," deputy chief executive officer 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.