Poor returns in unlisted property and renewable energy infrastructure pulled down the performance of Norway’s $2 trillion sovereign wealth in the first half of the year.
Norway’s $US1.4 trillion sovereign wealth fund is not budging in its view on commercial real estate even as soaring borrowing costs and falling values ravage the sector, chief executive Nicolai Tangen says.
“We’ve had rates increasing already, we have seen higher vacancy rates, we’ve seen the whole COVID effect, we’ve seen the banks having troubles and so I suspect that we may have seen a lot of the bad news now.” Poor returns in unlisted property and renewable energy infrastructure pulled down the wealth fund’s performance in the first half of the year, forcing it to miss its benchmark by 23 basis points. It owned stakes in 390 properties at the end of 2022, including buildings on Hudson Street in New York, Regent Street in London and the Sony Centre in Berlin.
“We are continuously trying to find them and earlier in the year we were out of the Adani Group in India,” he said, adding that the fund had “been out of a big Swedish property management company which went bad”.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Real injustice’: AFL’s ‘worst nightmare’ emerges as Brereton declares call cost Crows finals berth‘Real injustice’: AFL’s ‘worst nightmare’ emerges as great claims poor call ‘cost Crows finals’
Read more »
Goldman CEO retains board and investor backing amid internal backlashPeople familiar with the thinking of several members of the board said they had so far been supportive of David Solomon.
Read more »
How to book Australia’s exclusive and retro ski lodgesStaying in one can feel like stepping back in time; absolved of cooking and chores, like a kid on holiday.
Read more »
How to book Australia’s exclusive and retro ski lodgesStaying in one can feel like stepping back in time; absolved of cooking and chores, like a kid on holiday.
Read more »
How to book Australia’s exclusive and retro ski lodgesStaying in one can feel like stepping back in time; absolved of cooking and chores, like a kid on holiday.
Read more »
Bonds gain as investors spot value after pummellingThe latest moves hinted at demand for haven assets as concerns over China’s economy mount, with poor UK retail sales adding to the cautious tone.
Read more »