Norges real estate exposure shrinks

Norges Bank reported losses on its real estate assets and a shrinking exposure to the market in its second quarter results. Norway’s sovereign wealth fund has been one of the biggest players in global property investment over the last decade. Norges’ total real estate investment made up 3.7% of the fund, driving losses of 1.2%. Three quarters of this was in unlisted real estate investments, which returned 0.8% against returns of -6.1% on listed assets. This compares to unlisted real estate investment returns of 1.85% during the same period a year earlier. Its equity investments returned 3% and fixed-income returned