OSLO (Reuters) - Norway's $893-billion wealth fund, the world's largest, has downgraded the value of its UK property portfolio by five percent following Britain's vote to leave the European Union due to increased uncertainty, a top fund official said on Wednesday.
Every quarter the fund uses external assessors to value its properties worldwide, which represented 3.1 percent of the fund's total value in the second quarter. The valuation was made after Britain voted in June to leave the European Union.
"It was pointed out to us that the uncertainty of the assessment of the value (of our British property portfolio) by external assessors has increased," deputy CEO Trond Grande told a news conference.
"Due to the increased uncertainty, it was decided to decrease the value of the property portfolio by five percent in relation to the value our external assessors gave us," he said.
Some 23 percent of the fund's property investments are made in Britain and 16 percent in London alone, he said. He did not give the exact values of the British investments.