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(Bloomberg)—Norway’s $1.3 trillion sovereign wealth fund elevated its stakes within the 4 property corporations the place it has the most important absolute positions amongst actual property shares.
The fund ended the 12 months with an nearly 15% stake in Germany’s Vonovia SE, valued at $2.7 billion, in contrast with a 11% stake a 12 months earlier, when it was price $4.8 billion, in accordance with holdings posted on Tuesday on Norges Financial institution Funding Administration’s web site. It discloses the contents of its portfolio annually.
It additionally boosted stakes in three US based mostly actual property teams, together with Alexandria Actual Property Equities, Inc., which acquires, manages, expands and develops workplace and laboratory properties, in addition to Fairness Residential and Invitation Houses Inc.
The values of all these holdings fell from a 12 months earlier as world actual property markets struggled with hovering inflation and better borrowing prices, which dent landlords’ capacity to boost rents. Within the US, residence costs are anticipated to put up a full-year drop in 2023 for the primary time in additional than a decade.
The fund additionally invests immediately in actual property, with holdings in over 890 properties on the finish of final 12 months. It’s attributable to report key figures at year-end afterward Tuesday.
© 2023 Bloomberg L.P.
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