Norway Wealth Fund CEO ‘Staying Put’ in Commercial Property

Norges Bank Investment Management CEO Nicolai Tangen discusses the sovereign wealth fund’s first-half performance, investment strategy, and outlook for China’s economy on “Bloomberg Surveillance.”Source: Bloomberg

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By Lisa Abramowicz, Jonathan Ferro, and Kari Lundgren

August 16, 2023 at 3:01 PM UTC

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Norway’s $1.4 trillion sovereign wealth fund isn’t budging in its view on commercial real estate even as soaring borrowing costs and falling values ravage the sector, Chief Executive Officer Nicolai Tangen said.

“We have seen a lot of the damage in this area,” Tangen said in an interview on Bloomberg TV Wednesday. “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.”