By Gwladys Fouche
OSLO, Oct 28 (Reuters) - Norway's $870 billion sovereignwealth fund, the world's largest, has removed the valuation riskpremium it had placed on its British property portfoliofollowing Britain's vote to leave the EU, it said on Friday whenpublishing its full third-quarter results.
The fund is one of Britain's biggest foreign investors,owning shares in most top UK companies and holding $11 billionin government bonds. It also co-owns Regent Street, one ofLondon's premier shopping streets.
In August, the fund cut the value of its UK propertyportfolio by 5 percent, or 1.9 billion crowns ($230 million),prompted by external assessors reporting greater uncertainty intheir valuation after the Brexit vote.
Some 23 percent of the fund's property investments were madein Britain and 16 percent in London alone at the end of thesecond quarter.
"In the third quarter, the normal valuation process for thefund's property investments in the UK was resumed," the fundsaid on Friday.
The report did not give a reason. But on Oct. 7, when thefund published preliminary third-quarter results, it said theuncertainty in the valuation of the portfolio at the time of theBrexit vote had disappeared.
In the third quarter, the fund bought a 59,000 sq footoffice and retail property on Oxford Street, London's primeshopping street, for 124 million pounds, the report said.
In terms of stocks, the fund's three biggest companyholdings in the third quarter were Nestle, Apple and Shell. In the second quarter, it wasNestle, Shell and Apple.
The fund participated in 31 initial public offerings in thethird quarter, including in technology firms Nets andLINE, financial services firms China MerchantsSecurities and First Hawaiian.
In terms of fixed income, U.S. Treasuries, Japanesegovernment bonds and German bonds remained the fund's top threebonds holdings between the second and third quarter.
($1 = 8.2662 Norwegian crowns) (Editing by Toby Chopra)