Norway’s $885bn (£533bn) sovereign wealth fund has set up a real estate group to reflect its growing property portfolio.
Norges Bank Investment Management is establishing a separate leadership team for property, with a chief investment officer, chief risk officer, chief operating officer and chief administrative officer.
The restructure comes as the fund builds up its real estate holdings, which include a €2.8bn partnership with the Crown Estate to jointly own assets such as the £390m Quadrant 3, W1.
Property represents only 1.2% of the fund’s assets but is expected to account for 5% of assets and 200 of its 600 employees by 2016.
bridget.o’connell@estatesgazette.com
