Karsten Kallevig has been appointed chief executive at Norges Bank Real Estate Management, starting in his new position on 1 January 2016.
Kallevig, who joined Norges Bank Investment Management (NBIM) in 2010 as global head of real estate asset strategies, has been CIO for the asset class since 2011.
Norges Bank Real Estate Management, which manages NBIM’s investments in unlisted real estate, was established as a separate division in July 2014.
A dedicated leader group for the real estate area was established in October that same year.
The Norwegian government recently called for the Government Pension Fund Global (GPFG) to invest in unlisted clean energy and emerging market infrastructure.
Separately, in a report co-written by Leo de Bever, former chief executive of the Alberta Investment Management Corporation and commissioned by the Ministry of Finance last year, the government was urged to broaden the GPFG’s property mandate to allow it to benefit from urbanisation in emerging markets.
Kallevig’s new role will see deputy chief executive Trond Grande, who had managed the division, hand over day-to-day responsibilities.
Yngve Slyngstad, NBIM chief executive, said Kallevig was taking on a “big challenge”, with the fund aiming to invest approximately NOK50bn (€5.2bn) in real estate annually.
“Real estate differs from the fund’s two other asset classes, equities and fixed income,” Slyngstad said.
“Kallevig has the background and experience to lead this organisation.”
Between 2006 and 2010, Kallevig served as head of Japan at Grove International Partners.
He also previously worked for Soros Real Estate Partners in London.