Norges Bank Investment Management (NBIM), asset manager of Norway’s NOK22trn (€2trn) sovereign wealth fund, has appointed asset manager Stanhope to manage and help expand its £4bn (€4.7bn) directly owned and managed commercial portfolio in London and Paris.
The appointment of UK-based Stanhope to oversee the 2.4m sqft portfolio of nine assets is part of NBIM’s new strategy of outsourcing the management of its directly owned assets. The two firms will also work together to secure further prime commercial assets across London and Paris.
The portfolio includes six stabilised properties and three refurbishments/developments.
The mandate marks Stanhope’s entry into the French office market.
Stanhope, which currently oversees 6m sqft of prime UK real estate, including White City Place and 8 Bishopsgate, said it has opened a Paris office and made two senior hires to lead its activities in France.
Guilain Decrop, co-head of European real estate at NBIM, said: “We are excited to work with Stanhope in London and Paris. Stanhope brings deep operational expertise and a strong alignment with NBIM, which we believe will generate superior returns.”
David Camp, CEO of Stanhope, said: “We are proud to have been appointed for this landmark assignment. It creates a strategic alliance with the largest sovereign wealth fund in the world, increases our assets under management to over £8bn and enables our entry into the Parisian office market which has many of the same structural and market attributes as the London market.
“It is also a strong endorsement of Stanhope’s bespoke approach to business, working with a small number of significant partners customising our approach to their specific requirements.”
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