Norway's sovereign wealth fund Norges Bank IM has named Karsten Kallevig as head of real estate investment in a restructuring of its management team.
The reshuffle follows the fund's decision to close the unit that invests in unlisted real estate and cut its overall commercial property allocation target in order to focus on 'investments that require limited resources'. Property will continue to form a 3-5% share of the overall fund.
Kallevig becomes chief investment officer real estate with effect from April 1. He was previously CEO of Norges Bank Real Estate Management (NBREM), having been appointed to the role in January 2016. NBREM was established as a separate division managing NBIM's investments in real estate in July 2014, with the dedicated leader group formed in October that year.
Nina Hammerstad will become chief people and operations officer as of June 1, moving from her current role of chief operating officer at NBREM.
According to PropertyEU's latest Top Investors ranking by AUM, NBIM had €11.6 bn of real estate assets under management in Europe in 2017 and €22.3 bn worldwide, accounting for around 4% of its total fund.
Chief human resources officer Sirine Fodstad is leaving the fund at the end of May to take up a new post as CEO for the holding company in the Grieg Group, Grieg Maturitas.
Jan Thomsen and Lars O. Dahl are taking up leading positions respectively in compliance & control and investment risk.
