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 NBIMβs investments in unlisted real estate, was .
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 .
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, .
Kallevigβs 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 βbig challengeβ, with the fund aiming to invest approximately NOK50bn (β¬5.2bn) in real estate annually.
βReal estate differs from the fundβs two other asset classes, equities and fixed income,β Slyngstad said.
βKallevig has the background and experience to lead this organisation.β
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.
