Norges Bank Investment Management (NBIM) has appointed Stanhope to manage a circa £4bn, 2.4m sq ft portfolio of directly owned and managed prime commercial assets in London’s West End, Midtown and City, and Paris’ CBD.
The appointment aligns with NBIM’s new strategy of outsourcing the management of its directly owned assets and working with best-in-class sector specialists to assist in optimising returns.
The current portfolio comprises nine assets across London and Paris, including six stabilised properties and three refurbishments/developments. NBIM and Stanhope will also work together to secure further prime commercial assets across the London and Paris.
To lead its activities in France, Stanhope has opened a Paris office and made two senior hires.
Guilain Decrop, co-head of Europe – 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, added: “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.”
