Stanhope, the development and asset manager, and Norges Bank Investment Management, which invests on behalf of Norway’s sovereign wealth fund, will work together to optimize NBIM’s returns relating to commercial assets across London and Paris.
Under these arrangements, Stanhope will manage NBIM’s 2.4 million-square-foot 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 optimizing returns. NBIM and Stanhope will also work together to secure further prime commercial assets across London and Paris.
The approximately £4 billion ($5.4 billion) portfolio comprises nine assets across London and Paris, including six stabilized properties and three refurbishments/developments, leveraging Stanhope’s 30-year track record o
