Norges Bank Investment Management has started a process to close the real estate office in Tokyo. The fund’s investment exposure to Japan across all asset classes remains unchanged.
The real estate office in Tokyo was opened in 2015 to support the ambition of building a global real estate portfolio with local presence in the regions where the fund is invested.
Since opening our Tokyo office, we have completed two direct real estate investments in the city. As part of a strategic review, expanding our Japan real estate portfolio through direct investments is no longer a priority. Given the limited portfolio size, we believe maintaining a dedicated local presence is no longer warranted when considering the associated operational costs and organizational capacity required.
We have therefore decided to close the office while retaining our existing real estate investments in Japan.
Our Tokyo office currently employs five people. We will ensure that the closure process is carried out in an orderly manner, with appropriate support for our colleagues.
The decision does not impact our equity and fixed-income investments in Japan. Japan is the fund's second largest equity market exposure, and we will continue to be a significant investor in the Japanese market.
As of 31 March 2025, the fund had 1 147 billion kroner/109 billion USD invested in Japan, across equity, fixed income and real estate.
The fund’s other offices are unaffected by the decision.
Line Aaltvedt
Head of Communications
Cell phone: (+47) 94 85 46 56
Email: press@nbim.no
