The management review was presented at a virtual NBIM Talk on 4 June. Our CEO, Yngve Slyngstad, and Chief Investment Officer Real Estate, Karsten Kallevig, talked us through the 10-year journey of investing in real estate. We also took a virtual travel to meet Mark Burton, a long-term external advisor, and Paul Clark from The Crown Estate, one of our long-term investment partners.
Ten years have passed since the fund was given a mandate to invest in unlisted real estate. Today, the fund is one of the world’s largest real estate investors. Unlisted real estate has had a positive contribution to the fund’s return, in addition to reducing the risk. This management review examines the last ten years of real estate investments. it describes our strategy and provides insight into the choices we have made and the experiences we have gained. In addition, it contains an extensive overview of the buildings we own in the different cities. The real estate investments have had an annual return of 7.7 percent after costs. The value of the portfolio is 273 billion kroner, which makes the fund one the world’s largest institutional investors. It has also been important to build a global organisation with solid real estate expertise, as well as to ensure that we have deep insight into and a clear presence in the markets in which we are invested.