Karsten Kallevig appointed CEO of Norges Bank Real Estate Management
17 December 2015
Karsten Kallevig has been appointed Chief Executive Officer of Norges Bank Real Estate Management. He will start in the new position on 1 January 2016.
Kallevig joined Norges Bank Investment Management in 2010, as Global Head of Real Estate Asset Strategies. He was named Chief Investment Officer Real Estate on 1 April 2011.
Norges Bank Real Estate Management was set up as a separate entity 1 July 2014, and a dedicated leader group for the real estate area was established 1 October the same year. Norges Bank Real Estate Management manages the fund’s investments in unlisted real estate. From 1 October 2014 and until today, Deputy CEO Trond Grande has had the day-to-day responsibility for the real estate organisation.
– We are very pleased that Karsten Kallevig will be taking on this big challenge. The fund expects to invest around 50 billion kroner in real estate every year going forward. Real estate differs from the fund’s two other asset classes, equities and fixed income. Kallevig has the background and experience to lead this organisation, says Yngve Slyngstad, CEO of Norges Bank Investment Management.
Prior to joining Norges Bank Investment Management, Kallevig worked for Grove International Partners. His latest position at Grove was as Head of Japan between 2006 and 2010. He was also a partner at the company’s European investment division in London between 2004 and 2006. He previously held positions at Soros Real Estate Partners in London.
Kallevig has a Bachelor of Science (Materials Science and Engineering) from Massachusetts Institute of Technology.
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