Karsten Kallevig was named CEO of Norges Bank Real Estate Management, which manages the assets of the 7.3 trillion kroner ($839 billion) Government Pension Fund Global, Oslo, a spokeswoman said.
The position is new, but Trond Grande, deputy CEO at Norges Bank Investment Management, has had day-to-day responsibility for the real estate organization since October 2014. Norges Bank Real Estate Management was created as a separate entity to NBIM on July 1, 2014, the spokeswoman said.
Mr. Kallevig will become CEO on Jan. 1.
He was previously chief investment officer real estate at NBIM, and has been “key in building the real estate portfolio since he started in 2010,” said a statement on the money manager's website. The spokeswoman said the firm has not yet decided on a replacement.
Norges Bank Real Estate Management manages the sovereign wealth fund's investments in unlisted real estate. As of Sept. 30, 3% of the fund was invested in real estate.