NBIM appoints Stanhope to manage London & Paris office assets

Stanhope and Norges Bank Investment Management (“NBIM”) have entered into a strategic partnership to enhance returns on NBIM’s commercial real estate holdings in London and Paris.

Sixty London Amazon HQ - Stanhope

Under the agreement, Stanhope will assume management responsibilities for NBIM’s direct portfolio, comprising c. 223,000 m² of prime commercial assets located in key London markets (West End, Midtown, City) and the Paris CBD.

This appointment reflects NBIM’s evolving strategy to outsource the management of its directly owned assets to best-in-class sector specialists to optimise portfolio performance. Furthermore, NBIM and Stanhope will collaborate to identify and acquire additional prime commercial properties in both cities.

The current c. £4 bn (€4.7 bn) portfolio consists of nine assets across London and Paris, including six stabilised properties and three active refurbishment or development projects.

Stanhope’s asset management team currently oversees a £4 billion (€4.7 billion) portfolio spanning c. 557,400 m² of office, science, and tech space in prominent London destinations such as Television Centre, White City Place, and 8 Bishopsgate.

To support its expansion into France, Stanhope has established a new office in Paris and has already appointed two senior hires to lead its operations there.

Guilain Decrop, co-head of Europe – Real Estate at NBIM, said: “We are excited to work with Stanhope in London and Paris. Stanhope brings deep operational expertise and a strong alignment with NBIM, which we believe will generate superior returns.”

David Camp, CEO of Stanhope, commented: “We are proud to have been appointed for this landmark assignment. It creates a strategic alliance with the largest sovereign wealth fund in the world, increases our assets under management to over £8 bn (€9.4 bn) and enables our entry into the Parisian office market, which has many of the same structural and market attributes as the London market. It is also a strong endorsement of Stanhope’s bespoke approach to business, working with a small number of significant partners, customising our approach to their specific requirements.”