NBIM closes Paris office, consolidates operations in London

Norges Bank Investment Management (NBIM) is streamlining its European real estate operations by centralising its European Real Estate team in London.

NBIM Oslo

This will lead to the closure of its dedicated real estate office in Paris. 
This move supports NBIM's revised real estate strategy, which aims to enhance investment performance by leveraging the fund's scale and long-term capital base.
The updated strategy shifts focus from geographical concentration to sector diversification, from direct management to increased delegation, and integrates listed and unlisted real estate investments. NBIM believes that a unified Europe team in a single location will more effectively deliver returns under this new direction.
The Paris office, established in 2018 to manage the fund's French real estate portfolio, currently employs six people. NBIM has stated that the closure process will be handled in an orderly manner with appropriate support for the affected employees.
Despite the office closure, NBIM's investment exposure to real estate in France remains unchanged. France is the fund's fourth-largest country exposure across all asset classes, and NBIM will continue to invest in French real estate in line with its new strategy. 
As of 31 December 2025, the fund had NOK 65 bn (€5.6 bn) invested in unlisted French real estate.