The world’s largest sovereign wealth fund appointed a new global head of real estate.

Norges Bank Investment Management, Norway’s central bank and the manager of its government pension fund, named Alexander Knapp to the role effective June 16. Knapp will be based in London and responsible for the listed and unlisted global real estate investments of the $1.8T fund.

Knapp is joining Norges from Houston-based global real estate investment manager and developer Hines. He became chief investment officer for Europe in 2019 and was also a member of the firm’s executive and investment committees.

“We are delighted to welcome Alexander to lead our Real Estate team,” Pedro Furtado Reis, the co-chief investment officer for active strategies and Knapp’s direct report, said in a statement. “He brings extensive investment experience and a global perspective. We believe he has both the strategic mindset and leadership style needed to excel in this demanding role.”

Norges, which is tasked with investing government revenue from the country’s expansive oil sector, aims to have a portfolio that is roughly 5% real estate assets. Its mandate allows for up to 7% of the fund to be invested in unlisted real estate and another 2% in unlisted renewable energy infrastructure with a focus on wind and solar power.

The fund delivered record profits in 2024, driven by investments in tech stocks like Apple, Nvidia and Google. Its real estate investments have been a drag on returns in recent years, losing 0.57% in 2024 and 12% in 2023.

In January, Norges purchased a $2.2B stake in a 48-property logistics portfolio called the Goodman North American Partnership, acquiring its piece from the Canada Pension Plan Investment Board.

Norges owns 45% of the holding company, while the majority is held by U.S. logistics developer and investor Goodman.

The Norwegian central bank also purchased in January the Duke of Westminster's $408M stake in Mayfair estate, a portfolio of offices, shops and other properties in central London. In March, it reached a $761M deal for a 25% stake in Covent Garden, a shopping and entertainment hub in London’s West End.

Norway, with $1.8B in investments, was the second-largest source of foreign capital into U.S. commercial real estate in 2024 behind Canada, according to data from JLL.

Norges’ most recent acquisition in the country was the December purchase of the remaining half of an eight-office portfolio that it had co-owned with Nuveen.

The $977M deal included two properties in Boston, two in San Francisco and four in Washington, D.C.

"In a period of heightened dislocation in the office sector, we see this as an opportune moment to invest,” Per Løken, Norges’ global co-head of unlisted real estate, said in a statement at the time.