UK developer and asset manager Stanhope has won a mandate to manage a £4B portfolio of London and Paris office assets on behalf of Norges Bank Investment Management, the world’s largest sovereign wealth fund. 
The companies will also partner up to look for new acquisitions in the two cities, as well as try to boost returns on the existing assets. 
The tie-up is part of a strategic shift by Norges, the $2T fund that manages revenue from Norway’s oil assets. It is stepping away from in-house management of its directly owned assets and is instead outsourcing to sector specialists to optimise returns.
Under new Head of Real Estate Alex…​