Deal with investment manager means UK developer to open base in French capital
Stanhope has been appointed by Norges Bank Investment Management to manage its £4bn London and Paris office portfolio and target new opportunities.
Under the deal, Stanhope will manage NBIM’s 2.4m sq ft portfolio of office assets across London’s West End, Midtown and the City, as well as Paris’ CBD.
The deal covers nine schemes – six stabilised properties and three refurbishment and development projects.
The tie-up also means Stanhope has opened a new office in Paris, the developer added.
Guilain Decrop, co-head of Europe for Real Estate at NBIM, said: “Stanhope brings deep operational expertise and a strong alignment with NBIM, which we believe will generate superior returns.”
And Stanhope boss David Camp added: “It creates a strategic alliance with the largest sovereign wealth fund in the world, increases our assets under management to over £8bn 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.”
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