Norges Hires Hines Exec Alexander Knapp as Global Real Estate Head

The manager of the world’s largest sovereign fund has chosen a new real estate boss with Hines executive Alexander Knapp set to join Norges Bank Investment Management from 16 June.

As global head of real estate, Knapp will be responsible for listed and unlisted real estate investments and strategy implementation globally for the $1.7 trillion fund, according to a statement.

“We are delighted to welcome Alexander to lead our real estate team,” Pedro Furtado Reis, NBIM’s co-chief investment officer for active strategies and Knapp’s direct supervisor said. “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.”

Up to 7 percent of the Norway’s sovereign wealth fund can be invested in unlisted real estate, according to the NBIM website, with around 70 percent dedicated to equities and 30 percent in fixed income. The fund had allocated 1.9 percent of its assets to unlisted real estate as of 31 March.

European Track Record

“I am incredibly excited to join NBIM, an institution I’ve always respected for its long-term perspectives and responsible investment approach. I look forward to working with the team to continue building a portfolio that supports the fund’s objectives,” Knapp said.

The hire comes around three months after recruiters announced a search for a new global head of real estate on behalf of NBIM. Norges had been without a head of real estate since 2020.

Continuing to be based in London, Knapp is joining NBIM after more than 16 years with Hines where he has served since 2019 as chief investment officer for Europe. In his role at Hines Knapp was responsible for all aspects of real estate investment for the Texas-based developer and fund manager, including strategy development, equity raising and deal allocation, according to his LinkedIn profile.

Serving as a member of Hines’ global investment and executive committees, Knapp is said to have grown the company’s European platform from €16 billion to more than €30 billion in  assets under management during his six year term as CIO.

Hines in September shifted away from having regional chief investment officers with Alfonso Munk and Singapore-based Chiang Ling Ng named co-heads of investment management.

In Asia NBIM’s real estate team is led by Tokyo-based Taiyo Taimi, with the sovereign fund primarily focused on Japan’s office market.