Norges Bank Investment Management (NBIM), responsible for the investments of Norway’s Government Pension Fund Global (GPFG), has announced it is to close its Paris real estate office.

The decision to close the office supports NBIM’s new real estate strategy; instead, the Europe Real Estate team will now operate from a single location – London.

The revised real estate strategy, published by NBIM in November 2025, aims to enhance investment performance and better leverage the fund's defining characteristics, including scale and long-term capital base.

This involves a change from geographic concentration to sector diversification, from direct management to increased delegation, and from a combined to an integrated strategy of listed and unlisted real estate.

“With this new direction, we believe a Europe team working together in a single location will be most effective in delivering returns. We have therefore decided to close the fund’s real estate office in Paris,” NBIM stated.

The Paris office opened in 2018 and currently employs six people. NBIM said it will ensure the closure process is carried out in an orderly manner, with appropriate support employees.

NBIM confirmed that the GPFG’s investment exposure to France remains unchanged. As of 31 December 2025, the fund had NOK 65bn invested in French unlisted real estate.

“Consistent with our new strategy, we will continue to invest in French real estate. France is the fund's fourth largest country exposure across the fund’s asset classes,” it stated.

This latest closure follows an announcement in May 2025 to close the Tokyo real estate office as the direct investment in Japanese real estate was “no longer a priority”.

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