The world’s biggest wealth fund named Karsten Kallevig as chief executive officer of its real estate group.

Kallevig has served as chief investments officer for the group. He joined as head of property investments in 2010 and has since built a 159 billion-krone ($18 billion) portfolio.

The $840 billion fund in July created a specific group to oversee real estate as it targets more direct management of assets. It has so far bought real estate in places such as Times Square, the Champs Elysees and London’s Regent Street. The fund has a strategy to focus on 10 to 15 cities globally and is looking at expanding Asia.

Norges Bank Investment Management, which oversees the fund from within the central bank, held about 3 percent of its assets in real estate at the end of the third quarter. It aims to build that share to 5 percent.

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