Member Article

Norway's sovereign wealth fund snaps up three properties for £120m

Norges Bank Real Estate Management, the property fund connected to Norway’s sovereign wealth fund, has acquired a trio of London properties in partnership with the Crown Estate.

The fund, which totals $941bn (approx. £730bn) and is the world’s largest, has acquired 100% of 1 Princes Street and 6 Swallow Place, and also acquired the remaining 33% of 2-4 Princes Street through its Regent Street Partnership.

Comprising a total of 8,000 sq ft of retail and 11,000 sq ft of office space, the three properties have been purchased from a joint venture between Aviva Life, Pensions UK Limited and Public Sector Pension Investment Board.

The Regent Street Partnership has been operating since 2011 when Norges acquired a 25% leasehold interest in The Crown Estate’s freehold interest in the Regent Street area, where it holds nearly all of the freehold in one London’s most upmarket areas.