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.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →