The agreement was signed and completed on 15 November 2016.
Norges Bank Real Estate Management paid 276.5 million pounds for the property. The fund made an initial payment of 205.2 million pounds with the balance due upon completion of the building in June 2017. The asset is unencumbered by debt, and no financing was involved in the transaction.
The property is pre-let to New Look Retailers Ltd., Benetton Group S.r.l. and MoneySupermarket.com Group plc. It will comprise 87,100 square feet and consist of two retail units totalling 44,100 square feet and four floors of offices totalling 43,000 square feet.
Thomas Sevang, Head of Communications and External Relations, Norges Bank Investment Management
Tel: +47 926 01 756/+47 24 07 35 61
Photo: Great Portland Estates plc.