Fund expands partnership with The Crown Estate
13 January 2017
The Regent Street partnership between Norges Bank Real Estate Management and The Crown Estate has acquired 100 percent of a long leasehold interest in 10 Piccadilly, a 98,660 square foot retail and office property in central London.
The acquisition was completed on 13 January 2017.
The Regent Street partnership, in which Norges Bank Real Estate Management has a 25 percent stake, already owned the property, over which the vendor had a leasehold interest with a 68 year unexpired term. The Regent Street partnership paid 129 million pounds for the leasehold interest and will now manage the property directly. No financing was used in the acquisition and the asset is held unencumbered with debt.
The seller was Standard Life Assurance Limited.
The property comprises 98,660 square feet and consists of retail space totalling 38,821 square feet and offices totalling 59,839 square feet.
Head of Communications and External Relations
Norges Bank Investment Management
Tel: +47 926 01 756/+47 24 07 35 61
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Photo: Sutton Young