Fund expands partnership with The Crown Estate
16 May 2017
The Regent Street Partnership between Norges Bank Real Estate Management and The Crown Estate has expanded its ownership in three properties in central London totalling 54,000 square feet of retail and office space.
The acquisition was completed on 15 May 2017.
The seller was a joint venture between Aviva Life & Pensions UK Limited and Public Sector Pension Investment Board.
The Regent Street Partnership, in which Norges Bank Real Estate Management has a 25 percent stake, has acquired the three properties 263-269 Oxford Street and 3-5 Swallow Place, 1 Princes Street and 6 Swallow Place, and 2-4 Princes Street.
The Regent Street Partnership already owned 263-269 Oxford Street and 3-5 Swallow Place, over which the vendor had a leasehold interest with a 94-year unexpired term. The property comprises 16,000 square feet of Oxford Street retail space and 19,000 square feet of office space.
The Regent Street Partnership acquired 100 per cent of 1 Princes Street and 6 Swallow Place, which comprises 2,000 square feet of retail space and 4,000 square feet of office space.
The Regent Street Partnership acquired the vendor’s 33 percent ownership interest in 2-4 Princes Street and now owns 100 percent of the property, which comprises 6,000 square feet of retail space and 7,000 square feet of office space.
The Regent Street Partnership paid 120 million pounds for the interests and will now manage the properties directly. No financing was used in the acquisition and the assets are held unencumbered with debt.
Head of Communications and External Relations
Norges Bank Investment Management
Tel: +47 926 01 756/+47 24 07 35 61
Email: [email protected]
Photo: High Level Photography