Fund adds to existing investment in London
18 June 2018
The agreement was signed and completed on 15 June.
Norges Bank Real Estate Management paid 28.8 million pounds for its 25 percent ownership interest, valuing the long leasehold interest at 115 million pounds. The property is unencumbered by debt and no financing was involved in the transaction.
The Crown Estate already owned the freehold interest in the property, however, the seller had a leasehold interest with a 116 year unexpired term. The seller was a joint venture between Aviva Life & Pensions UK Limited and Public Sector Pension Investment Board.
The Crown Estate has acquired the remaining 75 percent interest and will perform the asset management on the property on behalf of the joint venture.
The property comprises 75,000 square feet of office space.
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