Fund makes additional purchase in London
10 August 2014
Norges Bank Investment Management has acquired a 57.8 percent interest in the Pollen Estate, a 730,000 square feet (67,800 square meters) estate over 4 acres in London's West End.
Norges Bank Investment Management paid £343 million for its 57.8 percent stake. The consideration is net of the fund’s £36.1 million share of total existing debt. The Crown Estate purchased a 6.4 percent stake at the same time for £38 million. Contracts were completed on 8 August 2014.
The purchase follows on from the Regent Street partnership between The Crown Estate and Norges Bank Investment Management, whereby The Crown Estate own 75 percent and the fund 25 percent of the Regent Street portfolio, which immediately adjoins the Pollen Estate holdings.
The Pollen Estate, which consists of 43 assets, is primarily situated between Regent Street and Bond Street. The portfolio comprises office and retail space in equal proportions. The asset management of the portfolio will continue to be overseen by the board of the Pollen Estate trustee company. The Estate was established in 1812.
The vendor is the Church Commissioners for England and the remaining interests in the Estate are held by the UK Secretary of Defence – Greenwich Hospital (10 percent), The Crown Estate (6.4 percent) and members of the Pollen family (25.8 percent).
Photo: Kevin Allen Aerial Photography