Fund makes new investment in London
30 January 2015
Norges Bank Investment Management has acquired a 100 percent interest in Queensberry House, a 74,500 square foot office building located at 3-9 Old Burlington Street in London.
The agreement was signed and completed simultaneously on 30 January 2015.
Norges Bank Investment Management paid 190.6 million pounds for the company that owns the freehold interest in the property. The company’s debt was repaid on completion, and no financing was involved in the transaction. The vendor of the property is Fondo David, a real estate fund managed by Sorgente SGR, the Italian management company of Sorgente Group.
The building comprises 67,500 square feet of office space on ground and five upper floors, 7,000 square feet of retail space on Savile Row and an underground car park with 320 parking spaces. Norges Bank Investment Management is one of the tenants in the building.
Photo: Joe Clark