Fund adds to existing investment in London
4 September 2017
Norges Bank Real Estate Management has expanded its partnership with The Crown Estate, acquiring an additional 25 percent interest in 20 Air Street in central London. This brings Norges Bank Real Estate Management’s total share up to 50 percent in this property.
The agreement was completed on 1 September 2017.
Norges Bank Real Estate Management acquired its additional 25 percent interest from The Crown Estate for 112.5 million pounds, which corresponds to 450 million pounds on a 100 percent basis. No financing was used in the acquisition, and the asset is held unencumbered by debt.
Norges Bank Real Estate Management purchased the initial 25 percent interest in December 2013.
The property comprises 270,000 square feet of office and retail space, and nine residential units. The Crown Estate has retained a 50 percent interest and will continue to manage the property on behalf of the partnership.
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Norges Bank Investment Management
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