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Norway’s oil fund has struck a £570mn deal to acquire a quarter of Covent Garden from UK-listed landlord Shaftesbury Capital, in the latest major bet by the sovereign wealth fund on the fortunes of central London.
Norges Bank Investment Management has exchanged contracts to buy a 25 per cent non-controlling stake in the £2.7bn Covent Garden estate, which Shaftesbury will continue to manage. It follows a similar deal for a £300mn stake in part of the Duke of Westminster’s Grosvenor estate this year.
“This investment underscores our belief in the strength of London with the portfolio complementing our other high-quality West End investments. Covent Garden is one of the world’s most recognised retail, leisure and cultural destinations,” said Jayesh Patel, head of UK real estate at Norges.
