Norges Bank Investment Management (NBIM) has acquired a 25% stake in a 拢1.22bn (鈧�1.44bn) mixed-use UK property portfolio from Grosvenor, which retains the remaining ownership of the London assets.
The manager of the NOK20trn (鈧�1.7trn) Norwegian Government Pension Fund Global said it has paid 拢305.7m for the asset. The portfolio is unencumbered by debt, and no financing was involved in the transaction, NBIM said.
The 2.3m sqft mixed-use portfolio is predominately office and retail assets clustered around Grosvenor Street and Mount Street in London鈥檚 Mayfair.
Jayesh Patel, the head of UK real estate at Norges Bank Investment Management, said: 鈥淲e are very pleased to enter a new partnership with Grosvenor in Mayfair.
鈥淲e have confidence in the long-term value creation inherent in the West End and are excited to see that delivered through Grosvenor鈥檚 well-respected management,鈥� James Raynor, CEO, Grosvenor Property UK, said. 鈥淭his partnership brings together two deeply aligned, long-term investors who share huge confidence in the future of the West End and London.
鈥淔acilitating inward investment on this scale will enable us to help drive the West End鈥檚 competitiveness and appeal as an economic, cultural and retail centre of global significance.鈥�
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