Norway鈥檚 sovereign wealth fund and the UK鈥檚 Crown Estate have bought a leasehold interest in a prime commercial building in London for 拢129m.
Norges Bank Real Estate Management (NBREM), the property investment manager for the NOK7.5trn (鈧�829bn) Government Pension Fund Global (GPFG), and The Crown Estate bought the 68-year leasehold in 10 Piccadilly from UK insurer Standard Life.
NBREM and The Crown Estate, the proceeds of which go to the UK Treasury, made the deal via their Regent Street partnership, in which Norges Bank has a 25% stake.
The Regent Street partnership already owned the 98,660sqft retail and office property, but Standard Life had retained the leasehold interest in the building.
Norges Bank said the partnership could now the manage the property directly.
鈥淣o financing was used in the acquisition and the asset is held unencumbered with debt,鈥� it said.
The Piccadilly property has 59,839sqft of offices and 38,821sqft of retail space.
The Regent Street Partnership was formed when
Following on from that deal, 鈥� 730,000sqft of property in London鈥檚 West End.
