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Norway's wealth fund increases property portfolio in London
May 16, 2017 / 12:28 PM / 6 months ago

Norway's wealth fund increases property portfolio in London

OSLO (Reuters) - Norway’s $941-billion (£729.6 billion) sovereign wealth fund, the world’s largest, said on Tuesday it had acquired three properties in London for 120 million pounds in partnership with the Crown Estate.

The Regent Street Partnership, in which Norges Bank Real Estate Management has a 25-percent stake, has acquired properties that include 263-269 Oxford Street, 3-5 Swallow Place, 6 Swallow Place, 1 Princes Street and 2-4 Princes Street.

The properties comprise a total of 54,000 square feet of retail and office space, said the fund.

The seller was a joint venture between Aviva Life and Pensions UK Limited (AV.L) and Public Sector Pension Investment Board, the fund said.

The Norwegian fund aims to invest up to five percent of its assets in real estate.

(The story was refiled to correct the addresses of properties acquired in the second paragraph, number of square feet acquired in the third paragraph)

Reporting by Nerijus Adomaitis; Editing by Andrew Heavens

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