Norwegian oil fund buys quarter of London's most popular district for £570m - FT
Kyiv • UNN
The Norwegian Norges Bank Investment Management fund is buying 25% of Covent Garden in London for £570 million. Asset management will remain with Shaftesbury Capital.
The Norwegian oil fund Norges Bank Investment Management has reached an agreement for £570 million to buy a 25% stake in one of London's most famous districts, Covent Garden.
This is reported by Financial Times, writes UNN.
Details
According to the media, the Norwegian oil fund has reached an agreement for £570 million to acquire a quarter of Covent Garden from UK-registered landowner Shaftesbury Capital. This is the latest major bet by the sovereign wealth fund on the state of central London.
Norges Bank Investment Management has exchanged contracts to buy a 25% non-controlling stake in the £2.7 billion Covent Garden estate, which will continue to be managed by Shaftesbury. This follows a similar £300 million share deal in part of the Duke of Westminster's Grosvenor estate this year.
This investment underscores our belief in the strength of London, and the portfolio complements our other high-quality investments in the West End. Covent Garden is one of the world's most famous retail, leisure and culture destinations.
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