mast image

Special Report

Impact investing

Sections

Norwegian oil fund buys stake in Regent Street building

Related images

  • Regent Street, London

The Norwegian Government Pension Fund Global (GPFG) has bought a 25% stake in Regent Street’s Quadrant 3 building in London’s West End from the Crown Estate.

Norges Bank Investment Management (NBIM), which manages the NOK4.9trn (€591bn) sovereign wealth fund, said it paid £97.5m (€117.9m) for the stake, valuing the entire building at £390m.

The Crown Estate, which manages properties technically belonging to the Queen, said it was keeping a 75% interest in the property and would continue to manage the asset on behalf of the partnership.

NBIM said the deal expanded the Regent Street partnership, which the GPFG and the Crown Estate had started in 2011.

<

The government pension fund already has a 25% stake in the rest of Regent Street.

Paul Clark, director of investment at the Crown Estate, said: “We are delighted to extend our relationship with NBIM, further developing our strategic partnership model, which is central to the future of our business.”

This deal had increased the amount of third-party capital the Crown Estate managed for institutional investors to more than £800m, he said.

Quadrant 3 contains 270,000sqf (25,000sqm) of office, retail and restaurant space over basement, ground and seven upper floors, the Norwegian asset manager said.

The building was recently developed by the Crown Estate and completed to a BREEAM Excellent environmental standard, it said.

The Crown Estate said the Regent Street partnership between it and NBIM – now valued at £2.8bn – was transforming the street via the partners’ £1bn investment programme.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Here
<