GLOBAL - The Regent Street Partnership - a joint venture between Crown Estate and Norwegian sovereign wealth fund manager Norges Bank Investment Management (NBIM) - has paid £50m (€60.7m) for a 73-year head lease on a mixed office-and-retail asset.
The acquisition, from IVG, is part of a 20-year regeneration programme.
IVG UK head of UK transactions Ali Abbas described the partnership as the "natural purchaser" of a growth asset with numerous angles for future income.
NBIM spokesman Oystein Sjølie told IP Real Estate the acquisition of the head lease would allow the partnership to benefit from future rental income.
The Norwegian fund has a 150-year lease on 25% of the partnership.
In other news, US fund manager Clarion Partners has acquired land in a São Paulo suburb to develop a prime industrial asset via a joint venture with an unnamed separate-account client.
Clarion and its joint-venture partner have committed $100m (€80m) in an initial equity investment to the five-year logistics development.
The development will be the first to be managed by a separate partnership set up by Clarion and DHL to develop prime industrial in Brazil.
In Germany, Union Investment has acquired a Dusseldorf airport office asset for an undisclosed price from developer Strabag, which has already built two other office blocks in the area.
Union acquired the 77%-occupied building, which was completed at the end of 2010, for its Unilmmo: Deutschland open-ended fund.
Lastly, Henderson Global Investors has acquired a £31.9m Livingston retail park from Land Securities for its £1.1bn UK retail warehouse vehicle.
The acquisition was one of a number of deals collectively worth more than £12.4bn completed at the end of 2011.
No comments yet