The Regent Street partnership between Norges Bank Real Estate Management and The Crown Estate has acquired a long leasehold interest in a central London asset for £129 mln (€146 mln) from Standard Life Assurance.
The Regent Street partnership, in which Norges Bank Real Estate Management has a 25% stake, already owned the property at 10 Piccadilly. The vendor has now divested a leasehold interest in the asset with a 68-year unexpired term.
After acquiring 100% of the leasehold interest, the partnership will manage the property at 10 Piccadilly directly.
No financing was used in the acquisition and the asset is held unencumbered with debt.
The 98,660 ft2 (9,170 m2) retail and office property at 10 Piccadilly comprises 59,839 ft2 (5,560 m2) of office space and 38,821 ft2 (3,600 m2) of retail.
