Norway's giant oil pension fund has expanded its real estate partnership with the UK's Crown Estate on London's Regent Street.
Norway's giant oil pension fund has expanded its real estate partnership with the UK's Crown Estate on London's Regent Street.
The €596 bn Norwegian Government Pension Fund Global, which is managed by Norges Bank Investment Management (NBIM), acquired a 25% interest in Regent Street’s Quadrant 3 building in London's West End.
The fund acquired the stake for £97.5 mln (€117 mln), valuing the entire building at £390 mln. The Crown Estate retained a 75% interest in the property and will continue to manage the asset on behalf of the partnership.
The transaction further expands the Regent Street partnership which the fund and the Crown Estate established in 2011.
Quadrant 3 provides 25,000 m2 of office, retail and restaurant space over basement, ground and 7 upper floors. The building was recently developed by the Crown Estate and completed to a BREEAM Excellent environmental standard.
