Norway's €855 bn oil-fuelled pension fund has acquired an additional 25% interest in 20 Air Street in central London, bringing its total share in the asset to 50%.
Norges has bought the stake from The Crown Estate, the British monarch's land and property company, for £112.5 mln (€122 mln), valuing the entire asset at £450 mln.
No financing was used in the acquisition, and the asset is held unencumbered by debt.
The property comprises 270,000 sq ft (25,100 m2) of office and retail space, and nine residential units.
The Crown Estate has retained a 50% interest and will continue to manage the property on behalf of the partnership.
Norges Bank Real Estate Management purchased the initial 25% interest in December 2013.
Earlier this year Norges and The Crown Estate's Regent Street Partnership paid £120 mln for a total of 5,000 m2 of office and retail space. The properties are located at 263-269 Oxford Street and 3-5 Swallow Place, 1 Princes Street and 6 Swallow Place, and 2-4 Princes Street.
The seller was a joint venture between Aviva Life & Pensions UK and Canada's Public Sector Pension Investment Board (PSP Invest).
