Norges, Crown Estate bag €131m Central London office scheme

The property arm of Norway's oil-fuelled pension fund Norges Bank has joined forces with the Crown Estate to acquire the long leasehold interest in 30 Warwick Street in central London in a deal valued at £115 mln (€131 mln).

Norges Bank Real Estate Management has paid £29 mln (€33 mln) for its 25% ownership interest in the 75,000 sq ft (7,000 m2) office scheme.

The property is unencumbered by debt and no financing was involved in the transaction.

The Crown Estate has acquired the remaining 75% interest and will perform asset management on the property on behalf of the joint venture.

The Crown Estate already owned the freehold interest in the property, however, the seller had a leasehold interest with a 116 year unexpired term.

The seller was a joint venture between Aviva Life & Pensions UK and Public Sector Pension Investment Board.


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