Norges and the Crown buy in West End
The Regent Street Partnership between Norges Bank Real Estate Management and the Crown Estate has acquired three properties in central London for £120m.
The seller of the assets, totalling 54,000 sq ft of retail and offices, was a joint venture between Aviva Life & Pensions UK and Public Sector Pension Investment Board.
The partnership, in which Norges Bank Real Estate Management has a 25% stake, has acquired the three properties 263-269 Oxford Street and 3-5 Swallow Place, W1; 1 Princes Street and 6 Swallow Place, W1; and 2-4 Princes Street, W1.
The Regent Street Partnership between Norges Bank Real Estate Management and the Crown Estate has acquired three properties in central London for £120m.
The seller of the assets, totalling 54,000 sq ft of retail and offices, was a joint venture between Aviva Life & Pensions UK and Public Sector Pension Investment Board.
The partnership, in which Norges Bank Real Estate Management has a 25% stake, has acquired the three properties 263-269 Oxford Street and 3-5 Swallow Place, W1; 1 Princes Street and 6 Swallow Place, W1; and 2-4 Princes Street, W1.
It already owned 263-269 Oxford Street and 3-5 Swallow Place, over which the vendor had a leasehold interest with a 94-year unexpired term. The property comprises 16,000 sq ft of retail space and 19,000 sq ft.
1 Princes Street and 6 Swallow Place comprises 2,000 sq ft of retail space and 4,000 sq ft of office space.
2-4 Princes Street comprises 6,000 sq ft of retail space and 7,000 sq ft of office space.
The partnership will now manage the properties directly. No financing was used in the acquisition and the assets are held unencumbered with debt.
GM Real Estate acted for Aviva and PSP.
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