Norges ups Shaftesbury stake for second time this month

Norges Bank Investment Management has edged up its stake in Shaftesbury to just over 23%. It is the second time this month the Norwegian sovereign wealth fund has sought to increase its holdings in the central London-focused REIT, previously purchasing a 1% stake for £2.8m. In February, NBIM acquired Invesco’s 8.2% stake in Shaftesbury for £234m to take it to 20.86%. NBIM is the second-largest shareholder in the firm, just 3% shy of the 26.15% ownership held by London-based Hong Kong billionaire Sammy Tak Lee. Lee also upped his stake from 25.02% last month after challenging Shaftesbury’s board over equity issuances earlier this year which has resulted in its ability to raise more capital without consulting existing shareholders being restricted. Shaftesbury has been trading at a discount to its net asset value, which is historically rare for the company, of around 6%. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette