Covent Garden Market in London
Julian Elliott Photography Stone Getty images
The Sovereign Fund of wealth in Norway 1.8 trillion dollars – the largest of its kind in the world – on Thursday stated that he had concluded a contract for the purchase of a quarter of the real estate portfolio in the cult Covent Garden in London, in the latest place about the premium real estate of the capital of Great Britain.
In the new joint venture, the Norges Bank Investment Management (NBIM) Fund Manager he said It will pay 570 million pounds (USD 739 million) for 25% shares in the British real estate portfolio British Property, Shaftesbury Capital Portfolio, which is entirely 2.7 billion pounds.
NBIM said that the portfolio covers real estate with an area of 1.5 million square feet, mainly used for retail and recreational purposes, in London districts of Covent Garden and seven fairs.
Shapesbury Capital shares on the London Stock Exchange increased by almost 16% on the open market before it slightly gains profits. The actions were recently at 8.9% to 9:55 time in London.
“This investment emphasizes our faith in London's strength, and the portfolio complements our other high -quality West End investments,” said Jayesh Patel, head of real estate in Great Britain in the NBI.
This is due to an investment of 306 million pounds by the Norwegian State Wealth Fund for 25% at The Duke of Westminster's Grosvenor Estate in January.
The joint undertaking, which again awarded NBIM 25% of shares, was worth £ 1.2 billion and meant the greatest sales to external investors in the historic Grosvenor estate.
This year, both transactions bring a total investment of a sovereign property fund in London to 876 million pounds.
NBIM also said on Thursday that this Agreement To pay EUR 240 million for 40% of shares in AXA Lifestyle Housing, owner and operator of student apartments and real estate in Spain and France.