Norges Bank Investment Management [1] has acquired a 25 percent interest in a mixed-use property portfolio located in Covent Garden, in a new joint venture with Shaftesbury Capital PLC.
The agreement was signed on 20 March 2025, with completion expected in early April 2025.
Norges Bank Investment Management will pay 570 million pounds for its 25 percent ownership interest, valuing the portfolio at 2,659 million pounds. The portfolio is encumbered by 380 million pounds of existing debt, and no financing will be involved in the transaction.
The seller of the 25 percent interest is Shaftesbury Capital PLC. Shaftesbury will retain the remaining 75 percent interest and will manage the portfolio on behalf of the joint venture.
The 1.5 million square feet mixed-use portfolio is predominately retail and leisure assets clustered around Covent Garden and Seven Dials in London’s West End.
[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.
Line Aaltvedt
Head of Communications
Cell phone: (+47) 94 85 46 56
Email: press@nbim.no
