Norges and The Crown Estate pay £120m to expand central London interest

The Regent Street Partnership has paid £120m to expand its ownership of three central London office and retail properties totalling 54,000 sq ft.

The partnership, a tie-up between Norges Bank Real Estate Management and The Crown Estate, made the acquisitions from a joint venture between Aviva Life & Pensions UK and the Public Sector Pension Investment Board.

It acquired the leasehold interests in 263-269 Oxford Street and 3-5 Swallow Place, which comprise 16,000 sq ft of Oxford Street retail space and 19,000 sq ft of offices. It already owns the properties.

It also acquired 1 Princes Street and 6 Swallow Place, which comprise 2,000 sq ft of retail space and 4,000 sq ft of office space.

Lastly, it bought the vendor’s 33% stake in 2-4 Princes Street, a 13,000 sq ft office and retail development, meaning it now fully owns the property.

No financing was used in the acquisition, and the assets are unencumbered with debt. The Regent Street Partnership will manage the properties directly.

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