Norges Bank Investment Management has acquired a 25 percent interest in a mixed-use property portfolio located in Mayfair, in a new joint venture with Grosvenor.
The agreement was signed on 21 January 2025, and the transaction was completed the same day.
Norges Bank Investment Management paid 305.7 million pounds for its 25 percent ownership interest, valuing the portfolio at 1,223 million pounds. The portfolio is unencumbered by debt, and no financing was involved in the transaction.
The seller of the 25 percent interest is Grosvenor. Grosvenor will retain the remaining 75 percent interest and will manage the portfolio on behalf of the joint venture.
The 2.3 million square feet mixed-use portfolio is predominately office and retail assets clustered around Grosvenor Street and Mount Street in London’s Mayfair.
“We are very pleased to enter a new partnership with Grosvenor in Mayfair. We have confidence in the long-term value creation inherent in the West End and are excited to see that delivered through Grosvenor’s well-respected management”, says Head of UK Real Estate Jayesh Patel.
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