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Commercial Property

Norwegian oil fund buys a quarter of London's Covent Garden from Shaftesbury

Under the terms of the contract, Norges Bank Investment Management (NBIM) will buy a 25 per cent non-controlling stake in the £2.7bn Covent Garden estate, which Shaftesbury will continue to manage.

Covent Garden(Image: PinPep)

Shaftesbury Capital has offloaded a 25% stake in Covent Garden to Norway's oil fund, Norges, for a hefty £570m.

This move marks the latest investment by Norway's sovereign wealth fund in London's capital, as reported by .

As per the agreement, Norges Bank Investment Management (NBIM) will acquire a non-controlling 25% interest in the £2.7bn Covent Garden estate, which will continue to be managed by Shaftesbury.

Jayesh Patel, head of 海角视频 real estate at NBIM, expressed his confidence in the deal, stating: "This investment underscores our belief in the strength of London with the portfolio complementing our other high quality West End investments."

Earlier this year, the £1.3 trillion Norwegian sovereign wealth fund made a similar transaction with Grosvenor, securing a £306m – or 25% – stake in its historic Mayfair estate in London.

Patel further added: "Covent Garden is one of the world's most recognised retail, leisure and cultural destinations and we look forward to supporting Shaftesbury Capital's management team, with their strong track record of delivering the growth potential of this prime West End estate."

In addition to Grosvenor and now Shaftesbury, NBIM also holds stakes in Regent Street and the Pollen Estate, located near Saville Row.

In response to "market challenges" from Covid-19 and rising real rates, NBIM has diversified its portfolio and increased its exposure to real estate. Analysts at Peel Hunt have labelled the deal as a "very positive evolution" for Shaftesbury, maintaining their 'Buy' rating.