Norges Bank Investment Management (NBIM) has secured a 25% stake in a property portfolio located in Covent Garden, London.
The cost is expected to be around NOK 7.8 billion (€687 million), as stated in a press release by NBIM.
The properties encompass an area of roughly 140,000 square metres, predominantly featuring shops and restaurants. They gather in clusters around Covent Garden and Seven Dials in the vibrant West End of London.
The vendor of the share within the portfolio is Shaftesbury Capital PLC. Shaftesbury, which maintains a 75 percent stake, is now embarking on a fresh partnership with NBIM.
The portfolio carries a hefty £380 million in existing debt.
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