London-listed Shaftesbury Capital sold the stake
Norges Bank Investment Management (NBIM), Norway sovereign fund that has 1.8 trillion US Dollars of assets under management and that allocate the Government’s proceeds of the oil sector, said it acquired 25% of London’s iconic Covent Garden for 570 million GBPs from LSE-listed Shaftesbury Capital whose portfolio is worth 2.7 billion (NBIM statement and Shaftesbury release).
The asset includes 220 shops in London’s West End and is close to prestigious venues such as Royal Opera House and London Transport Museum which benefited from a recovery in tourism after the pandemic.
Norges recently acquired a 306 million worth stake in London’s Mayfair from Grosvenor, the Westminster Duke’s firm. The fund has 25% of Shaftesbury poured a total of 875 million in London real estate market.
Jayesh Patel, NBIM head of UK real estate, said that such a transaction “highlights our confidence in London resilience and is consistent with our high-end investments in the West End. Covent Garden is one of the world’s best-known shopping, leisure and cultural destinations and we look forward to supporting Shaftesbury Capital’s management team with its solid experience in realising the growth potential of this prime West End property.”
Ian Hawksworth, Shaftesbury Capital ceo, said: “This partnership allows two long-term investors to liaise and share confidence and ambitions for the growth prospects of the Covent Garden and West End property”.
