The Regent Street Partnership between Norges Bank Real Estate Management and The Crown Estate has acquired three properties from a joint venture between Aviva Life & Pensions UK Limited and Public Sector Pension Investment Board.
The three properties are 263-269 Oxford Street and 3-5 Swallow Place, 1 Princes Street and 6 Swallow Place, and 2-4 Princes Street. The acquisition was completed on 15 May 2017.
The Regent Street Partnership already owned 263-269 Oxford Street and 3-5 Swallow Place, over which the vendor had a leasehold interest with a 94-year unexpired term.
The Regent Street Partnership acquired 100 per cent of 1 Princes Street and 6 Swallow Place, which comprises 2,000 square feet of retail space and 4,000 square feet of office space.
The Regent Street Partnership paid £120m for the interests and will now manage the properties directly. No financing was used in the acquisition and the assets are held unencumbered with debt.
Source: Norges Bank Investment Management www.nbim.no 16.5.2017