Crown and Norges add to Regent Street stake

Published:  24 May, 2017

JV with the Crown Estate spends £120m to buy in key West End sites

The Regent Street Partnership between Norges Bank Real Estate Management and the Crown Estate has expanded its ownership in three properties in central London totalling 54,000 sq ft of retail and office space. The seller was a joint venture between Aviva Life & Pensions UK Limited and Public Sector Pension Investment Board.

The partnership has acquired the three properties at 263-269 Oxford Street and 3-5 Swallow Place; 1 Princes Street and 6 Swallow Place and 2-4 Princes Street.

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 property comprises 16,000 sq ft of Oxford Street retail space and 19,000 square feet of office space.

The partnership acquired 100 per cent of 1 Princes Street and 6 Swallow Place, which comprises 2,000 sq ft of retail space and 4,000 sq ft of office space.

And the Regent Street Partnership acquired the vendor’s 33 percent ownership interest in 2-4 Princes Street and now owns 100 percent of the property, which comprises 6,000 sq ft of retail space and 7,000 sq ft of office space.

The Regent Street Partnership paid £120m for the interests and will now manage the properties directly.

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