Investing.com – Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, has bought a 25% stake in a portfolio of office and retail properties in London’s upscale Mayfair district.
The transaction was valued at approximately £306 million ($378 million).
The portfolio comprises approximately 175 buildings located around Grosvenor Street and Mount Street. The acquisition was made in a joint venture with Grosvenor, a privately owned international property group, as disclosed in a statement by Grosvenor on Wednesday.
The portfolio, valued at around £1.2 billion, was almost fully occupied at the end of last year with an occupancy rate of 97%. New leases signed last year fetched an average 14% premium over expected rental value.
The acquisition comes at a time when investors are seizing the opportunity to acquire parts of Europe’s key postcodes at historically low prices or cash in on rentals that are poised for substantial growth. .
This article was produced with support from AI and was reviewed by an editor. See our T&C for more information.
