Norwegian sovereign wealth fund buys stake in London’s Mayfair properties for $378 million By Investing.com

Investing.com – Norway’s sovereign wealth fund has bought a 25% stake in office and retail properties managed by Norges Bank Investment Management.

The transaction value was approximately 306 million pounds ($378 million).

The portfolio includes around 175 buildings located around Grosvenor Street and Mount Street. The acquisition was made in partnership with Grosvenor, the privately-owned global property group, according to a Grosvenor statement on Wednesday.

The nearly £1.2 billion portfolio was fully booked at the end of last year, with an occupancy rate of 97%. The new leases signed last year fetched an average 14% premium to the estimated rent.

The acquisition comes as investors take advantage of Europe’s top postcodes at historically low prices or rents poised for high growth.

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