Investing.com — Norway’s sovereign wealth fund, managed by Norges Financial institution Funding Administration, has bought a 25% stake in a portfolio of workplace and retail properties in London’s upscale Mayfair district.
The transaction was valued at roughly £306 million ($378 million).
The portfolio contains about 175 buildings located round Grosvenor Road and Mount Road. The acquisition was made in a three way partnership with Grosvenor, a privately-owned worldwide property group, as revealed in an announcement by Grosvenor on Wednesday.
The portfolio, which is valued at round £1.2 billion, was almost absolutely occupied on the finish of final yr, with an occupancy fee of 97%. The brand new leases that had been signed final yr achieved a 14% premium to the estimated rental worth on common.
The acquisition comes at a time when buyers are making the most of the chance to amass components of Europe’s prime postcodes at traditionally low costs or the possibility to money in on rents which are poised for substantial progress.
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