Investing.com — Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, has acquired 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 includes approximately 175 buildings located around Grosvenor and Mount streets. The acquisition was made in a joint venture with Grosvenor, a private international real estate group, as revealed in a statement from 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 achieved an average premium of 14% over the estimated rental value.
The acquisition comes at a time when investors are taking advantage of the opportunity to acquire parts of Europe’s major postcodes at historically low prices or the chance to profit from rents that are poised for substantial growth.
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