Norges Bank Buys 25% Stake in Covent Garden Portfolio

Norges Bank Investment Management (NBIM), the entity responsible for managing the Norwegian Government Pension Fund Global, has announced the acquisition of a 25% stake in a prestigious mixed-use property portfolio situated in the historic Covent Garden area of London. This transaction is part of a new joint venture with Shaftesbury Capital PLC, a major real estate investment company specializing in the development and regeneration of urban properties. The investment aligns with NBIM’s strategy of diversifying its real estate portfolio internationally and capitalizing on prime locations. This strategic partnership signifies a robust commitment to enhancing the value and appeal of the Covent Garden area, which is renowned for its cultural significance and vibrant mix of retail, dining, and entertainment venues. The joint venture is expected to leverage the strengths of both partners in the pursuit of long-term value creation.