Norges Bank Investment Management Acquires 25% Stake in Mayfair Portfolio for £305.7 Million
Deal News | Jan 22, 2025 | Norges Bank Investment Management (NBIM)
Norges Bank Investment Management (NBIM), part of the Norwegian central bank, has invested £305.7 million to acquire a 25% stake in a sizeable, mixed-use real estate portfolio in London's Mayfair district. This transaction establishes a new joint venture with Grosvenor, who remains the majority owner with a 75% stake and will continue to manage the portfolio, which totals 2.3 million square feet of office and retail assets. The investment was made without incurring any debt, and the transaction was swiftly completed on January 21, 2025. This strategic partnership is anticipated to leverage the enduring value of properties in London’s West End, under Grosvenor's expert management.
Sectors
- Real Estate
- Investment Management
Geography
- United Kingdom – The investment and real estate portfolio are located in Mayfair, London, a prominent district in the UK.
- Norway – Norges Bank Investment Management, the investment firm involved, is based in Norway.
Industry
- Real Estate – This article details a significant investment in a mixed-use real estate portfolio in London's Mayfair, covering office and retail assets.
- Investment Management – Norges Bank Investment Management operates within this sector, managing the investment in the Mayfair property.
Financials
- £305.7 million – Purchase price paid by Norges Bank Investment Management for a 25% stake in the Mayfair portfolio.
- £1,223 million – Total valuation of the Mayfair portfolio at the time of Norges Bank Investment Management's investment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norges Bank Investment Management | Bidding Company | Company | The investment arm of Norges Bank responsible for managing funds and securing new investments such as the one in Mayfair. |
| Grosvenor | Selling Company | Company | The original owner of the 25% stake in the portfolio, retaining a 75% share and management responsibilities. |