Norges: Bank's $570M Investment in Shaftesbury's London Portfolio
Deal News | Mar 20, 2025 | Norges Bank Investment Management (NBIM)
Norges Bank Investment Management, the fund management division of Norges Bank, has entered into an agreement to purchase a 25% stake in a mixed-use real estate portfolio situated in London's West End. This stake acquisition from Shaftesbury Capital PLC for a consideration of £570 million brings the portfolio's valuation to approximately £2.659 billion, with £380 million in attached existing debt. No additional financing for the transaction is anticipated at this time. The acquisition, signed on March 20, 2025, is set to be completed by early April 2025, reflecting the strategic investment aspirations of Norges Bank in central London's retail and leisure sectors. Shaftesbury Capital will maintain the management responsibilities for the portfolio while retaining a 75% ownership share.
Sectors
- Real Estate
- Investment Management
Geography
- United Kingdom – The transaction centers on a real estate portfolio located in London, making the UK an essential geographical focus.
Industry
- Real Estate – This sector is relevant as the article discusses a significant real estate transaction involving mixed-use property assets in London's West End.
- Investment Management – The involvement of Norges Bank Investment Management classifies the article within the investment management sector, focusing on strategic real estate investments.
Financials
- 570 million pounds – The purchase price for the 25% ownership interest in the real estate portfolio.
- 2,659 million pounds – The overall valuation of the real estate portfolio based on the transaction.
- 380 million pounds – The amount of existing debt encumbering the real estate portfolio.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norges Bank Investment Management | Bidding Company | Companies | A division of Norges Bank responsible for managing the Norwegian sovereign wealth fund's investments, particularly focusing on real estate and renewable energy. |
| Shaftesbury Capital PLC | Selling Company | Companies | The company selling the 25% stake in the real estate portfolio and retaining management responsibilities and 75% ownership. |
| Norges Bank | Other Company | Companies | The central bank of Norway and the institution overseeing Norges Bank Investment Management. |