Norway’s sovereign wealth fund, the world’s largest, bought a stake in an estate in London’s Mayfair area for £343million ($576million) from the Church Commissioners for England.
The fund bought a 57.8% share in the four-acre Pollen Estate between Regent Street and Bond Street, Oslo-based Norges Bank Investment Management said today in a statement. The Crown Estate also purchased a 6.4% stake for $38million, Norway’s fund said.
The Pollen Estate, which has 43 assets, includes office and retail space and will continue to be managed by the board of the portfolio’s trustee company. The UK Secretary of Defence – Greenwich Hospital also owns 10%, while members of the Pollen family hold 25.8%, according to the fund.
Norway’s $890billion wealth fund formed a new real estate group last month that will invest almost $10billion annually over the next three years. The fund already owns properties on London’s Regent Street, Times Square in New York and the avenue des Champs-Elysees in Paris.
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