Sep 15, 2016
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Norwegian fund invests in prime Oxford Street property

Sep 15, 2016

Norway’s sovereign wealth fund, Norges Bank Real Estate Management, is the new owner of a prime Oxford Street retail and office property. The fund acquired the long leasehold interest of the asset for £124 million from Aberdeen Asset Management.

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The deal may have been “the fastest transaction” ever made by Norges Bank Real Estate Management, said Karsten Kallevig, chief executive officer to Bloomberg on Tuesday. 

It was agreed just two weeks after the EU referendum as Aberdeen Asset Management was forced to bring the property to the market in response to a rise in redemptions. 

The property at 355-361 Oxford Street is a 59,000 sq ft retail and office asset with retail chain Boots as the main tenant. The transaction also includes two adjoining buildings which comprise office, retail and leisure space totalling 13,000 sq ft.

Norges Bank Real Estate Management also owns prime London real estate assets in areas including Regent Street and Mayfair. Bloomberg said the fund decided to cut the value of its UK real estate portfolio by 5% in June as a result of the EU vote.

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