Friday, 31 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Economy > Norway’s oil fund strikes £570mn deal to buy quarter of Covent Garden
Economy

Norway’s oil fund strikes £570mn deal to buy quarter of Covent Garden

Last updated: March 20, 2025 2:44 am
Share
Norway’s oil fund strikes £570mn deal to buy quarter of Covent Garden
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Norway’s oil fund has struck a £570mn deal to buy a quarter of Covent Garden from UK-listed landlord Shaftesbury Capital, in the sovereign wealth fund’s latest major bet on the fortunes of central London.

Norges Bank Investment Management has exchanged contracts to acquire a 25 per cent non-controlling stake in the £2.7bn Covent Garden estate, which Shaftesbury will continue to manage. It follows a deal for a £306mn stake in part of the Duke of Westminster’s Grosvenor estate this year.

“This investment underscores our belief in the strength of London with the portfolio complementing our other high-quality West End investments. Covent Garden is one of the world’s most recognised retail, leisure and cultural destinations,” said Jayesh Patel, head of UK real estate at Norges.

The deal, first reported by CoStar News, brings Norges’ investment in London this year to more than £875mn — its first major acquisitions in the city since 2018.

The fund is also a major shareholder in listed London landlords, including holding a 25 per cent stake in Shaftesbury.

It has agreed private minority deals in the past. It already owns a stake in Regent Street with the Crown Estate, and has invested in the Pollen Estate near Savile Row, where it boosted its ownership share last year.

It also invested outside London last year, taking full ownership of the Meadowhall shopping centre in Sheffield in a £360mn deal with British Land.

“The bigger picture is [Norges] rolling up west-end estates as a vote of confidence,” said Jefferies analyst Mike Prew in a note.

See also  Manchester United agree deal to hire Ruben Amorim as head coach

Norges will pay £570mn in cash for a one-quarter share of Covent Garden, which will continue to hold £380mn of debt against its £2.7bn property value.

The deal price confirms Shaftesbury’s independent valuations for the portfolio of 220 buildings around the historic vegetable market and Royal Opera House in central London.

Shares in listed landlords have traded at a discount to the value of their assets in recent years as high interest rates made investors wary of commercial property. Shaftesbury CEO Ian Hawksworth said the deal showed private investors were taking a more positive and selective view of the sector. “There is plenty of evidence in the market that private capital is placing a premium on high quality real estate above the stock market.”

The West End has prospered from a rebound in tourism since the pandemic. Shaftesbury reported its busiest Christmas ever in 2024 with more than 1mn visitors a day at peak times to its portfolio of properties spanning Soho, China Town and Covent Garden.

Rising rents for its shops, restaurants and office space boosted the value of its £5bn of property holdings by 4.5 per cent in 2024. Shaftesbury said the proceeds of the deal gave it flexibility to reduce debt, invest in existing properties and acquire more buildings within its West End domain.

TAGGED:570mnBuyCoventdealfundGardenNorwaysoilquarterStrikes
Share This Article
Twitter Email Copy Link Print
Previous Article Rethinking how we study the impact of heat on heart health Rethinking how we study the impact of heat on heart health
Next Article President Donald J. Trump Achieves Efficiency Through State and Local Preparedness – ] President Donald J. Trump Achieves Efficiency Through State and Local Preparedness – ]
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

Arsenal vs. Crystal Palace prediction, odds, time, bets: 2025 Premier League free picks on Wednesday, April 23

Arsenal will be facing off against Crystal Palace in an English Premier League clash on…

April 23, 2025

The Real Housewives of London: Cast, Release Date, Streamer, How to Watch

Karen, originally from Jamaica, brings her vibrant personality and love for fashion to the cast…

June 19, 2025

Who is Valya Harkonnen in HBO’s Dune: Prophecy?

The Bene Gesserit Sisterhood is one of the most powerful and secretive organizations in the…

November 18, 2024

Work continues on Denver Water’s Gross Dam while it appeals ruling

Denver Water is moving forward with the construction of its $531 million project to raise…

April 16, 2025

Social media star Ricci Wynne indicted on child porn charges

A social media influencer who gained notoriety for shedding light on the drug-infested streets of…

March 22, 2025

You Might Also Like

Dan Ives’ AI ETF Hits B in Assets Just Five Months After Launch
Economy

Dan Ives’ AI ETF Hits $1B in Assets Just Five Months After Launch

October 31, 2025
Is This The Best ETF to Invest In Ahead of Potential AI Bubble Burst?
Economy

Is This The Best ETF to Invest In Ahead of Potential AI Bubble Burst?

October 31, 2025
Alphabet hikes capex again after earnings beat on strong ad, cloud demand
Economy

Alphabet hikes capex again after earnings beat on strong ad, cloud demand

October 31, 2025
What is a merchant bank?
Economy

What is a merchant bank?

October 30, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?