NOVEMBER 16, 2016

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Norwegian SWF buys London mixed-use complex for £276m

by Andrea Waitrovich

Norges Bank Real Estate Management, which invests on behalf of Norway’s Government Pension Fund Global, has purchased a mixed-use property in London for £276.5 million ($345 million) from Great Portland Estates.

The office and retail development at 73/89 Oxford St. and 1 Dean under construction, with practical completion expected during the second quarter 2017. When completed, the property will total 87,100 square feet of space, consisting of two retail units totaling 44,100 square feet and four floors of office space totaling 43,000 square feet. The property is pre-leased to New Look Retailers, Benetton Group and Group.

The acquisition follows Norges Bank Real Estate Management’s acquisition of another Oxford Street property, The Sedley Place, from Aberdeen Asset Management for £124 million ($154 million) in July 2016. The two acquisition come months after the Brexit vote.

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