Norway's oil fund acquires major stake in Covent Garden

Shaftesbury Capital

United Kingdom-based property investment and development company Covent Garden

district in London, England Norway

country in northern Europe

Highlights

Norway's sovereign wealth fund is acquiring a sizeable stake in a prominent London location.
The acquisition is valued at £570 million and part of a broader investment strategy.
This move reflects growing international interest in UK property despite slowing local deal-making.

Story

In early April 2023, Norway's oil fund finalized a significant real estate transaction by purchasing a 25 percent stake in Covent Garden, London, for £570 million. This iconic location, once exclusively owned by aristocratic families, has now attracted investments from sovereign wealth funds like Norway's, signaling a shift in ownership dynamics in London's prestigious property market. The total valuation of the Covent Garden estate reached approximately £2.7 billion, according to the latest estimates from real estate valuers at CBRE.

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