Norway’s sovereign wealth fund is buying a slice of Covent Garden for $739 million amid retail boom for the former fruit and veg market

The world’s largest sovereign wealth box – Norges Norges Banks Management (NORGESMEMENT (NORGES NORGES MANAGEMENT (NORGES MANGEMEMENT (NORGES NORGES MANAGEMENT (NORGES NORGES MANAGEMENT (NORGES NORGES Management (Norges Norges Management (NORGESEMEMENT))

NBIM, which includes nearly a trillion dollars of assets under management and holds 1.5 % of all listed companies, cooperates with Shaftsbury Capital, the owner of the region, for the deal.

Covent Garden ESTATE is now 2.7 billion pounds ($ 3.5 billion). Retail, food and beverage institutions use most of the lands, while office and residential buildings occupy a quarter.

The area, which includes seven destinations and Nile Square, is a famous tourist destination and features stores for most major brands, from Tissot and Ladurée to Apple and Chanel.

The NBIM comes among a large number of new retail institutions that were opened at Covent Garden, including brands such as Perfuamery Diptyque and ActiveWear Brand Alo Yoga and Charlotte Tilbury cosmetics.

Covent Garden is one of the prominent cultural centers in London. When the city was eliminated with fire in 1666, the region rose to this occasion, as it became the largest market in London that sells fruits and vegetables.

Today, it is home to the West End shows in the city and outperforms Bayza with dozens of foodstuffs and retail trade that is sprayed around.

The region suffered from loss of traffic during the Covid-19s, as it lost about a quarter of its value at that time from 2.5 billion pounds to 1.8 billion pounds. With the start of the activity, Shaftsbury continued to enhance its main real estate portfolio in Covent Garden. Real estate company has arrived at UK Sotheby’s International Realty at UK Sotheby International Realty in the United Kingdom of Sotheby’s Realty at UK Sotheby International Realty in the United Kingdom Sotheby International Realty, which was reached by the demand for luxury property in Covent Garden reached levels To break the record last year.

“This investment emphasizes our belief in the power of London with a portfolio that complements our other high -quality investments from West End,” said Jayish Patel, head of the United Kingdom’s real estate department at NBIM. “Covent Garden is one of the most entertainment, entertainment, and entertainment destinations in the world.”

The vibrant shopping area is not the only one that caught the attention of NBIM recently. In January, the Norwegian box bought a quarter of Grosvenor Property in the upscale Mayfair neighborhood in London. The value of the deal amounted to 307.5 million pounds and includes a mixture of desktop and retail buildings.

NBIM also has part of Regent Street through a partnership with the crown.

Companies are trying to take advantage of low prices in major real estate, including advanced retail, after injury to high interest rates.

Nicolai Tangen, Nicolai Tangen, has become a thirsty investor over the years. Most of its money is invested in stocks, including about $ 173 billion in the wonderful seven shares. Only 7 % of its real estate investments.

After announcing the deal, Shaftsbury shares increased by 7.5 % at 11:30 am London time.
The actors in NBIM and Shaftesbury are no longer immediately wealth Comment requests.

This story was originally shown on Fortune.com

2025-03-20 12:03:00