Regent Street Partnership Acquires Leasehold Interest in 10 Piccadilly

Standard Life Assurance Limited, a subsidiary of Standard Life plc, sold a long leasehold interest in 10 Piccadilly, a 98,660 square foot retail and office property in central London, to the Regent Street Partnership. The Regent Street Partnership is a venture between Norges Bank Real Estate Management and The Crown Estate. The Regent Street Partnership, in which Norges Bank Real Estate Management has a 25% stake, already owned the property, over which the vendor had a leasehold interest with a 68-year unexpired term. The Regent Street Partnership paid £129 million for the leasehold interest and will now manage the property directly. No financing was used in the acquisition and the asset is held unencumbered with debt.

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