Connect with us

Regent Street Partnership Makes First Property Purchases

Published

on

Karsten Kallevig - NBIM

According to the press release, “The Regent Street Partnership, comprising The Crown Estate and Norges Bank Investment Management (NBIM), has announced the purchase of two Regent Street properties, 4 Conduit Street and 1 Maddox Street, for £28 million.

The partnership owns Regent Street in its entirety and the purchase was made in the partnership’s 75:25 proportions, for The Crown Estate and NBIM, respectively. The Crown Estate continues to manage the street on behalf of the partnership and retains the freehold interest. NBIM, which manages the Norwegian Government Pension Fund Global, has a 150 year lease on a 25 per cent stake in the street.

Maddox House, 1 Maddox Street, was purchased for circa £23 million from pension fund clients of Aberdeen Asset Management. It comprises 17,000 sq ft and is occupied by six office tenants over five floors, together with Regent Street retailers, Hobbs, Barker and Furla. 4 Conduit Street was purchased for £5 million from a private investor; it comprises 6,000 sq ft and is let entirely to the Greek National Tourist Office.

Karsten Kallevig, chief investment officer – real estate at NBIM said: “We’re delighted to have made these purchases and expect to continue to broaden our partnership with The Crown Estate on Regent Street.”

Paul Clark, director of investment and asset management at The Crown Estate, said: “This is an exciting year for the Regent Street Partnership and also The Crown Estate, which remains focused on enhancing its long-term contribution to the Treasury by investing in its core holdings here in the West End, in prime retail outside London, and helping drive forward the offshore renewable energy industry.”

David Shaw, head of Regent Street portfolio at The Crown Estate, added: “These are the Regent Street Partnership’s first major purchases, demonstrating its ongoing commitment to our 20 year regeneration programme that has already transformed Regent Street into an international destination for retail and business.””

Read more: Press Release

Saudi Aramco and PIF See Opportunities in Russia

Published

on

Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

HNA Group Aims to Shrink and Sell

Published

on

Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Central Bank of Hungary Buys Mounds of Gold

Published

on

In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.