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Regent Street Partnership Makes First Property Purchases

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

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