SWFI First Read, September 4, 2017
Norway SWF Increased Ownership in 25 Air Street
On September 1, 2017, Norges Bank Real Estate Management, the real estate unit of Norges Bank Investment Management (NBIM), grew its partnership with The Crown Estate, by purchasing another 25% interest in 20 Air Street in central London. Post-deal, NBIM will have a 50% ownership interest in 20 Air Street. According to NBIM, “Norges Bank Real Estate Management acquired its additional 25 percent interest from The Crown Estate for 112.5 million pounds, which corresponds to 450 million pounds on a 100 percent basis. No financing was used in the acquisition, and the asset is held unencumbered by debt.”
NBIM had acquired an initial 25% ownership stake in 20 Air Street in December 2013. The Crown Estate is maintaining its 50% ownership interest and will continue to manage the property.
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