Norges takes 25% stake in Grosvenor’s Mayfair portfolio
Norges Bank Investment Management has acquired a 25% stake in a mixed-use property portfolio in Mayfair from Grosvenor for £305.7m.
The portfolio spans 2.3 million sq ft and comprises mainly retail and office units clustered around Grosvenor Street and Mount Street. Valued at £1.2bn, it is unencumbered by debt and no financing was involved in the transaction.
Grosvenor will retain the remaining 75% interest in the portfolio, which it will manage on behalf of the joint venture with Norges.
Jayesh Patel, head of UK real estate at Norges Bank Investment Management, said: “We are very pleased to enter a new partnership with Grosvenor in Mayfair. We have confidence in the long-term value creation inherent in the West End and are excited to see that delivered through Grosvenor’s well-respected management.”