Norway’s sovereign wealth fund buys a quarter of London’s Covent Garden
by Kalyeena Makortoff from on (#6W252)
Shaftesbury Capital sells stake in estate, which includes shops, market and transport museum site
Norway's sovereign wealth fund, the world's biggest, has made a fresh bet on the future success of central London as the country's investment vehicle struck a 570m deal to buy a quarter of the Covent Garden estate.
Norges Bank Investment Management (NBIM), which manages $1.8tn (1.4tn) and invests government money from the oil industry, announced on Thursday that it had bought the 25% stake in the 2.7bn Covent Garden property portfolio of the landlord Shaftesbury Capital.
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