Norges Bank Real Estate Management has acquired a further 25% interest in 20 Air Street, W1 from The Crown Estate for £112.5m.
The deal brings Norges’ total ownership of the £450m-valued property up to 50%, with The Crown Estate retaining the other 50% share and continuing to manage the property on behalf of the partnership. Norges acquired its initial interest in December 2013.
Occupied by tenants including Twitter, Taylor Wimpey and Meyer Bergman, 20 Air Street comprises 270,000 sq ft of office and retail space, and nine flats. It was developed between 2008 and 2011 by The Crown Estate and Stanhope as part of the Quadrant Regent Street development.
The value of The Crown Estate’s total property holdings, including 20 Air Street, rose by 5.5% to £12.4bn in its annual results in June.
Norges said no financing was used in the acquisition, and that the asset was unencumbered by debt.
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