The Crown Estate has acquired 30 Warwick Street, W1, in a joint venture with Norges Bank Real Estate Management.
The seller is a joint venture comprising Aviva Life & Pensions UK and Canada’s Public Sector Pension Investment Board.
The Crown Estate is buying 75% of the leasehold interest in the 75,000 sq ft office block, while the fund manager is buying the remaining 25%.
The real estate management business is paying £28.8m for its 25% share of the asset, valuing the property’s long leasehold interest at £115m.
The Crown Estate already owned the freehold interest in 30 Warwick Street, but Norges Bank Real Estate Management said the seller had a leasehold interest with a 116-year unexpired term.
The Crown Estate will be the asset manager of the property.
Norges Bank operates a London property investment agreement with The Crown Estate, the Regent Street Partnership.
This partnership made its debut UK property investment in 2010 by purchasing a stake in The Crown Estate’s Regent Street portfolio.
BH2 acted for the buyer.
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