Norges splashes £81m on extra slice of West End

Norges Bank Investment Management has acquired an additional 10% interest in the Pollen Estate. The Norwegian wealth fund has paid £81m for the stake in the West End estate, taking its total holding to 68% and valuing the circa 35-acre land holding at £794m. Norges bought the holding from Greenwich Hospital. The wealth fund bought its initial 58% stake in the estate, which comprises around 750,000 sq ft of office and retail space in Mayfair, W1, including Savile Row and Maddox Street, from the Church Commissioners in 2014. The asset management of the estate will continue to be overseen by the board of the Pollen Estate trustee company. Knight Frank is asset and property manager of the estate.