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Norges Bank Investment Management, Norway’s oil fund and the world’s largest wealth fund, is adding to its prime property portfolio.
In a deal which saw strong international interest, NBIM bought a 57.8% share in the Pollen Estate from the Church Commissioners for England for £343 million pounds. This is the largest property sale the Church Commissioners of England has ever undertaken and saw interest from 86 parties. The Crown Estate, which manages property on behalf of the Queen, bought 6.4% of the Pollen estate for £38 million, making it the second partnership with NBIM following their joint purchase of Regent Street in 2010. A quarter of the 4-acre Pollen estate remains in the Pollen family’s hands.
The estate, which dates back to 1622, is made up of 43 properties in London’s Mayfair and includes Savile Row and Cork Street. Both streets have made a name for themselves on an international level: Savile Row is acclaimed for the tradition of bespoke tailoring, whilst Cork Street is home to a number of art galleries. David Shaw, Head of the Regent Street Portfolio of The Crown Estate, said: “The success of these two streets is crucial to the ongoing success of London's West End as an international destination." Other luxury retailers comprised in the estate include Ralph Lauren and Chopard.