Norges buys further 25% stake in 20 Air Street

By James Buckley - Monday, September 04, 2017 13:38

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Norges Bank Real Estate Management has acquired an additional 25% stake in 20 Air Street in central London from the Crown Estate for £112.5m, bringing Norges’ share up to 50% in the property.

The agreement was completed on 1 September 2017 and the deal values the building at £450m. No financing was used in the acquisition, and the asset is held unencumbered by debt.

Norges Bank Real Estate Management purchased the initial 25% interest in December 2013.

The property comprises 270,000 sq ft of office and retail space, and nine residential units. The Crown Estate has retained a 50% interest and will continue to manage the property on behalf of the partnership.

jbuckley@costar.co.uk

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