SHOCKING £570M BOMBshell: Norway’s Oil Fund Snatches a HUGE Slice of Covent Garden!
In a jaw-dropping power play, Norway’s oil giant has plunged into one of London’s most iconic locations!
Hold on to your hats, Londoners! Norges Bank Investment Management, the heavyweight of Norway’s oil fund, has just pulled the trigger on a staggering £570 million deal to wrestle a whopping 25% stake in the legendary Covent Garden! This isn’t just any investment – it’s a monumental bet on the heart and soul of central London!
COVENT GARDEN: THE CROWN JEWEL OF PROPERTY!
This prized estate boasts a jaw-dropping value of £2.7 billion, and guess what? The savvy folks at Shaftesbury Capital are still in charge, but this deal raises serious eyebrows about the future of London’s property scene! Jayesh Patel, the big boss of UK real estate at Norges, is leaving no doubt about this massive investment – stating it’s a testament to London’s undeniable strength. Covent Garden is a global hotspot for retail, leisure, and culture – can you say GOLDMINE?!
A MIND-BLOWING 2023 FOR NORWAY’S MONEY MACHINES!
This latest mega acquisition pushes Norges’ total investment in London to over £875 million this year alone! It’s the first major splash since 2018, and the oil fund is clearly on a mission to dominate the West End. They’re already raking in stakes in other key properties, showing they mean serious business!
WEFONDOS TO OTHER LANDMARKS!
With their eyes firmly set on London’s skyline, they’ve also scored big shares in the renowned Regent Street and are now digging their heels into other prime real estate across the city! Last year, they didn’t just stop in London either – they bagged full ownership of the Meadowhall shopping center in Sheffield for a cool £360 million!
THE MARKET WARS HEAT UP!
In a twist of fate, the shares of listed landlords have been feeling the pinch, trading at discounts due to rising interest rates. But don’t tell that to Shaftesbury’s CEO, Ian Hawksworth, who says this bold move confirms that private investors are ready to strike when they see potential! “Private capital is placing a premium on high-quality real estate,” he declared! That’s right – there’s a frenzy brewing among investors eyeing the West End!
RETURN OF THE TOURISM KINGDOM?
After being knocked down by the pandemic, the West End is bouncing back like NEVER before! Shaftesbury’s Christmas of 2024 was an absolute smash, drawing over ONE MILLION visitors a day, filling its properties to the brim with eager shoppers, diners, and culture vultures!
With soaring rents boosting property values by 4.5%, this deal is not just about cash – it’s a strategic move that gives Shaftesbury the ammo to reduce debts and expand its empire!
This isn’t just real estate gossip – it’s a seismic shift in the London property paradigm! Is this the dawn of a new era for Covent Garden and the West End? Buckle up, because the game is ON!
photo credit: www.ft.com
