In a strategic show of confidence in London’s commercial heart, Norway’s sovereign wealth fund secures a quarter stake in the iconic Covent Garden complex.
In a landmark investment that signals growing confidence in London’s recovery, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has acquired a 25% stake in Covent Garden for £570 million.
The deal with Shaftesbury Capital, which values the iconic district at £2.7 billion, highlights the fund’s unwavering belief in the enduring appeal of central London’s West End.
This is the latest in a series of high-profile investments, adding to the £875 million already poured into the capital this year.
Covent Garden, one of the world’s most renowned destinations for shopping, dining, and culture, continues to see robust demand, particularly with the post-pandemic surge in tourism.
Shaftesbury has reported record-breaking foot traffic, cementing the area’s prominence.
As commercial rents rise, the Norwegian fund’s acquisition further underscores its strategy to consolidate its position in one of the globe’s most coveted real estate markets.