The oil fund in Norway highlights a 570 million pounds of pounds to buy a quarter of the Covent Park

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The Oil Fund in Norway concluded a deal worth 570 million pounds to buy a quarter of Covent Garden from the owner of the United Kingdom, the United Kingdom, Shaftsbury Capital, in the latest main bet on the sovereign wealth fund on the wealth of central London.

Norges Bank Investment Management has exchanged contracts for a 25 percent without a 2.7 billion pounds of 2.7 billion pounds, which Shaftsbury will continue to manage. It follows a deal to get a 306 million pounds in part of Duke of Westminster’s Grosvenor Estate this year.

“This investment confirms our belief in the power of London with the wallet that complements other high -quality investments,” said Jayish Patel, head of real estate in the United Kingdom in the Normuge.

Costar News for the first time, Norges investments in London this year reach more than 875 million pounds – its first major acquisitions in the city since 2018.

The fund is also a major contributor to the London Angel, including a 25 percent stake in Shaftsbury.

It has agreed to private minority deals in the past. She already has a share in Regent Street with Crown Estate, and she invested in The Pollen Estate near Savile Row, which strengthened her share last year.

She also invested outside London last year, where she obtained a full ownership of the Midohoul Shopping Center in Sheffield in a deal worth 360 million pounds with Britain.

“The biggest picture is (norges) to recycle Western real estate … as a vote for trust,” Mike Brio, an analyst at Jeffrez, said in a note.

Norges will pay 570 million pounds in cash for a quarter of a quarter of Covent Garden, which will continue to obtain 380 million pounds of debt for the value of property of 2.7 billion pounds.

The price of the independent Shaftsbury assessments of the wallet of 220 buildings around the historic vegetable market and the Royal Opera House in central London.

The shares were traded in the owners listed with a discount on the value of their assets in recent years, as high interest rates have made investors cautious about commercial property.

Ian Hoksworth, CEO of Chaftsbury, said that the deal showed that private sector investors were taking a more positive and selective look at the sector. “There is a lot of evidence in the market that private capital places a premium on high -quality real estate … above the stock market.”

West End has flourished from tourism since the epidemic. Shaftsbury reported his most crowded birthday in 2024 with more than 1 million visitors per day at peak times to his wallet from real estate that extends to Soho, China and the Covent Park.

The high rents for their stores, restaurants and office spaces strengthened the value of 5 billion pounds of property by 4.5 percent in 2024. Shaftsbury said that the proceeds of the deal gave them flexibility in reducing debt and investing in current real estate and obtaining more buildings in the field of the western party.