Crown Estate & Norges Bank win “Deal of the Year” award

Industry recognises landmark and ground-breaking £452m deal

Article posted: 14 Apr 2011

Last week The Crown Estate and Norges Bank Investment Management triumphed at the prestigious Property Week Awards, winning “Deal of the Year” for The Crown Estate’s sale of a 25% stake in Regent Street to NBIM, which manages the Norwegian Government Pension Fund Global.

Roger Bright, chief executive of The Crown Estate said: “This really was a landmark and ground-breaking deal, which was great for The Crown Estate, and one which has been rightly recognised by our peers in the industry; the award is the icing on the cake. I also know it was the result of a great deal of hard work from The Crown Estate’s urban team and its advisers.”

The deal, which completed on 1 April 2011, saw NBIM take a 150 year lease on a 25% stake in the street for £452m. The deal will help fund investment in the continued redevelopment of core central London holdings, including offices on Regent Street and office space in St James’s; commercial assets outside of London, with a focus on prime retail schemes; and developing offshore renewable energy programmes.

The Crown Estate continues to directly manage the properties on behalf of the partnership and retains the freehold interest in the street.

Last year plans were submitted to Westminster City Council for the redevelopment of two blocks on the west side of Regent Street, half way between Oxford Circus and Piccadilly Circus. The £200m scheme will deliver two new buildings each offering 150,000 sq ft of world-class retail and prime location office space in Central London.

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Posted by Janet