Crown Estate snaps up slice of Mayfair
The Crown Estate has teamed up with Norges Bank Investment Management to buy a 64.2% stake in the Pollen Estate in Londons Mayfair.
The holding has been bought from the Church Commissioners for England for £381 million, making it the largest single property sale undertaken by the Commissioners.
NBIM has purchased a 57.8% holding and The Crown Estate a 6.4% stake in the estate which includes the prime shopping and tailoring district of Savile Row.
The purchase follows on from a previous partnership through which The Crown Estate owns 75% and NBIM 25% of the £3.25 billion Regent Street portfolio which sits adjacent to the Pollen Estate.
David Shaw, head of the Crown Estate’s Regent Street portfolio, said: "With the benefit of our partnership holdings in Regent Street, we recognised the long-term investment opportunity of the Pollen Estate holdings, particularly in their core streets of Savile Row and Cork Street.
"Together with NBIM, we look forward to working with the Pollen Estate board and other Pollen beneficiaries to build on the success to date. Savile Row and Cork Street have international reputations for their focus on tailoring and art galleries respectively and the success of these two streets is crucial to the ongoing success of London’s West End as an international destination."
While the initial brochure went to over 990 parties, there were over 100 presentations and tours of the estate to 86 interested parties including banks, pension funds, charitable foundations, institutions, sovereign wealth funds, private family offices, and REITS.
Joseph Cannon, chief surveyor of the Church Commissioners for England, said: "As we expected, the depth and calibre of international interest in the estate was impressive."
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