Norges Bank Real Estate Management, acting as a part of a joint venture with The Crown Estate has acquired a long leasehold interest in 30 Warwick Street in central London. The company paid €32.7m for its 25% ownership interest, valuing the long leasehold interest at €130.7m. The property comprises 75,000ft² office and is unencumbered by debt and no financing was involved in the transaction.
The Crown Estate already owned the freehold interest in the property, however, the seller had a leasehold interest with a 116-year unexpired term. The seller was a joint venture between Aviva Life & Pensions UK Limited and Public Sector Pension Investment Board.
The Crown Estate has acquired the remaining 75% interest and will perform the asset management on the property on behalf of the joint venture.
