The Crown Estate and Norges Bank Investment Management (NBIM) announced that they have extended their Regent Street partnership through the addition of the landmark £390 million (approx. €471.3 million) Quadrant 3 redevelopment. The deal sees NBIM take a 25% stake in the £390 million (approx. €471.3 million) Quadrant 3 scheme. This is in addition to their existing 25% stake in the rest of Regent Street.
The Regent Street partnership between The Crown Estate and NBIM, now valued at £2.8bilion (approx. €3.38 billion), is transforming the street through a £1 billion (approx. €1.21 billion) investment programme.
The award winning, 25,100 m² (270,000 ft²) Quadrant 3 project is home to a range of globally renowned retailers and businesses including Al Gore's Generation Investment Management, Telefonica Digital, UGG, Whole Foods Market and Jack Spade, as well as flagship London restaurants, Mash and Brassiere Zedel.
Paul Clark, Director of Investment said: "We are delighted to extend our relationship with NBIM, further developing our strategic partnership model which is central to the future of our business. This transaction has taken our funds under management to in excess of £800 million (approx. €966.7 million)."
David Shaw, Head of the Regent Street Portfolio said: "The Quadrant 3 investment deal with NBIM is the twelfth and largest investment and development deal executed by the Regent Street Partnership since its formation some 30 months ago. We are extremely happy to be partnering with NBIM on our award winning Quadrant 3 investment and look forward to further growing this successful relationship in the future."
The Crown Estate now manages over £800 million of third party capital for institutional investors that, in addition to NBIM, also include the Healthcare of Ontario Pension Plan (HOOPP) and Oxford Properties, the real estate investment division of the Ontario Municipal Employee Retirement System (OMERS).
CBRE acted as property advisors for The Crown Estate. King & Wood Mallesons SJ Berwin acted as lawyers for The Crown Estate.
Source: The Crown Estate