The Crown Estate, in partnership with Norges Bank Investment Management (NBIM), have purchased from the Church Commissioners for England their 64.2% holding in the Pollen Estate, for £381 mln (approx €477.6 mln). NBIM has purchased a 57.8% and The Crown Estate, a 6.4% holding in the Estate.
The purchase follows on from the successful Regent Street partnership between The Crown Estate and NBIM, whereby The Crown Estate own 75% and NBIM 25% of the £3.25bln (approx €4.07 bln) Regent Street portfolio which immediately abuts the Pollen Estate holdings. The sale of the Commissioners' holding in the Pollen Estate for £381 mln (approx €477.6 mln) is the largest single property sale undertaken by the Commissioners.
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.
David Shaw, Head of the Regent Street Portfolio of The Crown Estate 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."
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, with a range of buyers showing a strong interest in the Commissioners' majority holding. The Church Commissioners are an endowment charity committed to supporting the ministry of the Church of England, particularly in areas of need and opportunity.
Source: The Church of England