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News Release

London

Norges purchase 25% stake of London's Regent Street for €558m (£452 m)

Jones Lang LaSalle Norges


London, 17th January 2011 – Norges, the Norwegian state bank, advised by Jones Lang LaSalle, has purchased a 25% stake in a 150-year lease on London's Regent Street from the Crown Estate for €558 million (£452 million).

Chris Brett, Director and head of the London based international desk at Jones Lang LaSalle, said: “Regent Street is one of London's top retailing and tourist destinations, in the heart of the West End and stretching between Oxford Circus and Piccadilly Circus underground stations. Norges is buying into an asset previously wholly owned by the Crown Estate that includes 115 adjacent buildings that are currently occupied by 860 tenants generating an annual rent roll of around €100m.

“This deal demonstrates how sovereign wealth funds are a growing significant investor group for the London real estate sector.”

Jones Lang LaSalle’s Planning team also provided due diligence advice to Norges prior to the acquisition.