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London has beaten New York to the top spot for real estate investments as Norway’s $1 trillion sovereign wealth fund has announced that it remains committed to the capital.
The huge sovereign fund, the largest in the world, is one of the leading investors in the UK, and has its name on some of London’s most prestigious addresses. Already a co-owner of Regent Street, the firm bought almost £200 million worth of London property last year in partnership with the Queen’s Crown Estate, including a 25% stake in 10 Piccadilly worth £32.3 million, a 25% stake in 263-269 Oxford Street and 1-4 Princes Street worth £30 million, and a 25% stake in 20 Air Street worth £112.5 million.
Although the fund, which is managed by Norges Bank, has admitted encountering “some weakness” in UK occupier activity, it is committed to the London market, and has also confirmed that office occupancy levels in London remained relatively stable last year.
At the end of 2017, London made up 22.8% Norway’s Global Government Pension Fund’s private real estate investment, followed by New York and Paris at 21.5% and 19.1%, respectively.
Not only is this great news for London, this also indicates the strength of the market with regard to foreign investment.
Chris Brett of real estate investment giant CBRE clarifies; “A total of 81% of all office investment transactions in central London were purchased by overseas investors in 2017… London will continue to attract capital from a diverse range of global investors. We expect 2018 to once again be driven by Asian and European investment. We also anticipate strong inflows from Israeli institutions and private Middle Eastern investors.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.