Norway buys Savile Row

By

Bruno Joly

Published
Aug 27, 2014

Norway has acquired an important part of London. The Norwegian sovereign wealth fund Norge Bank Investment Management has purchased Savile Row, the famous street known for its bespoke tailoring, along with other streets in the prestigious Mayfair district, located between Hyde Park and Regent Street, for 411.6 million euros from the Anglican Church.

The Norwegian fund, one of the world's largest managing more than 670 billion euros, announced that it had acquired 57.8% of The Pollen Estate, a property portfolio controlled by the Church Commissioners for England, which manages the assets of the Anglican Church.

To cope with countless competitors interested in this sale, Norges Bank Investment Management joined forces with the Crown Estate, the British crown’s primary real estate portfolio, which bought 6.4% of area for 45.6 million euros.

This 14-hectare section located in the heart of London consists of 43 properties, including numerous art galleries and the main London stores of brands such as Burberry, Vivienne Westwood and Chopard galleries.

In 2011, the Norwegian fund had purchased 25% of Regent Street from the Crown Estate for 530 million euros.