The Crown Estate wins 'Deal of the Year' award

Last night The Crown Estate and Norges Bank Investment Management (NBIM) triumphed at the prestigious Property Week Awards, winning "Deal of the Year" for The Crown Estate's sale of a 25 per cent stake in Regent Street to NBIM, which manages the Norwegian Government Pension Fund Global.

06 April 2011

Roger Bright, chief executive of The Crown Estate said: "This really was a landmark and ground-breaking deal, which was great for The Crown Estate, and one which has been rightly recognised by our peers in the industry; the award is the icing on the cake. I also know it was the result of a great deal of hard work from The Crown Estate's urban team and its advisers."

The deal, which completed on 1 April 2011, saw NBIM take a 150 year lease on a 25 per cent stake in the street for £452 million. The deal will help fund investment in the continued redevelopment of our core central London holdings, Regent Street and St James's; commercial assets outside of London, with a focus on prime retail schemes; and developing our offshore renewable energy programmes.

The Crown Estate continues to directly manage the properties on behalf of the partnership and retains the freehold interest in the street.