The Crown Estate expands partnership with NBREM

We have expanded our partnership with Norges Bank Real Estate Management at 20 Air Street. This building is located close to Regent Street and part of our Central London portfolio in the West End. 

04 September 2017

Norges Bank Real Estate Management has acquired an additional 25 percent interest in the property, taking its total share up to 50 percent.

Norges Bank Real Estate Management purchased the initial 25 percent interest in December 2013.

Paul Clark, Chief Investment Officer at The Crown Estate said: "We are delighted to have further strengthened our relationship with Norges Bank Real Estate Management. For almost a decade, this strategic partnership has been central to our ability to transform Regent Street through ongoing investment, and with a partner who shares our vision to ensure the Street remains a world-class destination."

The property comprises 270,000 square feet of office and retail space, and nine residential units. We have retained a 50 percent interest and will continue to manage the property on behalf of the partnership.