The Crown Estate, partnering with Norges Bank Investment Management (NBIM), has bought a stake in The Pollen Estate, which includes London’s Savile Row and Cork Street.
The pair have bought a 64.2% stake in the estate for £381m from the Church Commissioners for England.
NBIM, which manages the Norwegian sovereign wealth fund, has taken a 57.8% stake with the Crown Estate taking a 6.4% share.
The Crown Estate and NBIM jointly own the £3.25bn Regent Street portfolio which is located adjaccent to The Pollen Estate holdings.
David Shaw, head of the Regent Street Portfolio at the Crown Estate, said: “With the benefit of our partnership holdings in Regent Street, we recognised the long-term investment opportunity of the Pollen Estate holdings, particularly in their core streets of Savile Row and Cork Street.
“Together with NBIM, we look forward to working with the Pollen Estate board and other Pollen beneficiaries to build on the success to date. Savile Row and Cork Street have international reputations for their focus on tailoring and art galleries respectively and the success of these two streets is crucial to the ongoing success of London’s West End as an international destination.”