Crown Estate and Norges Bank seize Mayfair estate for £381m
The Crown Estate and Norges Bank Investment Management (NBIM) have snapped up a large chunk of Mayfair for £381m after fending off fierce competition from other property rivals.
The pair said yesterday that they have bought a 64.2 per cent stake in the Pollen Estate from the Church Commissioners for England.
NBIM has purchased 57.8 per cent while The Crown Estate will hold a 6.4 per cent share of the estate, which comprises of 43 properties along Cork Street and Savile Row, home to art galleries, tailors and luxury retailers including Chopard.
Such large estates in London’s west end rarely come up for sale and The Crown outbid over 86 interested parties said to include Mike Hussey’s Almacanter and overseas buyers including Hong Kong’s Wheelock Properties.
The deal will help bolster The Crown’s already vast west end estate. The company owns Regent Street as part of a £3.25bn partnership with NBIM.