((This Feb. 22 story corrects paragraph four to make clear NBIM’s partnership with Crown Estate))
By Noor Zainab Hussain and Esha Vaish
(Reuters) – The sovereign wealth fund of Norway purchased a 245 million pounds ($342 million) stake in British property group Shaftesbury from Invesco, regulatory filings confirmed on Thursday.
Shaftesbury owns and manages retail, workplace and residential properties in the prime London districts of Soho and Covent Garden.
Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund and one of many largest holders of London property, elevated its stake in Shaftesbury to 20.86 % from 12.66 % earlier.
Norges, Shaftesbury’s second largest shareholder, additionally owns a 25 % share in London’s Regent Street, with the remaining held by the Crown Estate, a set of lands and holdings in the United Kingdom belonging to the Queen.
It purchased the stake in Shaftesbury from Invesco, an funding administration agency, which bought most of its holding of 9.99 %.
The stake modified palms at a worth of 970 pence based on the submitting, giving a complete worth of 245 million pounds.
Shaftesbury’s prime investor is Hong Kong billionaire Samuel Tak Lee, with a 25 % stake.
The stake sale comes two weeks after the corporate’s annual basic assembly the place Lee voted down two resolutions to authorize administrators to allot shares.
Newspapers have speculated that Lee might make a bid for the property firm, as he has taken benefit of the weak spot in sterling to construct up his stake in the corporate in the previous few months. bit.ly/2DPzLt1
Lee owns swathes of prime retail and workplace area in London’s West End via the corporate Langham Estate.
Shaftesbury declined to remark.
The firm has a market valuation of two.99 billion pounds ($four.16 billion).
Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Elaine Hardcastle