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7 months ago
Norway wealth fund expands partnership with Britain's Crown Estate
January 13, 2017 / 2:28 PM / 7 months ago

Norway wealth fund expands partnership with Britain's Crown Estate

OSLO, Jan 13 (Reuters) - Norway's sovereign wealth fund and Britain's Crown Estate have expanded their partnership by buying a leasehold for a retail and office property in central London, the Norwegian fund said in a statement on Friday.

The Regent Street partnership, in which the fund owns a 25 percent stake, already owned the 10 Piccadilly building, but paid 129 million pounds ($156.66 million) for a 68-year leasehold interest, and will now manage the property directly.

The seller was Standard Life Assurance Limited, it added. ($1 = 0.8235 pounds) (Reporting by Terje Solsvik, editing by Ole Petter Skonnord)

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