World’s largest sovereign wealth fund invests $740 million in London’s Covent Garden

World’s largest sovereign wealth fund invests 0 million in London’s Covent Garden


Covent Garden market in London

Julian Elliott Photography | Stone | Getty Images

Norway’s $1.8 trillion sovereign wealth fund — the largest of its kind in the world — on Thursday said that it struck a deal to buy a quarter of a property portfolio in London’s iconic Covent Garden, in its latest bet on the U.K. capital’s premium real estate.

In a new joint venture, the fund’s manager Norges Bank Investment Management (NBIM) said it will pay £570 million ($739 million) for a 25% stake in British property developer Shaftesbury Capital’s London property portfolio, which the deal values at £2.7 billion in its entirety.

NBIM said the portfolio comprises 1.5 million square feet properties, predominantly used for retail and leisure purposes, within the London districts of Covent Garden and Seven Dials.

London-listed shares of Shaftesbury Capital jumped nearly 16% at the market open before paring gains slightly. The stock was last up 8.9% by 9:55 a.m. London time.

“This investment underscores our belief in the strength of London with the portfolio complementing our other high quality West End investments,” Jayesh Patel, head of U.K. real estate at NBIM, said in a statement.

It follows a £306 million investment by the Norwegian state wealth fund for a 25% in the Duke of Westminster’s Grosvenor estate in January.

The joint venture, which again granted NBIM a 25% stake, was worth £1.2 billion pounds and marked the largest sale to outside investors in Grosvenor’s historic Mayfair estate.

The two deals bring the sovereign wealth fund’s total investment in London this year to £876 million.

NBIM also on Thursday said that it agreed to pay 240 million euros for a 40% stake in AXA Lifestyle Housing, an owner and operator of student housing and co-living properties in Spain and France.  



Source

Asia-Pacific stocks trade lower as investors weigh recent trade developments
World

Asia-Pacific stocks trade lower as investors weigh recent trade developments

Asia markets start Friday trading in the red Asia markets started the trading day lower. Japan’s benchmark Nikkei 225 fell 0.24%, while the Topix lost 0.55%. South Korea’s Kospi was flat and the small-cap Kosdaq slipped 0.48%. Australia’s S&P/ASX 200 lost 0.41%. —Lee Ying Shan Asia markets set to open lower Good morning from Singapore. Asia markets were […]

Read More
Top Europe banks warn of euro strength, ‘wait-and-see’ market amid U.S. tariffs
World

Top Europe banks warn of euro strength, ‘wait-and-see’ market amid U.S. tariffs

Some of Europe’s top banks have sounded alarm bells over the strength of the euro and outlined how U.S. tariffs have reshaped the investment landscape in the second quarter. Germany’s largest lender Deutsche Bank on Thursday reported a second-quarter profit beat but noted, across the board, the effects of the relative strength of the euro […]

Read More
Stock futures are little changed after S&P 500, Nasdaq score another record close: Live updates
World

Stock futures are little changed after S&P 500, Nasdaq score another record close: Live updates

A trader works on the floor at the New York Stock Exchange in New York City, U.S., July 24, 2025. Brendan Mcdermid | Reuters Stock futures were relatively unchanged on Thursday after the S&P 500 and Nasdaq Composite reached another record closing high. S&P 500 futures traded up 0.1%, along with Nasdaq 100 futures. Futures […]

Read More