Norway’s SWF pays £321.3m for Amazon London office

Norway’s SWF pays £321.3m for Amazon London office
29/09/2018 , by , in INTERNATIONAL

Norges Bank Real Estate Management (NBREM) has bought a Central London office property, occupied by Amazon, for £321.3m (€361.6m).

NBREM, which manages Norway’s NOK8.4trn (€866.82bn) sovereign wealth fund, said it has acquired the Sixty London property located on 60 Holborn Viaduct from VGV Immobilienfonds II, a fund managed by Union Investment Institutional Property.

NBREM said the asset is unencumbered by debt, and no financing was involved in the transaction.

Sixty London was acquired in 2014 by real estate investment firm Hines on behalf of the German fund VGV.

The 12 storey building, comprising 219,000sqft of office space entirely occupied by Amazon, and 17,000sqft of retail space across five units.

Ross Blair, a senior managing drector and head of Hines UK, said: “Sixty London is one of the most sought-after assets in London.

“The strength of Amazon’s covenant and its great location opposite the redeveloping Smithfields Market, and proximity to Farringdon Crossrail station ensured this was a highly competitive sales process.”

 

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