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Norway’s oil fund has purchased a 25% stake in Covent Garden for £570mn from Shaftesbury Capital, reflecting their confidence in London’s real estate market. This investment adds to Norges Bank Investment Management’s growing portfolio in the city, with previous acquisitions including a stake in the Grosvenor estate. The deal signals a positive view of high-quality real estate in London, as Shaftesbury reports increased property values and a surge in tourism post-pandemic.
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