Saville Row Bought By Foreign Investors
Monday 11th August 2014
Stakes in the iconic Savile Row and Cork Street have been sold to the Norwegian sovereign wealth fund.
In a deal worth £343 million the fund purchased a 58% share of the 4-acre Pollen Estate, which covers an area between Bond Street and Regent Street. The sale was made by the Church Commissioners for England.
This deal follows one the fund made in 2010 to buy 25% of Regent Street for £452 million.
The Norwegian sovereign wealth fund, the world’s largest, was set up in 1996 as a way for the country to manage and invest the revenues from its large oil and gas reserves. It is currently valued at around $890 billion.
The Crown Estates, which manages a real estate portfolio for the Queen estimated to be worth £9.4 billion, also purchased a £38 million, 6% stake, of the Pollen Estate.
The Pollen Estate dates back to 1622 when William Maddox bought 35 acres of unused land for £1,450.