Financial

Shaftesbury Capital Forms Strategic Partnership with Norges Bank for Covent Garden Estate

Thu 20 Mar 25, 10:29 AM | Team Kalkine

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Shaftesbury Capital PLC (LSE:SHC) has announced the formation of a long-term strategic partnership with Norges Bank Investment Management (NBIM), the Norwegian sovereign wealth fund, in relation to its Covent Garden estate. The deal follows the company's earlier announcement on 19 March 2025.

As part of the agreement, Shaftesbury Capital has exchanged contracts to sell a 25% non-controlling interest in Covent Garden to NBIM, while retaining 75% ownership and full management control of the estate. The transaction values Covent Garden at £2.7 billion, aligning with its independent property valuation as of 31 December 2024. The deal is expected to generate gross cash proceeds of approximately £570 million, with completion scheduled for early April 2025.

Located in London’s West End, Covent Garden is a high-profile, mixed-use destination spanning 1.4 million square feet. The estate features the iconic Piazza, Market Building, and Seven Dials, drawing high footfall and offering seven-day-a-week trading. The property portfolio is divided into:

As of 31 December 2024, the estate has a net initial yield of 3.6%, generating an annualized gross income of £104 million, with an estimated rental value (ERV) of £134 million. The portfolio includes 220 buildings and over 850 units, excluding a small portion of long-leasehold residential interests.

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