Why Norway Mega Fund Has Gone On Billion Dollar London Shopping Spree [Forbes]
BRITISH LAND CO S/ADR (BTLCY)
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Source: Forbes
Not since the Vikings has Norway embarked on quite the scale of U.K. invasion going on across London's West End right now. Wielding the kind of thunderous financial power that would make even Thor feel inadequate rather than an axe this time round, the world's biggest sovereign wealth fund, fuelled by decades of huge oil and gas profits from Norway' North Sea fields, has made yet another foray into prime London retail real estate. The country's investment vehicle last week agreed a circa $735 million deal to buy a quarter of the famous Covent Garden estate, a former fruit and vegetables market long since transformed into an attractive piazza of top retail, drinking, dining and entertainment that serves as of one London's most popular destinations. The estate includes more than 220 stores set within the city's theatre heartland and famous destinations such as the Royal Opera House and London Transport Museum. In the deal, Norges Bank Investment Management (NBIM), which manages
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