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last mo.

Norway’s Sovereign Wealth Fund Acquires 25% Stake in Covent Garden for £570 Million

The world’s largest sovereign wealth fund deepens its London investments with a major acquisition in the iconic West End estate.

Visitors enjoy the area around Covent Garden's piazza.
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Shaftesbury Capital will retain control of the historic fruit and vegetable market and top tourist spot

Overview

  • The £570 million deal secures Norway’s sovereign wealth fund a 25% stake in the £2.7 billion Covent Garden property portfolio.
  • The portfolio spans 1.5 million square feet, primarily comprising retail and leisure properties, and includes over 220 shops and cultural landmarks like the Royal Opera House.
  • This marks the fund’s second major investment in London this year, following a £306 million stake in Mayfair’s Grosvenor estate in January, bringing its 2025 London investments to £876 million.
  • Covent Garden has seen a strong post-pandemic recovery, with record tourism and retail activity, including over 1 million daily visitors during the 2024 holiday season.
  • Shaftesbury Capital, the seller, anticipates sustained long-term income and value growth for the estate, supported by its strategic partnership with Norges Bank Investment Management.