The Duke of Westminster has sold a £306million stake in his Mayfair estate to Norway’s oil fund.
In the largest deal the billionaire aristocrat’s property company Grosvenor has ever struck with an outside investor, Norges Bank Investment Management has snapped up 25 per cent of a new joint venture, which is worth about £1.2billion.
The Duke’s 348-year-old family firm will continue to manage the 175 buildings in London’s West End. Grosvenor’s UK
property boss James Raynor said: ‘This brings together two deeply aligned, long-term investors who share huge confidence in the future of the West End and London.’
Jayesh Patel, at Norges – a £1.4trillion sovereign wealth fund – said it has ‘confidence in the long-term value creation inherent in the West End’.
Grosvenor is owned by trusts, with one of its beneficiaries being Hugh Grosvenor, the Duke of Westminster, 34 – the King’s godson and Britain’s 14th-
richest person. Results for 2023 show its portfolio was worth £8.6billion. It reported a pre-tax loss of £28.6million.
Property deal: The Duke of Westminster (pictured) has sold a £306m stake in his Mayfair estate to Norway’s oil fund
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