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Shaftesbury Capital PLC - real estate investment trust formed from merger of Capital & Counties Properties PLC and Shaftesbury PLC - Completes the sale of 25% stake in Covent Garden, in the West End of London, to Norges Bank Investment Management, the Norwegian sovereign wealth fund. The deal marks the start of a ‘long-term partnership’ between the two. Shaftesbury retains 75% ownership and management control over Covent Garden, which was independently valued at £2.7 billion as at December 31.
Shaftesbury has said the partnership would position it strongly to pursue further long-term value creation and growth opportunities across its portfolio.
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