Grosvenor’s UK property business announces that it has entered into a joint venture with Norges Bank Investment Management (NBIM).

NBIM has acquired a 25% stake in a mixed use portfolio of predominately office and retail assets, clustered around Grosvenor Street and Mount Street, in London’s Mayfair. The £1.2 billion portfolio consists of 175 market rent and long-leasehold buildings which Grosvenor will continue to act as asset, property and development manager for.

Mayfair benefits from considerable long-term, favourable characteristics which have supported its resilience through numerous cycles. These include its concentration of prime retail, hospitality, hotel and cultural assets, unparallelled transport infrastructure, exceptional green spaces and its architectural appeal. 

Through continual investment, innovative management and focus on industry leading sustainability commitments, Grosvenor has driven strong performance across its London Estate over the long term. 

Demonstrating this strength, occupancy across Grosvenor’s London Estate stood at 97% at the year end and new lettings in 2024 achieved, on average, a 14% premium to ERV. 

Recently, the business also announced that it had reduced carbon emissions across all scopes by 26% between 2019 and 2023 and driven a 3.7% biodiversity net gain across its portfolio since 2021 – key contributors to the London Estate’s resilience, value and occupier wellbeing.

Commenting, James Raynor, CEO, Grosvenor Property UK, said: “This partnership brings together two deeply aligned, long-term investors who share huge confidence in the future of the West End and London.

“Facilitating inward investment on this scale will enable us to help drive the West End’s competitiveness and appeal as an economic, cultural and retail centre of global significance.”

Jayesh Patel, Head of UK Real Estate, Norges Bank Investment Management, added: “We are very pleased to enter a new partnership with Grosvenor in Mayfair. We have confidence in the long-term value creation inherent in the West End and are excited to see that delivered through Grosvenor’s well-respected management.”

Grosvenor will invest the funds across the business including growing its London development pipeline to c£1.3 billion and deploying c£1 billion across its lending platform. 

Investments currently underway include South Molton, the largest mixed-use development in the West End and the transformation of Grosvenor Square, the most significant private investment in the area’s green space in a generation. 

James Raynor, added, “I am excited by the scale and quality of the investment and development opportunities that we have across Mayfair and Belgravia. These will allow us to continue to provide the best-in-class properties for commercial and residential occupiers and will augment the already thriving neighbourhoods in which they are located.”

Grosvenor was advised by Lazard, BCLP and KPMG. 

For more information, please contact

Grosvenor                                                                   Norges Bank Investment Management

Rachel Garstang                                                      Line Aaltvedt

Rachel.Garstang@grosvenor.com                  press@nbim.no 

+44 7741 151 327                                                    +47 948 54 656

About Grosvenor

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Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management, and support for philanthropic initiatives. With a 340-year track record, we are committed to delivering lasting commercial, social, and environmental benefits, meeting today’s needs while taking responsibility for those of future generations. 

 Our UK property business supports around 1,000 businesses and thousands of residents and workers across London’s West End, while also investing in sustainable neighbourhoods in Liverpool and across England. As a company aligned with the 1.5°C climate target, we pioneer change and innovation in urban development, ensuring our places benefit both people and the planet in the long term.