Clifford Chance advises Norges Bank Investment Management on its partnership with Shaftesbury Capital to invest into the £2.7 billion Covent Garden Estate

20 March 2025

Riaz Pirmohamed, Nicholas Rees, Niall O'Shea, Alice Butcher, Olivia King, Eseosa Obasogie, Alis Pay, Daniel Stamford, Edward Page, Vadim Romanoff, Ross Windell, Nick Humphries, Sue Hinchliffe, Chandralekha Ghosh, Amy Ryan, Don McCombie, Laura Hartley, Alistair Woodland, Kristen Hammond, Richard Day
London

Clifford Chance advises Norges Bank Investment Management on its partnership with Shaftesbury Capital to invest into the £2.7 billion Covent Garden Estate

Global law firm Clifford Chance has advised Norges Bank Investment Management (NBIM) on its £570 million acquisition of a 25% stake in Shaftesbury Capital PLC's Covent Garden Estate and the associated long-term joint venture arrangements.

Shaftesbury's Covent Garden Estate is a mixed-use portfolio, covering 1.4 million square feet across 220 buildings and over 250 units, spanning retail, food and beverage, office and residential use classes. It is situated in the heart of the West End, including unique neighbourhoods such as the Market Building & Piazza and Seven Dials. The transaction values the Estate at £2.7 billion.

NBIM's investment represents the creation of a long-term, strategic partnership with Shaftesbury in respect of the Covent Garden Estate. Following completion, which is expected to take place in early April 2025, NBIM will own a 25% stake in the Estate, with Shaftesbury retaining a 75% ownership and day-to-day control pursuant to a shareholders' agreement and asset management arrangements. The joint venture will elect for REIT status.

The Clifford Chance team was led by Corporate Partners Riaz Pirmohamed and Nicholas Rees. They were supported by Senior Associate Niall O'Shea and Associates Alice Butcher, Olivia King and Eseosa Obasogie.

Partner Alis Pay and Senior Associate Daniel Stamford advised on the property aspects of the transaction. Tax advice was provided by Partner Ed Page, Counsel Vadim Romanoff and Associates Ross Windell and Nick Humphries. Antitrust advice was provided by partner Sue Hinchliffe, Counsel Chandralekha Ghosh and Associate Amy Ryan. Partner Don McCombie and Associate Laura Hartley advised on IP aspects. Partner Alistair Woodland and Senior Associate Kristen Hammond advised on employment aspects. Partner Richard Day advised on financing aspects.