Norway’s Wealth Fund Buys Former Amazon HQ For £321m

Norway’s sovereign wealth fund has bought an office and retail property in London that used to be the headquarters of technology giant Amazon.

The fund has snapped up a 100% stake in the building at 60 Holborn Viaduct for £321.3 million.

Amazon was based there until it moved to a new building at Shoreditch’s Principal Place in 2017.

The seller of the property was VGV Immobilienfonds II, a fund managed by Union Investment Institutional Property.

It contains 219,000 square feet of office space and 17,000 square feet of retail space across five units in central London.

Norway’s wealth fund has continued to invest in the UK and London, where it owns large swathes of real estate, including much of Regent Street.

Yngve Slyngstad, chief executive of the fund’s manager, Norges Bank Investment Management, recently told Bloomberg that the fund is confident in London as a strong financial centre and a world capital.

The fund has a $26 billion real estate portfolio that it wants to build up to about 7% of its assets.

Earlier this year, the fund acquired 25% of a long leasehold interest in 30 Warwick Street for £28.8 million, in joint venture with The Crown Estate, which bought the remaining 75% interest. The property comprises 75,000 square feet of office space.

As the world’s largest sovereign wealth fund, it holds a lot of clout. It recently revealed it was getting stricter on the companies it invests in, saying businesses should “manage the challenges and opportunities related to sustainable uses of the ocean”.