Jul 10
15
Owner of London’s Regent Street May Revive Plan to Sell Stake
Bloomberg – 15 July 2010
Editors: Andrew Blackman, Ross Larsen
The British monarchy’s property manager may revive a plan to sell a stake in Regent Street, in the heart of London’s West End shopping district.
The Crown Estate, which oversees real estate that the monarchy handed over in 1760 in exchange for annual payments, is sounding out investors including sovereign wealth funds and pension funds to gauge demand, Chief Executive Officer Roger Bright said. It may present a proposal to its board “in a matter of months,” he said. CB Richard Ellis Group Inc. is advising on the possible sale.
This is the second attempt in a year by Crown Estate to raise money for a redevelopment of Regent Street costing an estimated 750 million pounds ($1.1 billion). Its board blocked proposals in September to establish a fund that would sell units to investors, citing its complexity, Bright said.
“We are looking at more straightforward ways to include third-party capital,” Bright said in an interview at Crown Estate’s headquarters behind Regent Street. “We are at the stage of expressions of interest; we haven’t yet got to the decision stage.”
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