A flagship Boots store on Oxford Street in central London has been snapped up by Norway’s sovereign wealth fund as it hunted for bargains after the Brexit vote.
The four-storey shop was sold by Aberdeen Asset Management in July, just five days after coming to market. Aberdeen was forced to act as panicking investors tried to take their money out of its property fund after the Brexit vote.
Along with several other investment groups, it temporarily blocked withdrawals to buy time to raise extra cash.
Buyer Norges Bank Real Estate Management said the £124m deal was one of the fastest it had ever completed, and boasted that it had secured a ‘significant discount’.
The deal is likely to be seen as a sign of confidence in Britain after pro-EU campaigners warned that the commercial property market would crash following the referendum.