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Norway Wealth Fund Buys $345 Million London Oxford St. Building

Oxford Street in London.
Photographer: Chris Ratcliffe/Bloomberg

Norges Bank Real Estate Management acquired an office and retail building on Oxford Street, the U.K.’s busiest shopping street, from Great Portland Estates Plc for 276.5 million pounds ($345 million).

The property is leased in advance of its completion next year to New Look, Benetton and Group Plc, Great Portland said in a statement. The yield on the purchase is 3.2 percent.