Norway has acquired a 25% share in Covent Garden, London for £570 million, following substantial oil profits gained from the events of Russia's invasion of Ukraine. The country's state-owned fund, Norges Bank, made the purchase from Shaftesbury Capital, the current owner of the central London estate. After benefiting from increased oil and gas prices related to the conflict in Ukraine, the sovereign wealth fund has been actively investing in London properties. Earlier, Norway had bought a £306 million stake in Mayfair and acquired a 68% interest in the Pollen Estate in Mayfair, which includes a significant portion of Savile Row.

Jayesh Patel, Norges' Head of UK real estate, stated that the Covent Garden investment showcases their confidence in London, which complements their existing premium West End investments. Despite the Norwegian deal, Shaftesbury will continue to manage the Covent Garden estate.

Norges Bank oversees Norway's substantial North Sea oil and gas assets, and its sovereign wealth fund is among the largest globally, with total investments valued at nearly 20 trillion Norwegian kroner (£1.4 trillion). Benefiting from increased oil and gas prices resulting from the conflict in Ukraine, the fund has reported a record annual profit of 2.5 trillion kroner in 2024. The pressure on Norway to use its considerable resources to support Ukraine has been countered by the argument that market forces naturally drove price increases during that period.

Additionally, Norges already holds a share in Regent Street and nearly a quarter of Shaftesbury's shares, owning properties in Carnaby Street, Soho, and Chinatown in addition to Covent Garden. The fund also owns the Meadowhall shopping center in Sheffield and has investments in property across 14 countries amounting to 363.6 billion kroner.

Proceeds from the Norwegian deal with Norges will be utilized by Shaftesbury to repay a loan and £275 million of exchangeable bonds. The announcement of the deal led to a more than 5% rise in Shaftesbury's shares.