New user? Register here:
Email Address:
Password:
Retype Password:
First Name:
Last Name:
Existing user? Login here:
 
 
UK >

Commissioners change Pollen into £381 million

Tim Wyatt

by Tim Wyatt

Posted: 15 Aug 2014 @ 12:12

iSTOCK

Click to enlarge
Credit: iSTOCK

THE Church Commissioners have realised £381 million from selling their stake in a central-London property portfolio to a consortium that includes the Crown Estate.

The Commissioners owned 64 per cent of the Pollen Estate, which comprises offices and shops on and around Savile Row, in Mayfair, for more than 50 years.

Almost 100 institutions were interested after the Commissioners' stake was put up for sale in May (News, 2 May), but it was announced on Sunday that 57.8 per cent would be bought by Norges Bank Investment Management (NBIM), while the remaining 6.4 per cent would go to the Crown Estate.

The price of £381 million made the sale the largest in the history of the Commissioners. Their Chief Surveyor, Joseph Cannon, said: "As we expected, the depth and calibre of international interest in the Estate was impressive, with a range of buyers showing a strong interest in the Commissioners' majority holding."

The money would be used to fulfil the Commissioners' commitment to financially supporting the ministry of the Church of England.

The Crown Estate, in partnership with NBIM, already owns all of Regent Street, which adjoins the Pollen Estate. The head of the Regent Street portfolio of the Crown Estate, David Shaw, said that the Pollen Estate had an international reputation, and was a "long-term investment opportunity".

The Crown Estate, originally the Queen's property arm, is now an independent business that returns all of its profits to the Treasury. Besides owning significant swaths of central London, the Estate also manages the UK's seabed. NBIM is Norway's sovereign wealth fund.

The Commissioners' total assets came to £6.1 billion at their last annual report, in May (News, 30 May). Each year they contribute more than £200 million to the Church's costs, most of which pays pensions for retired clergy.

 

Job of the week

Marketing Officer

West Midlands

Marketing Officer CPAS is seeking to appoint an experienced marketing professional who can help us reach a variety of audiences - from church leaders to parents and young people - that benefit from o...  Read More

Signup for job alerts
Top feature

The mother of English prose

The mother of English prose

In a new book, Janina Ramirez argues that Julian of Norwich should be seen as the female Chaucer  Subscribe to read more

Top comment

What the Church needs is a new Reformation

The anniversaries of rallying calls by Martin Luther and John Robinson suggested an unfinished agenda, argues John Saxbee  Subscribe to read more

Fri 30 Sep 16 @ 22:30
Find new ways of persuading the faithful, climate activists told https://t.co/5TczCMleu3

Fri 30 Sep 16 @ 21:14
Three-quarters of pet owners in the United States who believe in an afterlife believe their animals go there too https://t.co/g6PWHmSJw7