The 75/25 Regent Street Partnership, comprising The Crown Estate and Norges Bank Investment Management (NBIM), has announced the purchase of its first two properties, 4 Conduit Street and 1 Maddox Street, for £28 mln (EUR 32 mln).

Maddox House was purchased for circa £23 mln from Aberdeen Asset Management. It comprises 17,000 sq ft (1,600 m2) and is occupied by six office tenants over five floors. The Conduit Street property was purchased for £5 mln from a private investor; it comprises 6,000 sq ft and is let entirely to the Greek National Tourist Office.

David Shaw, head of Regent Street portfolio at The Crown Estate, said the purchases demonstrate the partnership’s ‘ongoing commitment to our 20-year regeneration programme that has already transformed Regent Street into an international destination for retail and business'.

The acquisition is one of a number of regeneration milestones in and around Regent Street this year which so far amount to £730 mln.