Norway sovereign wealth fund buys 25% stake in London property portfolio

OSLO (Reuters) -Norway's sovereign wealth fund said on Wednesday it has bought a 25% stake in a mixed-use property portfolio located in London's Mayfair district for 305.7 million pounds ($376.53 million).

The 2.3 million square feet portfolio is predominately office and retail assets clustered around Grosvenor Street and Mount Street, the fund said in a statement.

The seller of the stake is real estate group Grosvenor, which retains a 75% interest and will manage the properties, the Norwegian fund added.

The transaction values the property portfolio at 1.223 billion pounds, it said.

($1 = 0.8119 pounds)

(Reporting by Terje Solsvik, editing by Louise Rasmussen)