Grosvenor Property UK has signed a new joint venture with Norges Bank Investment Management, taking a minority stake in a £1.2bn mixed-use portfolio within its Mayfair estate.

This latest partnership for the business brings together two deeply aligned, long-term investors who share huge confidence in the future of the West End and London.

It also recognises the considerable and favourable characteristics which have supported Mayfair’s resilience through numerous cycles and the business’s ability to drive performance through continual investment, innovative management and its focus on industry-leading sustainability commitments.

The business has significant future investment opportunities, and unlocking capital through joint ventures is one part of this growth plan.

The funds will be deployed across strategic projects that will enable Grosvenor Property UK to grow its lending platform and create best-in-class properties for occupiers, driving the West End’s competitiveness and appeal as an economic, cultural and retail centre of global significance.