The Church of England has made its largest single property sale.
Norges Bank Investment Management (NBIM) joined forces with the Crown Estate, the Queen’s property company, to buy the Church Commissioners’ 64.2 per cent holding in the Pollen Estate for £381 million. NBIM took 57.8 per cent and the Crown Estate 6.4 per cent in the Mayfair-based estate.
Joseph Cannon, Chief Surveyor of the Church Commissioners for England said: “The Church Commissioners are an endowment charity committed to supporting the ministry of the Church of England, particularly in areas of need and opportunity.
“The sale of our interest, which has been built up since we first invested in the Estate more than 50 years ago, is part of that commitment.”
David Shaw, head of the Regent Street Portfolio of the Crown Estate said: “Savile Row and Cork Street have international reputations for their focus on tailoring and art galleries respectively and the success of these two streets is crucial to the ongoing success of London's West End as an international destination.”
Meanwhile, the spending plans task group of the Church Commissioners and Archbishops' Council has awarded £4.6m to projects from five dioceses.
Birmingham, Chelmsford, Leicester, Liverpool and Sheffield have all received grants for “growth and change” projects. The first applications for a pot of £7.5 million were restricted to the poorest dioceses in the Church of England.
The aim of the funding is to sit alongside existing funding distributed to dioceses each year, so they can benefit from a one-off injection of money to make a significant difference to their long-term mission and financial strength, by supporting major projects.
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