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Norway's sovereign wealth fund pays £245M to boost stake in Shaftesbury

Norwegian sovereign wealth fund Norges Bank Investment Management paid £245 million to Invesco Ltd. to boost its stake in Shaftesbury.

The investment management firm sold most of its 9.99% stake in the diversified real estate investment trust at a per-share price of £9.70.

The sale comes after Hong Kong-based billionaire Samuel Tak Lee, who owns a 25.02% interest in Shaftesbury, recently voted against two resolutions to allow directors to allot shares at the company's annual general meeting.