SWFI First Read, February 7, 2016

Mongolia’s Parliament Passes Law on SWF

Mongolia’s State Great Hural, the country’s unicameral parliament, passed a law on sovereign wealth funds.

Slyngstad Raises Concerns About Volkswagen’s Ownership Structure

In an interview published Febraruy 6, 2016 with Frankfurter Allgemeine Sonntagszeitung, Yngve Slyngstad, CEO of Norges Bank Investment Management stated, ” I don’t think the family wants to change anything about the structure.” Slyngstad’s comments reflect the wealth fund’s criticism of Volkswagen AG’s ownership structure, as they believe it puts excess control with the Porsche-Piech family at the expense of minority shareholders.

Northleaf Capital and AMP Capital Acquire Chicago Parking Garage Concession Assets

LMG2, LLC is the exclusive concessionaire of the Chicago Downtown Parking System (Millennium Garages), the largest underground downtown parking system in the United States. Millennium Garages are operated and managed under a 99-year concession and lease agreement with the City of Chicago signed in 2006. Millennium Garages LLC, a joint venture comprised of Northleaf Capital Partners and AMP Capital acquired the concession assets. The sale will give Millennium Garages LLC exclusive concessionaire rights and responsibilities to operate, manage, maintain and collect parking fees and other revenues in connection with the Millennium Garage system. Evercore acted as the exclusive financial advisor to LMG2, LLC with Kirkland & Ellis LLP and Fox, Swibel, Levin & Carroll LLP serving as legal advisors. Macquarie acted as financial advisor to AMP Capital and Northleaf with Allen & Overy LLP and Barnes and Thornburg LLC serving as legal advisors.

Brandywine Realty Trust Sells Mega Portfolio of Real Estate in New Jersey, Pennsylvania and Virginia

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