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40% Stake in Iconic GM Building Sold

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gmnyTrophy Manhattan real estate is in demand for foreign income investors. Meraas Capital LLC, a Dubai-based private equity firm and US Real Estate Opportunities I, L.P., a Goldman Sachs managed fund whose principal investors are government investors from Kuwait and Qatar, are selling a 40% stake in the General Motors Building. The tower buyers are M. Safra & Co, an investment firm owned by the Safra family and the family of Zhang Xin, CEO of Soho China Ltd. The Sungate Trust is the holding entity for the new investors. Soho China Ltd. is one of the biggest office developers in Shanghai and Beijing.

The deal values the 50-story iconic tower, across from the Plaza Hotel, at US$ 3.4 billion.

The stake will be purchased for around US$ 1.4 billion. Boston Properties Inc, a real estate investment trust, will retain the 60% majority ownership in the property.

Back in 2008, Boston Properties Limited Partnership and US Real Estate Opportunities I, L.P., a Goldman Sachs managed fund partnered with Meraas Capital LLC to buy the building. Part of a bigger deal, with regard to the GM building, the group paid US$ 2.8 billion. Harry Macklowe was the previous owner at the time; he purchased the building in 2003 for US$ 1.4 billion. At the time, it was the highest full sale price paid for a single office building in the United States.

NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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