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APG and Prudential Real Estate Investors Launch RE Platform

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Netherlands-based Algemene Pensioen Groep (APG) and Prudential Real Estate Investors (PREI), the real estate arm of Prudential Financial, Inc., have created Pramerica Real Estate Capital V (Netherlands), raising US$ 366.7 million of discretionary capital. The majority of the capital was provided by the APG.

Pramerica Real Estate Capital V (Netherlands) will target junior debt and preferred capital opportunities that are secured against commercial real estate. Country exposures will include the Netherlands and some areas of Belgium.

From the press release, Robert-Jan Foortse, Head of European Property Investments at APG Asset Management, commented, “The Dutch real estate market suffers from a funding gap, where the finance market remains tight and dislocated. At this moment, there is the opportunity in the Netherlands to provide junior debt and to capitalize on both acquisition as well as refinancing opportunities. Within APG Real Estate, we view this as the right moment to allocate capital to the Dutch real estate market through this exclusive debt mandate with PREI.”

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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