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BOOM: Norway’s SWF Signs Trinity Wall Street Real Estate Deal

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Norges Bank Investment Management (NBIM), the manager of Norway’s Government Pension Fund – Global (GPFG), has finalized negotiations and entered into an agreement to purchase a 44% interest in a portfolio comprising 11 office properties in New York City, in a joint venture with Trinity Wall Street. The binding agreement was officially signed on November 20, 2015, with a projected close before year-end. CBRE Group Inc. is the financial advisor for Trinity Wall Street Episcopal Church on this deal.

SWFI reported on NBIM’s interest back in September.

Properties
12-16 Vestry Street 75 Varick Street
200 Hudson Street 100 Avenue of the Americas
205 Hudson Street 155 Avenue of the Americas
345 Hudson Street 225 Varick Street
350 Hudson Street  
10 Hudson Square  
435 Hudson Street

 

NBIM acquires a 44% interest in a 75-year ownership interest for US$1.56 billion, valuing the property portfolio at US$ 3.55 billion. The assets will be unencumbered by debt at closing. The properties are around 94% leased and total over 4.9 million square feet in the Hudson Square neighborhood of Midtown South in Manhattan. Properties include 12-16 Vestry Street, 200 Hudson Street, 205 Hudson Street, 75 Varick Street, 100 Avenue of the Americas, 155 Avenue of the Americas, 345 Hudson Street, 350 Hudson Street, 10 Hudson Square, 225 Varick Street and 435 Hudson Street. The total portfolio comprises more than 30% of the Hudson Square commercial neighborhood.

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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