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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.

Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

Stream off Follow the Money

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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