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CPPIB Acquires Stake in Bullring Shopping Centre – UK

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According to the press release, “Canada Pension Plan Investment Board (CPPIB) announced today it has formed a new 50%/50% joint venture with Hammerson to acquire a 33.3% stake in Bullring Shopping Centre for £307 million from the Future Fund.

The ownership of Bullring is now held 50% by Hammerson (this 16.7% isin addition to its 33.3% existing stake), 16.7% by CPPIB and 33.3% by the Henderson Shopping Centre Fund. CPPIB has a small indirect interest in Bullring through its investment in the Henderson Shopping Centre Fund.

‘This transaction provides CPPIB with further scale and opportunity in Bullring and is in line with our U.K.retail strategy of investing in high quality assets in major locations with strong growth potential,’ said Graeme Eadie, Senior Vice-President and Head of Real Estate Investments, CPPIB. ‘We are pleased to expand our relationship with Hammerson, one of Europe’s leading retail property companies, whom we know well having worked together successfully on other investments.’

Located in Birmingham, Bullring is one of the U.K.’s top ten retail destinations with 167 tenants including high-quality fashion and catering brands. Anchored by Selfridges and Debenhams, it is over 99% leased and attracts some 40 million shoppers per year. It continues to attract leading domestic brands, expanding international retailers, and high-end restaurants and cafésto Birmingham. Hammerson will continue to have responsibility for asset management and development for the centre.

‘This is an excellent opportunity to enhance our position in one of the U.K.’s strongest shopping destinations at an attractive entry price,’ said David Atkins, Hammerson Chief Executive. ‘Bullring is an iconic centre which has performed extremely well since opening in 2003, and I am confident in the continued future success of Bullring as consumer demand for venues which offer exceptional experiences continues to rise.'”

Read more: CPPIB Press Release

China’s Central Bank Creates Macro-Prudential Management Bureau

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The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Like its U.S. Peers, Legg Mason Seeks to Trim Costs

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Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Monetary Authority of Singapore Establishes Corporate Governance Advisory Committee

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On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”

MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.

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