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Florida SBA Buys 1370 Broadway for $186 Million

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The Florida State Board of Administration (SBA) acquired the 16-story building at 1370 Broadway for US$ 186 million in cash from Morristown-based Normandy Real Estate Partners. The building is located in the middle of Times Square South. It is in close proximity to Bryant Park. Normandy Real Estate renovated the property and hired CBRE to market it for sale.

Normandy Real Estate Partners bought 1370 Broadway in 2012 for US$ 125 million from Sitt Asset Management and Carlton Associates. Carlton Associates is the investment office of the Cohen family, founders of Duane Reade. At the time, the building was marketed by Eastdil Securities.

In 2003, 1370 Broadway was purchased by Sitt Asset and Carlton Associates acquiring it from SL Green Realty for US$ 57.8 million.

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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