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Norway Sovereign Fund Inks US Property Deal with Prologis

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Norway’s sovereign wealth fund entered into a joint venture deal with Prologis Inc. to acquire a 45% interest in a 12.8 million square foot portfolio of industrial and logistic properties in the United States. The 66 properties are located throughout the United States in eight states across nine markets including Southern California, Pennsylvania, the San Francisco Bay Area, New Jersey, Las Vegas, Chicago, Seattle, Atlanta, and Miami. The deal also forms Prologis U.S. Logistics Venture (USLV) which allows the JV to acquire further real estate investments in the United States.

The sovereign fund will pay US$ 450 million for the 45% interest, valuing the entire portfolio at around US$ 1 billion. Prologis is the seller and will hold the other 55% interest. Prologis will manage the portfolio properties.

The deal is unencumbered by debt and no financing was involved in the closing.

According to the press release by Norges Bank Investment Management, Karsten Kallevig, chief investment officer for real estate, stated “We are investing in a solid portfolio of logistics assets close to key transportation hubs.”

On December 20, 2012, the sovereign fund through a joint venture purchased a 50% stake in a European logistics property portfolio from Prologis.

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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