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Norway’s Oil Fund to Make First Property Investment in France

According to the press release, “the Norwegian Government Pension Fund Global agreed today to buy 50 percent of seven properties in and around Paris from AXA Group, the fund’s first real estate investment in France.

The purchase price is set at 702.5 million euros, or approximately 5.5 billion Norwegian kroner. The properties constitute about 156,000 square metres of largely office space in the western and central business districts of Paris. NBIM and AXA will form a joint venture where AXA Real Estate provides asset management services.

“The investment is in line with our strategy to initially invest in the biggest European property markets before expanding into other regions,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), which manages the fund. “It also reflects our preference to form partnerships with investors that both own and operate properties.”

AXA will hold the remaining 50 percent of the properties on completion of the transaction, which is expected in the third quarter. The properties are as follows:

  • 12-14 Rond Point des Champs-Elysées, Paris 8e
  • 1-3 / 2 rue des Italiens, Paris 9e
  • 16 avenue Matignon, Paris 8e
  • 24-26 rue Le Peletier, Paris 9e
  • Meudon Campus, 92 Meudon
  • OPUS 12, 92 La Défense
  • 31-33 rue de Verdun, 92 Suresnes

Source: Norges Bank Investment Management

UNICEF and NBIM to Host Meetings on Children’s Human Rights

The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.

According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”

NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.

“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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

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