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

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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

Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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