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Norway’s Sovereign Wealth Fund Partners with Metlife on Real Estate

Metlife, Inc. and Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, have created a joint venture among their affiliates to invest in Class A office properties in select U.S. markets. This is NBIM’s third real estate platform in the United States – in September they entered into a joint venture with Boston Properties, Inc. They also have a real estate platform with TIAA-CREF.

NBIM will hold a 47.5% stake in the joint venture, while Metlife will hold the remaining stake of 52.5%. Metlife, the life insurance company, is a major investor in commercial real estate and mortgages. Metlife will be the asset manager of the platform.

The initial investment in the joint venture is One Financial Center in Boston, a 46-story office tower located on 10 Dewey Street. The tower is near Boston’s South Station. It is marked at a gross value of assets at US$ 700 million. The net purchase price for NBIM’s 47.5% share is US$ 238 million. It was purchased from One Financial Center Equity, LLC, an affiliate of Beacon Capital Strategic Partners V, L.P. Beacon Capital Strategic Partners V, L.P. is a US$ 4.040 billion closed-end commingled real estate fund. Metlife augmented their share of the building it already owns by 2.5%.

Turkey Wealth Fund Corrals Investors Toward Domestic Projects

The Turkey Wealth Fund is continuing talks with other global asset owners and financial institutions to lure capital toward projects and assets within the country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ardian Auctions Off €1 Billion in Infrastructure Assets to APG

French private equity giant Ardian has auctioned off an undisclosed stake in a portfolio of European infrastructure assets valued at €1 billion to Dutch asset owner manager APG Investments. APG, which first invested in the portfolio in 2006, plans on buying out partnership interests in the portfolio held by other investors. French multinational insurance firm AXA SA will retain its stake as a co-owner of the portfolio alongside APG, with Ardian staying on as asset manager and advisor. The transaction remains subject to regulatory approval.

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

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Tribal Council Approves Cherokee Nation Sovereign Wealth Fund Act

Tahlequah, Oklahoma-based Cherokee Nation Tribal Council approved the creation of the Cherokee Nation Sovereign Wealth Fund Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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