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

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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%.

Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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