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Norway’s Sovereign Wealth Fund signs Regent Street agreement

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According to the press release, “Norges Bank, which manages the Norwegian Government Pension Fund Global, today signed an agreement for the fund’s first real estate investment, the purchase of a 150-year lease on a 25 per cent stake in The Crown Estate’s Regent Street properties in London. The completion of the £452 million purchase, which was first announced in November, is expected on April 1. The fund was given a mandate in March 2010 to gradually invest as much as 5 per cent of its assets in real estate. The fund’s investments comprised about 60 per cent equities and 40 per cent fixed-income securities at the end of 2010.

“We’re very happy to have signed an agreement and look forward to a long and beneficial partnership with The Crown Estate,” says Karsten Kallevig, Global Head of Real Estate Asset Strategies at Norges Bank Investment Management (NBIM).

The partnership will give the fund 25 per cent of the properties’ net income, which primarily comes from office and retail space rent. The Crown Estate will retain 75 per cent of the income and will continue to be responsible for the management of the portfolio. Regent Street is one of London’s busiest shopping streets with retailers including Apple, Burberry, Banana Republic and Hamleys. The properties in the Regent Street portfolio, which consists of 113 buildings spread over 39 blocks, are owned by The Crown Estate on behalf of the United Kingdom. The Crown Estate has since 2002 been implementing a regeneration programme in Regent Street to transform it into an international destination for business and retail. Further development of the area is set to continue.”

Source: Norges Bank

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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