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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

Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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