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Norway’s SWF Buys 50% of Logistic Property Portfolio from Prologis

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The press release states, “The Norwegian Government Pension Fund Global will through a joint venture with Prologis buy 50 percent of a portfolio of logistic properties for 1.2 billion euros, or about 8.9 billion kroner.

The seller is Prologis, which will retain the remaining 50 percent of the portfolio and manage the properties on behalf of the partnership. The purchase price includes existing bank debt of 0.1 billion euros.

The portfolio consists of 195 properties in 11 European countries including France, the UK, Spain, Poland and Italy. The properties comprise 4.5 million square metres of lettable space and are used mainly as distribution facilities by about 300 tenants from a range of industries. The transaction, agreed on by the parties today, is expected to be completed in the first quarter of 2013.

“The agreement marks the fund’s first investment in industrial real estate and is in line with our strategy to build a high-quality portfolio that’s spread over different countries and sectors,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund. “We are very pleased to be teaming up with a partner of Prologis’ calibre and look forward to a long and beneficial partnership.”

The joint venture has an initial term of 15 years that may be extended. The venture intends to repay the existing bank debt by the first quarter of 2014. As part of the transaction, the fund will receive warrants to buy 6 million Prologis common shares for 35.64 dollars apiece.

The portfolio’s largest exposure is to France, followed by the UK, Spain, Poland and Italy. These countries represent 73 percent of the total investment value. Properties are also located in the Czech Republic, Hungary, the Netherlands, Germany, Sweden and Belgium.”

Read more: Norges Bank Press Release

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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