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Norway’s SWF Buys 50% of Meadowhall Shopping Centre in the UK

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According to the press release, “The Norwegian Government Pension Fund Global has bought 50 percent of the UK shopping centre Meadowhall for £348 million, or approximately 3.2 billion Norwegian kroner.

The stake was purchased from a joint venture between London & Stamford Properties and Green Park Investments. The transaction, completed on 6 October, values the entire asset at £1.525 billion pounds, including debt.

“The purchase gives us exposure to one of the largest and most dominant shopping centres in the UK,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund.

Meadowhall, located about 5 kilometres north east of Sheffield city centre, attracts about 25 million visitors a year. The shopping centre contains 141,000 square metres of lettable retail space over two levels. It consists of 219 shops, 53 kiosks, 30 catering units and a cinema with 11 screens.

NBIM has also entered into a joint venture with British Land, which holds the remaining 50 percent of Meadowhall. British Land will manage the shopping centre on behalf of the partnership.

“We are very pleased to be teaming up with a partner of British Land’s calibre and look forward to working together to further develop the long-term potential of Meadowhall,” says Kallevig.”

Read more: Norges Bank Press Release

Colony Capital Picks Up LATAM Unit of Abraaj Group

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After negotiations, Tom Barrack’s Colony Capital agreed to purchase The Abraaj Group’s private equity platform in Latin America. The Latin American unit of Abraaj has around US$ 500 million in assets under management. The unit will be renamed to Colony Latam Partners, which will continue its focus on middle-market investments in Chile, Mexico, Colombia, and Peru.

Deloitte and PricewaterhouseCoopers (PwC) assisted in the transaction.

According to the press release, unit partners Miguel Angel Olea Sisniega, Hector Martinez Fry, Gerardo Mendoza Llanes, and Eduardo Cortina Murrieta will continue to lead the business.

Abraaj Group remains under a court supervised restructuring effort in the Cayman Islands.

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Henry Jones Named Board President at CalPERS

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The California Public Employees Retirement System (CalPERS) posted a -3.9% for the calendar year ended December 31, 2018. At this point, CalPERS is approximately 65% to 66% funded.

In addition, CalPERS is current searching for a permanent private equity director. CalPERS is still deciding on whether to change its approach to private equity investing by forming outside entities to make investments.

Last, the board of CalPERS named Henry Jones as board president.

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LAPFF Explores Direct Real Estate Investing

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The Los Angeles Fire and Police Pensions (LAFPP), a smaller pension compared to its larger peers such as the Los Angeles County Employees Retirement Association, is considering forming a direct real estate investment strategy that would be managed internally. LAPFF staff requested the pension’s real estate consultant The Townsend Group to explore the feasibility of creating an in-house real estate managed portfolio.

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