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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

Blackstone Defeated on Investa Office Fund Bid

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The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek’s Bond Expected to Lure Retail Investors

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Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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