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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

NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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