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Norway’s SWF Makes First Property Investment in Germany

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Karsten Kallevig - NBIM

The press release states, “the Norwegian Government Pension Fund Global and joint venture partner AXA France Insurance Companies have agreed to buy two buildings in Germany for a total of 784 million euros, or approximately 5.8 billion kroner, from the Royal Bank of Scotland.

The transaction, set to be completed before year-end, gives each partner a 50 percent stake in each building. The properties are located in Berlin and Frankfurt and are used mainly for office and retail purposes. Payment for the properties will be split equally between NBIM and AXA France.

“This marks the fund’s first property investment in Germany,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund. “It is in line with our strategy to build our real estate portfolio by initially investing in large, well-developed markets alongside partners with aligned interests.”

NBIM and AXA France in 2011 formed a joint venture where AXA Real Estate provides asset management services. The partnership’s first investments were in properties in and around Paris. The fund is also invested in real estate in London and Paris through joint ventures with The Crown Estate and Generali Group, as well as the UK shopping centre Meadowhall with British Land.

The building in Berlin is located on the well-known Kurfürstendamm boulevard. It has 72,400 square metres of office and retail space over 16 floors. The second property, located in Frankfurt’s central business district, consists of 81,600 square metres of predominantly office space.”

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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