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Quantum Global Fund Acquires Movenpick Hotel from Kingdom Holdings Company

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Photo Credit: Movenpick

Photo Credit: Mövenpick Ambassador Hotel Accra

A fund managed by Quantum Global has acquired the Mövenpick Ambassador Hotel Accra from Saudi Arabia-based Kingdom Holding Company (KHC). Specifically, QG Africa Hotel LP, a Mauritius based investment fund managed by Quantum Global Investments Africa Management Ltd., acquired the hotel on December 28, 2016 for a consideration of US$ 100 million. QG Africa Hotel LP is a US$ 500 million investment vehicle targeting opportunities in the emerging market hospitality sector.

The Mövenpick property is located in the central business district of Accra, Ghana and has historical significance. The property lies on 16 acres. Originally, the hotel site was occupied by the Ambassador Hotel, which was gifted to Ghana by the United Kingdom in recognition of the country’s independence in 1957. The Ambassador Hotel closed in the early 1980s. Kingdom Hotel Investments, through a subsidiary called KHI Ghana Limited, was able to obtain financing from the International Finance Corporation (IFC) to help fund a new hotel on the site and brand it as a Mövenpick property. KHI Ghana had agreed to a 50-year concession to invest US$ 104 million to rebuild the new property at the time.

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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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