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Shell Centre to be Redeveloped by Canary Wharf Group and Qatari Diar

The press release states, “Canary Wharf Group plc (“Canary Wharf Group”) and Qatari Diar Real Estate Investment Company (“Qatari Diar”) have today concluded an agreement with Shell International (‘Shell’) to redevelop the Shell Centre site at South Bank, in the heart of London.

Canary Wharf Group and Qatari Diar have entered into a 50:50 joint venture, contributing £150m each to secure the 5.25 acre site on a 999 year lease. The Canary Wharf Group £150m element of the consideration is being satisfied from existing corporate resources. The aggregate £300m payment for the site is conditional on planning permission being received for the project within three years. Canary Wharf Group will act as the Construction Manager for the project and will also be Joint Development manager with Qatari Diar. For these roles, fees will be generated for the transaction and apportioned between the parties based upon their broad level of contribution.
Discussions will now commence with local planning authorities and relevant stakeholders to establish planning consent, detailed designs and a timetable for construction for a project that will re-energise an important section of the South Bank.

The development will be mixed use, comprising office, retail and residential space. The well known 1950s, 27 storey tower in the middle of the Shell Centre will be preserved and retained by Shell. Shell will also take a 210,000 sq. ft. pre-let of one of the new office buildings to be constructed on the site.

George Iacobescu CBE, Chairman and Chief Executive of Canary Wharf Group plc said: “The South Bank is one of London’s best loved places. It is both a privilege and a great responsibility to be involved in this redevelopment project which will re-energise a key part of this area of London. We look forward to working with our partner Qatari Diar, the local community and with Shell to enhance the London economy and the vibrancy of the South Bank.”

Commenting on the agreement Mohammed bin Ali Al Hedfa, Group CEO of Qatari Diar said: “Qatari Diar is delighted to have signed this agreement with Shell. We look forward to working with our partners at Canary Wharf Group and the local community to redevelop this iconic location. When Qatari Diar begin any new project we are entering into a long-lasting commitment with our partners and the wider community to leave a positive cultural, environmental and sustainable footprint.””

Read more: Press Release

UNICEF and NBIM to Host Meetings on Children’s Human Rights

The United Nations Children’s Fund (UNICEF), a United Nations programme headquartered in New York City, has partnered with Norges Bank Investment Management (NBIM) to facilitate a series of meetings between companies to discuss issues surrounding children’s human rights.

According to the news release, “the network will facilitate dialogue between leading brands and retailers in the garment and footwear industry to strengthen children’s rights.”

NBIM is invested in many listed companies and have invited them to join a network to tackle these issues. Over the next two years, the organizations plan to hold three workshops as well as quarterly meetings surrounding these issues.

“Over time, we hope and expect that the network will contribute to improved market practices among companies and greater respect for children’s rights,” says Carine Smith Ihenacho, Global Head of Ownership Strategies, in a NBIM press release.

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SouthGobi’s CEO Arrested, CIC Struggles with Investment

The China Investment Corporation (CIC) has long struggled with its investments in coal assets, specifically in globally-listed coal miner SouthGobi Resources Ltd, which operates its flagship coal mine in Mongolia. In November 2009, CIC and SouthGobi Resources inked a convertible debenture deal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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