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The Crown Estate and Oxford Properties Agree on St James’s Market JV

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Every major public investor attracted to European core real estate wants a slice of London. The Crown Estate has been creating joint ventures to revitalize their central London properties. The Crown Estate has established a joint venture with Oxford Properties, the real estate subsidiary of the Ontario Municipal Employees’ Retirement System, to have Oxford Properties take a 50% stake in the £320 million commercial element of the landmark St James’s Market scheme.

Canadian public investors are keen on historic properties in London with high traffic.

Essentially, the deal will create a strategic partnership based on two 50:50 limited partnerships. Each will own 150-year leasehold interests in two blocks located between London’s Regent Street and Haymarket. The Crown Estate will retain the freehold interest and will take the lead to develop the asset. The 10-year strategy will include revitalization of St James’s Market. The Crown Estate is no stranger to large public investors. Earlier they established the Regent Street Partnership with Norway’s sovereign wealth fund.

In a press release, Paul Clark, Director of Investment and Asset Management of the Crown Estate said, “Partnering with an organisation of the calibre of Oxford Properties speaks volumes about the market’s confidence in our specialist approach to managing third party funds. St James’s Market will deliver the most ambitious redevelopment in St James’s in the last century and represents a major tipping point for our strategy for the area.”

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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