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40% Stake in Iconic GM Building Sold

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gmnyTrophy Manhattan real estate is in demand for foreign income investors. Meraas Capital LLC, a Dubai-based private equity firm and US Real Estate Opportunities I, L.P., a Goldman Sachs managed fund whose principal investors are government investors from Kuwait and Qatar, are selling a 40% stake in the General Motors Building. The tower buyers are M. Safra & Co, an investment firm owned by the Safra family and the family of Zhang Xin, CEO of Soho China Ltd. The Sungate Trust is the holding entity for the new investors. Soho China Ltd. is one of the biggest office developers in Shanghai and Beijing.

The deal values the 50-story iconic tower, across from the Plaza Hotel, at US$ 3.4 billion.

The stake will be purchased for around US$ 1.4 billion. Boston Properties Inc, a real estate investment trust, will retain the 60% majority ownership in the property.

Back in 2008, Boston Properties Limited Partnership and US Real Estate Opportunities I, L.P., a Goldman Sachs managed fund partnered with Meraas Capital LLC to buy the building. Part of a bigger deal, with regard to the GM building, the group paid US$ 2.8 billion. Harry Macklowe was the previous owner at the time; he purchased the building in 2003 for US$ 1.4 billion. At the time, it was the highest full sale price paid for a single office building in the United States.

Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

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

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