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6 Property Plays by Major Institutional Investors in Late Jan

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london real estate

According to the Sovereign Wealth Fund Transaction Database, which tracks public investor transactions, for some reason an unusual number of institutional investors are buying core properties in January. TIAA-CREF is in final talks to pay US$ 200 million for 837 Washington Street, a boutique office and retail building in Manhattan. The sellers are Taconic Investment Partners and Thor Equities. The building is leased by Samsung.

#1 Temasek Holdings Key Investor for London’s Pinnacle Development

Heading to London, Singapore’s Temasek Holdings is a key institutional investor behind a deal to purchase the freehold interest at 22-24 Bishopsgate site from SEDCO, Wafra and Arab Investments for £220 million. In addition, £550 million will have to be committed to build the Pinnacle development. Axa Real Estate is representing the consortium of investors that includes Temasek Holdings. CBRE assisted with the sale.

#2 Canadian Pension Buys Portfolio of Multi-family Properties in San Francisco

Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), acquired a portfolio of eleven U.S. multi-family properties. Ivanhoé Cambridge bought these properties with San Francisco-based Veritas Investments, Inc. for US$ 190 million. The properties are located in San Francisco, California. The Veritas-Ivanhoé Cambridge joint venture, which started in August 2014, will now have 20 assets in their portfolio. The initial investment for the JV consisted of nine properties for a preliminary investment of nearly US$ 50 million.

#3 APG Signs Deal to Form Student Housing JV in Australia

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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