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Aabar Bets on UniCredit

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Continental European financial institutions are in dire need of capital due to regulations, a frigid regional credit market environment, and the conditions of their balance sheets. Institutional money managers are watching who will step in first to invest in these upcoming rights issues. In 2007 and 2008 sovereign wealth funds mostly from Asia and the Middle East participated in the bailout of several prominent Western financial institutions. Some SWFs made money, some lost.

Middle Eastern sovereign investors are carefully allocating capital to select European banks. Italy’s UniCredit S.p.A’s €7.5 billion rights issue was off to a sluggish start.

Aabar Luxembourg Sarl, a subsidiary of Aabar Investments plans to raise its stake in Italy’s UniCredit S.p.A to 6.5% once the bank’s capital raise is completed. Aabar Investments is owned by Abu Dhabi’s International Petroleum Investment Company (IPIC). Aabar Investments has a history of investing in UniCredit S.p.A.

The Central Bank of Libya and the Libyan Investment Authority are also shareholders in the bank.

PNB to Buy Stake from Malaysian Developers in Battersea Power Station Project

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Malaysia-based Permodalan Nasional Bhd (PNB) inked plans to acquire a stake in the Battersea Power Station from Malaysian developers Sime Darby Property and SP Setia, which between them own 80 percent of the site located on the south bank of the Thames. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Will Saudi Arabian Sovereign Wealth Be the Next Giant in Hollywood?

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Saudi Arabia’s growing Public Investment Fund (PIF) is reportedly looking into investing over US$ 500 million for a 5% to 10% stake in Hollywood’s Endeavor Talent Agency, the holding company for William Morris Endeavor Entertainment LLC (WME). WME is one of the biggest players in the business, representing well-known artists across a number of different mediums – including cinema, television, music, books, and theatre – as well as a roster of professional athletes from the National Football League (NFL) and National Hockey League (NHL). Discussions are in their initial stages, however, and no commitments have been made thus far. WME is constantly gathering new talent. Recently WME signed musician John Mayer and actor Nicolas Cage – both were with Creative Artists Agency (CAA).

A Logical Connection

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CDPQ Providers Firepower for Blackstone Buyout of PIRET

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Ivanhoé Cambridge, part of CDPQ, is a co-investor in Blackstone Group’s buyout of Pure Industrial Real Estate Investment Trust (PIRET), a listed Canadian warehouse owner. The actual Blackstone buyer is an affiliate of Blackstone Property Partners, its core real estate investment unit. The agreement was revealed on January 9, 2018. Blackstone moved to buy the REIT) for C$ 8.10 per Unit in an all-cash transaction valued at C$ 3.8 billion including debt. The transaction value without debt is C$2.48 billion.

Deal Advisors

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