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ADIA Celebrates 40th Anniversary

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The Abu Dhabi Investment Authority (ADIA) is celebrating its 40th anniversary since the wealth fund’s formation in March 1976. Before ADIA, there was the Financial Investments Board.

The wealth fund began as a small operation using shared office space near the current head office of the National Bank of Abu Dhabi (NBAD) to becoming one of the largest wealth fund investors. In ADIA’s early days, the sovereign investor focused on listed equities and bonds, being managed by external fund managers with oversight from ADIA’s internal investment team. Much has changed since then. According to a recent press release from ADIA, “Over the years, ADIA has made great strides toward developing its internal capabilities and increasing its internal flexibility to adapt to changing market conditions. We have clearly defined the organisation’s long-term objectives and enhanced the systems and processes that help us plan for the future.”

Shaktikanta Das Named as New CB Governor for India

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The Indian government named Shaktikanta Das as the new Governor of the Reserve Bank of India. He will be the 25th governor to lead the central bank. Das is India’s former economic affairs secretary who stepped down in May 2017.

Das replaces Urjit Patel, who stepped down as central bank governor for “personal reasons.”

Urjit Patel had been arguing with India’s finance ministry on matters such as easing lending policies versus what the appropriate size of foreign reserves should be.

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UBS and APG Form Japanese Residential Property Venture

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Long horizon institutional investors are keen on taking advantage of appealing underlying fundamentals in select Japanese residential submarkets that have experienced population growth versus rural areas. The housing market in Tokyo has decoupled from the rest of Japan due to attractive demographics and low interest rates. Real estate valuations for Japanese housing in Tokyo is still at a distance relative to the very-much inflated market of the late 1980s. UBS Asset Management Real Estate & Private Markets business and APG Asset Management, which oversees the assets of Stichting Pensioenfonds ABP, formed a new property joint venture to invest in residential properties in Japan. UBS Asset Management will manage the fund and partnership, while APG will play a strategic role. APG will contribute US$ 175 million into the venture.

This platform will pursue a build-to-core investment strategy with some allocation to the reconfiguration of income-producing operating assets in cities such as Tokyo and Osaka.

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GIC Sells 2 Chifley Square to Charter Hall

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Singapore’s GIC Private Limited sold a 100% ownership stake in a large building in Sydney, 2 Chifley Square, for A$ 98.5 million to the Charter Hall Prime Office Fund, a wholesale real estate fund. Charter Hall Group owned the building next to Chifley, the Gresham building at 167 Macquarie Street.

Advisors for the transaction are Colliers International and KPMG Real Estate Advisory.

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