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ADIA Purchases 90 Boulevard Pasteur

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French financial institutions are seeking to lighten up their balance sheets and recycle capital, selling off real estate assets to investors. Sovereign wealth funds and public funds have been buying properties in core markets such as London, Paris and New York. City allocation has been preferred over country allocation for office properties.

The Abu Dhabi Investment Authority (ADIA) has purchased 90 boulevard Pasteur, a property based in Paris through LaSalle Investment Management. It was estimated the Parisian office was bought for €250 million from Crédit Agricole. ADIA has been active in the Paris institutional real estate market, partnering with real estate managers to buy assets. Pascal Duhamel, the former chief executive officer of Carrefour Property, heads ADIA’s real estate investments in Europe.

Amundi, an asset management subsidiary of Crédit Agricole, has signed a 9 year fixed lease on the property.

Kuala Lumpur to Singapore Highway Delayed

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The Malaysian government under Prime Minister Mahathir bin Mohamad has been reprioritizing its large-scale infrastructure developments. The highly anticipated railway from Kuala Lumpur to Singapore has been delayed by another five years. The governments of Malaysia and Singapore signed a formal agreement on September 5, 2018. The previous ruling party in Malaysia had set the railway in motion, but the current administration is seeking time for further review. A joint statement suggested that the railway was still a certainty.

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Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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