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Alaska Permanent Fund Buys Stake in 299 Park Avenue

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The Alaska Permanent Fund which as of August 24, 2011, had a value of US$ 37.58 billion in assets has purchased a stake in a Class A New York property. The APFC is an active investor in core real estate throughout the United States.

The Rockpoint Group was the seller in this transaction. The 49.5% stake was for an office property on 299 Park Avenue at the cost of $1,075 per square foot. The real estate deal has revalued the whole property at US$ 1.25 billion. The majority owner is developer Fisher Brothers who occupies the top two floors of the building. The Park Avenue office building was completed in 1967.

The building is well leased by several financial firms, including being the New York City headquarters for UBS Investment Bank.

Brief History
Jan 2010 – UBS sells 49.5% stake to Rockpoint Group for US$ 150 million in cash and assumes US$ 325 million mortgage

Andrew Claerhout Leaves OTPP

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Andrew J. Claerhout exited the Ontario Teachers’ Pension Plan (OTPP). He was Senior Managing Director of Infrastructure and Natural Resources. His responsibilities included overseeing a swath of infrastructure acquisitions and asset management globally, along with investments in oil and gas, agriculture (avocados for example), timberlands and other resource sectors. Clearehout joined OTPP back in 2005.

Taking his spot in the interim is Dale Burgess, Managing Director, Latin America, at OTPP.

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PwC Sells US Public Sector Practice to Veritas Capital

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PricewaterhouseCoopers (PwC) inked a deal to sell its U.S. public sector business unit to Veritas Capital Fund Management, L.L.C., a private equity firm. Post-deal, the business unit will be renamed and run as a separate company. PwC’s public sector business services U.S. federal government clients such as the Department of Defense, Homeland Security, Veterans Affairs, Health and Human Services and the State Department. The business unit also services local and state U.S. governments.

For the moment, Veritas Capital seeks to keep the current management in place.

Advisors

PwC was advised by Morgan Stanley. Davis Polk & Wardwell advised PwC. Veritas Capital was advised by law firm Schulte Roth & Zabel LLP.

Veritas Capital’s Activities

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HNA Sells 1.2% Stake in Hedged Investment in Deutsche Bank

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Chinese conglomerate HNA Group Co. sold off roughly a 1.2% stake in Deutsche Bank AG for around €300 million (US$ 374 million), reducing ownership down to 8.8%. HNA Group held the bank shareholding through Vienna-based asset manager C-Quadrat Investments AG, in which, HNA is a majority owner in. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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