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Asian SWFs Increase Exposure to Chinese Renewable Companies

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Several Chinese renewable companies are grabbing the attention of sovereign funds. Sovereign funds understand that energy and technology are key drivers for stock performance and they want exposure to this industry. In fact, many of these Chinese companies are taking advantage of the current IPO market in Hong Kong for Chinese securities.

Energy efficiency and renewable energy generation are two key areas within the renewable energy sector that have attracted the interest of SWFs. Huaneng Renewables Corp. is planning to IPO and has secured US$ 335 million from nine cornerstone investors. This includes $60 million from the China Investment Corporation and $50 million from Temasek Holdings. Huaneng Renewables Corporation is the wind power unit of China Huaneng Group. The firm had planned to IPO in December, but decided to postpone due to market volatility. Earlier, Singapore’s GIC invested in Nobao Renewable Energy Holdings Ltd. Nobao Renewable Energy uses proprietary technology that utilizes energy stored in the ground to provide heating, cooling, and hot water to buildings. Investing in the renewable energy sector is not a new occurrence, but has picked up after the middle of 2010. In 2009 the CIC, through its sovereign wealth enterprise Chengdong Investment Corporation backed GCL-Poly Energy Holdings Limited. They ended up closing the joint venture between the organizations.

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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