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Australia Considers Tax Exemptions for Sovereign Wealth Funds

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Tax considerations influence sovereign wealth fund investment behavior.  Australia does not want to deter passive foreign investment, especially in a challenging economic environment. Australia is already a favorite destination for many SWFs due to its vast natural resources, mature real estate market, and transparent capital markets.  The Government of Australia is contemplating tax exemptions for sovereign wealth funds that possess passive investments in Australian assets.

Most nations agree that passive governmental investment is a plus for the economy.  When sovereign investors engage in commercial activity, most of the time, they lose their exemption with that source of income.  Other Western nations have already adopted exemptions for sovereign investors.  Tax exemption laws for sovereign wealth funds (foreign governmental investors) vary by country.  In the United Kingdom, foreign governments have sovereign immunity from UK tax, except in the case of commercial income.  [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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