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Blackstone and CDPQ Set to Acquire Stuyvesant Town Complex

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UPDATE on January 20, 2016: It is revealed that the State of Wisconsin Investment Board (SWIB) took a 10% stake in Stuyvesant Town and Peter Cooper Village. SWIB co-invested US$ 300 million alongside the Blackstone Group and Ivanhoé Cambridge.

Is residential real estate in Manhattan at a peak? Private equity giant Blackstone Group, through core real estate fund Blackstone Property Partners, and Ivanhoé Cambridge, the real estate unit of Caisse de dépôt et placement du Québec (CDPQ) are set to acquire Stuyvesant Town and Peter Cooper Village, a landmark redbrick complex of 11,241 apartments located on Manhattan’s east side. Stuyvesant Town and Peter Cooper Village, nicknamed Stuy Town, was built for World War II veterans, being developed by insurance giant MetLife in the 1940s with help from the city government. Over decades, the rent-controlled units were eventually converted to luxury rentals. The deal is expected to close by the end of December 2015, Blackstone and Ivanhoé Cambridge will assume ownership and management of Stuyvesant Town and Peter Cooper Village at that time.

Getting Burned

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SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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