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CalPERS Commits $530 Million to Asia Real Estate Funds

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According to the press release, “The California Public Employees’ Retirement System (CalPERS) today announced a $530 million investment commitment to two new real estate funds that will target investments in China.

CalPERS will invest $480 million to the ARA Long Term Hold Fund sponsored by ARA Asset Management, a member of the Cheung Kong Group. The pension fund will also invest $50 million in ARA’s Dragon Fund II. CalPERS previously invested $500 million to ARA Dragon Fund I in 2007.

“Income growth and urbanization remain the key themes for growth in China,” said Joe Dear, CalPERS Chief Investment Officer. “China’s office and retail sectors offer stable rental income and potential for capital value growth.”

ARA’s Long Term Hold Fund will target investments in high quality office buildings in central business districts and retail malls in well-located, densely populated suburbs in the first and second tier cities in China and Hong Kong. The Dragon Fund will primarily focus on retail, office and residential property investment in key cities of China, Singapore Hong Kong, and Malaysia.

“ARA is a disciplined investor with a strong bench of senior executives and capabilities in many aspects of real estate operations in Asia,” said Ted Eliopoulos, Senior Investment Officer for CalPERS real estate program. “The team has performed well for our fund over the years.”

CalPERS first investment in ARA’s Dragon Fund earned the pension fund a 19.2 percent return for the one year period ended March 31, 2012, and an annual 8.4 percent return over the last three years through March 31, 2012.”

Read more: CalPERS Press Release

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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Korea NPS Co-Invested in Delaware Basin Assets with Morgan Stanley

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The Delaware Basin is a geologic depositional and structural basin in West Texas and southern New Mexico. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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