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CalPERS Takes One-Third Ownership Stake in Bentall Kennedy



CalPERSAccording to the press release, “The California Public Employees’ Retirement System (CalPERS) today announced that it has invested approximately $100 million in Bentall Kennedy, becoming a one-third owner in one of North America’s largest real estate investment advisors.

CalPERS acquired the ownership interest in Bentall Kennedy that has been held for the past two decades by Ivanhoe Cambridge, the real estate investment subsidiary of the Caisse de Depot et Placement du Quebec. The remaining two-thirds limited partnership ownership is evenly split between the British Columbia Investment Management Corporation (bcIMC) and Bentall Kennedy’s senior management team.

The investment marks a new strategic move for CalPERS to engage the pension fund and its staff with an experienced real estate investment and management team by taking an ownership interest. It also brings together three like-minded institutions whose cultures are driven by long-term performance, growth and environmental and governance leadership.

“Bentall Kennedy has a track record of fiduciary excellence and is a global leader in environmental, social and governance practices,” said Rob Feckner, President of the CalPERS Board of Administration. “This relationship will allow our real estate team to further expand on trends and opportunities in real estate investment and management.”

“Bentall Kennedy’s North America-wide business platform for real estate investment is a welcome addition to our real estate strategy,” said Henry Jones, Chair of CalPERS Investment Committee. “We have maintained a strong relationship with them over the years and fully support their investment strategy and shared goals of successful and sustainable long-term investment performance.”

Bentall Kennedy has been a real estate partner with CalPERS for more than 15 years through a number of investments.”

Read more: CalPERS Press Release

Trump to Swat Down Petro Cryptocurrency



In a bid to exert economic pressure on the Venezuelan government headed by President Nicolas Maduro, U.S. President Donald Trump issued an order on March 19th that prohibits U.S. citizens from purchasing a cryptocurrency that the Venezuelan government is releasing. The cryptocurrency is called the Petro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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