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CBRE Global Buys $1.6 Billion Stake in Japan Portfolio from GLP

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The press release states, “Global Logistic Properties Limited (“GLP”), one of the world’s largest providers of modern logistics facilities, today announced the sale of 16.7% of the total outstanding equity of GLP Japan Logistics Partners (“GLP-JLP”)[Legal entity known as “Light Year One Holdings Ltd.”] to clients of CBRE Global Multi Manager for JPY7.6 billion. CBRE Global Multi Manager is the private equity indirect investment division of CBRE Global Investors, which is one of the largest institutional real estate investment managers in the world.

GLP-JLP was a 50:50 joint venture between GLP and China Investment Corporation (“CIC”). At the time the joint venture was announced, GLP stated its equity exposure to Japan will remain stable or go down over time. Following the transaction announced today, GLP will retain a 33.3% interest in GLP-JLP and CIC will retain 50%. GLP will remain the asset manager of the portfolio with sole responsibility for day-to-day operations.

The portfolio of 15 modern logistics properties has a total Gross Floor Area of 770,989 sqm (8.3 million square feet), more than 90% of which is located within the prime Greater Tokyo and Osaka areas. As of 30 September 2012, the portfolio had a weighted average lease expiry of 5.2 years, and the overall occupancy of the properties was 98.9%. Under GLP’s management, the portfolio has already seen occupancy increase 90 basis points and a 0.9% increase in rent in the eight months since the acquisition.”

Read more: Global Logistic Properties Limited Press Release

NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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