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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

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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