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China Investment Corp Converts Bonds in Uralkali

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The Chinese Investment Corporation (CIC), through its wholly-owned subsidiary Chengdong Investment Corporation, converted its bonds in Uralkali, one of the world’s largest potash producer, to a 12.5% equity stake.

The news comes in the form of a press release issued by Uralkali on September 24th, 2013. According to the statement, the massive institutional investor converted exchangeable bonds it had purchased in November of 2012 into ordinary shares in the potash producer. The Sovereign Wealth Fund Institute posted an article back in November 2012 detailing the CIC’s initial investment.

The bonds were issued by Wadge Holdings Limited and Fenguard Limited, special purpose vehicles owned by key shareholders in Uralkali.

Roughly 90% of potash is used as a soil fertilizer. It is estimated that China imports roughly 20% of its potash for use on its crops. In recent years, potash exports have slowed due to the economic recession, and stockpiles have remained heightened. Forecasts estimate potash prices at US$ 300 per tonne before the end of the year, a steep drop off from the US$ 900 per tonne, just before the financial crises.

CalPERS Commits $5 Billion Toward US Enhanced Equity Strategy

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The California Public Employees’ Retirement System (CalPERS) moved US$ 5 billion toward an internally-managed U.S. enhanced equity strategy. This falls under the global equity bucket at CalPERS.

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Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

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Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway SWF Adds to Existing Investment in Central London

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On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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