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China Southern Power Grid to Acquire Stake in Luxembourg Utility Giant

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In a deal valued at US$ 468 million, Ardian announced the sale of its 25.48% stake in European utility giant Encevo S.A. Encevo is now partially in the hands of state-owned China Southern Power Grid Company Limited (CSG), as of July 31, 2018. Ardian is a private investment house with assets of US$ 71 billion managed or advised in Europe, the Americas, and Asia. Ardian invests on behalf of sovereign wealth funds and other third-parties. Guangzhou-based CSG invests in and constructs power networks in several Chinese provinces, as well as Chile, Malaysia, Vietnam, and Laos.

The sale includes Encevo’s two subsidiaries, Creos and Enovos Luxembourg. Creos is responsible for managing electricity and gas grids. Enovos Luxembourg sells energy in Luxembourg and Germany. CSG is currently focusing on promoting green energy, which will have little adverse impact on the environment. Encevo was also investing in renewable energy. As a result, Encevo was especially attractive to CSG.

28% of Encevo is owned by the Luxembourg state, 15.61% of the entity is owned by the City of Luxembourg, while 14.2% is owned by Société Nationale de Crédit et d’Investissement (SNCI). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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