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China Sovereign Fund Unloads Immense Stake in General Growth

retailThe China Investment Corporation (CIC), a long-term institutional investor, captured some gains from the large equity stake it took in General Growth Properties Inc., a position it entered as the second largest U.S. mall owner crept out of bankruptcy.

On November 5, 2013, the CIC made filings with the SEC indicating that it dumped over 27.9 million shares in General Growth Properties as well as all of its 16.7 million warrants. Brookfield Asset Management held the securities in a specially created entity on behalf of Stable Investment Corp. (SIC) and Best Investment Corp. (BIC), two wholly-owned subsidiaries of the China Investment Corporation. On November 1, Brookfield sold 19.5 million shares of the common stock and distributed US$ 584.73 million, 33.5 million shares of General Growth and 1.98 million shares of Rouse Properties Inc. to SIC and BIC.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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