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CIC Invests in SIIC Environment Holdings Ltd

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The China Investment Corporation (CIC), through their sovereign wealth enterprise Best Investment Corporation, is subscribing shares in the placement of new shares by water treatment/management company SIIC Environment Holdings Ltd.

On October 14, SIIC Environment Holdings, a subsidiary of Shanghai Industrial Holding Ltd. (SIHL), announced the placement of 3.1 billion new shares. The shares were priced at S$ .085 (US$ .068) helping the company raise a total of S$ 263.5 million (US$ 211.4 million) for “business expansion” and to “enlarge” its “working capital.”

The list of subscribers include the following: Triumph Power Ltd. (1.6 billion shares), BIC (660 million shares), Dalvey Asset Holding Ltd., a subsidiary of RRJ Capital (450 million shares), CCBI Chengtou CleanTech Equity Investment Fund Co. (240 million shares), and Newyard Worldwide Holdings (150 million shares).

TPL, which is also an SIHL subsidiary, “has an option under the subscription agreement to allocate 350 million shares, at the same issue price, for subscription by China Energy Conservation & Environmental Protection.”

Deputy CEO of SIHL Zhou Jun sees the placements as “a vote of confidence” in the business fundamentals from the institutional investor community. He continued by saying that the injection of capital would help SIHL and SIIC Environment Holdings scale their business and “invest in more water and environment issues in China.”

Shaktikanta Das Named as New CB Governor for India

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The Indian government named Shaktikanta Das as the new Governor of the Reserve Bank of India. He will be the 25th governor to lead the central bank. Das is India’s former economic affairs secretary who stepped down in May 2017.

Das replaces Urjit Patel, who stepped down as central bank governor for “personal reasons.”

Urjit Patel had been arguing with India’s finance ministry on matters such as easing lending policies versus what the appropriate size of foreign reserves should be.

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UBS and APG Form Japanese Residential Property Venture

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Long horizon institutional investors are keen on taking advantage of appealing underlying fundamentals in select Japanese residential submarkets that have experienced population growth versus rural areas. The housing market in Tokyo has decoupled from the rest of Japan due to attractive demographics and low interest rates. Real estate valuations for Japanese housing in Tokyo is still at a distance relative to the very-much inflated market of the late 1980s. UBS Asset Management Real Estate & Private Markets business and APG Asset Management, which oversees the assets of Stichting Pensioenfonds ABP, formed a new property joint venture to invest in residential properties in Japan. UBS Asset Management will manage the fund and partnership, while APG will play a strategic role. APG will contribute US$ 175 million into the venture.

This platform will pursue a build-to-core investment strategy with some allocation to the reconfiguration of income-producing operating assets in cities such as Tokyo and Osaka.

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GIC Sells 2 Chifley Square to Charter Hall

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Singapore’s GIC Private Limited sold a 100% ownership stake in a large building in Sydney, 2 Chifley Square, for A$ 98.5 million to the Charter Hall Prime Office Fund, a wholesale real estate fund. Charter Hall Group owned the building next to Chifley, the Gresham building at 167 Macquarie Street.

Advisors for the transaction are Colliers International and KPMG Real Estate Advisory.

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