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CPPIB Acquires Stake in Bullring Shopping Centre – UK

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According to the press release, “Canada Pension Plan Investment Board (CPPIB) announced today it has formed a new 50%/50% joint venture with Hammerson to acquire a 33.3% stake in Bullring Shopping Centre for £307 million from the Future Fund.

The ownership of Bullring is now held 50% by Hammerson (this 16.7% isin addition to its 33.3% existing stake), 16.7% by CPPIB and 33.3% by the Henderson Shopping Centre Fund. CPPIB has a small indirect interest in Bullring through its investment in the Henderson Shopping Centre Fund.

‘This transaction provides CPPIB with further scale and opportunity in Bullring and is in line with our U.K.retail strategy of investing in high quality assets in major locations with strong growth potential,’ said Graeme Eadie, Senior Vice-President and Head of Real Estate Investments, CPPIB. ‘We are pleased to expand our relationship with Hammerson, one of Europe’s leading retail property companies, whom we know well having worked together successfully on other investments.’

Located in Birmingham, Bullring is one of the U.K.’s top ten retail destinations with 167 tenants including high-quality fashion and catering brands. Anchored by Selfridges and Debenhams, it is over 99% leased and attracts some 40 million shoppers per year. It continues to attract leading domestic brands, expanding international retailers, and high-end restaurants and cafésto Birmingham. Hammerson will continue to have responsibility for asset management and development for the centre.

‘This is an excellent opportunity to enhance our position in one of the U.K.’s strongest shopping destinations at an attractive entry price,’ said David Atkins, Hammerson Chief Executive. ‘Bullring is an iconic centre which has performed extremely well since opening in 2003, and I am confident in the continued future success of Bullring as consumer demand for venues which offer exceptional experiences continues to rise.'”

Read more: CPPIB Press Release

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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