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CPPIB Extends Activities with Longfor to Boost China RE Projects

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Canada Pension Plan Investment Board (CPPIB) and Longfor Properties Company Limited (Longfor) revealed plans to extend their cooperative investments to include two new mixed-use real estate development projects in Chengdu and Shanghai in China, for a total CPPIB commitment of approximately 4,200 million RMB (C$ 800 million).

CPPIB is keen on expanding its exposure in the Chinese real estate sector, specifically in the fast-growing retail sector. CPPIB worked with Longfor on projects such as Suzhou Times Paradise Walk and Chongqing West Paradise Walk.

Two Site

Project 1: Mixed-Use Development in east part of Chengdu
1. Approximately 740,000 square meters for residential and commercial use.
2. The site will include a Paradise Walk shopping mall of approximately 140,000 square meters.

Project 2: Shanghai site in the South Minhang area
1. Approximately 340,000 square meters comprised of retail and commercial components and is ideally located in terms of transport links and its proximity to two universities, as well as the Zizhu technology hub.
2.The site will include a Paradise Walk shopping mall.

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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