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CPPIB Indian Property Venture Acquires SP Infocity IT Park

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Canada Pension Plan Investment Board (CPPIB) and Mumbai-based Shapoorji Pallonji Group, through their joint investment unit SPREP Pte Ltd. (CPPIB owns 80% of the unit), is making its first investment acquiring 100% of the securities of Faery Estates Private Limited. India-based Faery Estates owns, operates and manages SP Infocity IT Park in Chennai, India. The property is on Old Mahabalipuram Road and has nearly 2.7 million square feet of operational space. Some key tenants are Amazon, Ford, Siemens, HSBC, AT&T, Hapag Lloyd and Citibank. The property is managed by CBRE.

The property has been valued at approximately US$ 220 million. Canadian pensions are building relationships with local Indian real estate experts, sourcing out long-term property investments.

“SP Infocity IT Park is a high-quality property and is an excellent first acquisition for SPREP,” said Andrea Orlandi, Managing Director, Real Estate Investments, CPPIB in a press release.

In January 2015, U.S.-based New Vernon Capital bought out Shapoorji Pallonji’s 51% stake in SP Infocity. The deal gave New Vernon Capital 100% of the property post-transaction.

Follow the Money – Episode 48

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This long-form podcast was recorded on December 11, 2018. Michael Maduell dissects the latest geopolitical trends that can impact institutional investors such as pensions, sovereign wealth funds, and endowments. Maduell lends his opinion on the lawsuit of Neiman Marcus and bumps in the road for augmented reality.

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CONTENTS
1:15 Huawei, Canada, Brexit, and Macron Headache
6:30 Sovereign Wealth Fund Asset Allocation
9:58 India Gets a New Central Bank Governor
13:26 Pensions Go Bust on U.S. Retailers
17:04 Augmented Reality and Sovereign Funds
22:00 Former CalPERS CIO Goes to Morgan Stanley Investment Management
24:30 Oman Investment Fund Goes on Defense in Public Markets
25:00 Japanese Scandals and Opportunities

EPISODE 48

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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Danica Pensions Sells Danica Pension Sweden

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Danica Pension sold Danske Pension Försikringsaktiebolag (publ) (also known as Danica Pension Sweden) to a group of investors for around 2.6 billion SEK. Danica Pension is part of Danske Bank A/S. Of the total amount, 2.3 billion SEK is being paid in cash, while the rest is in the form of a debt instrument from Danica Pension.

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Stephen Gilmore Named CIO of New Zealand Superannuation Fund

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The Guardians of New Zealand Superannuation appointed Stephen Gilmore as chief investment officer. Previously, Gilmore was Chief Investment Strategist at Australia’s Future Fund – holding a series of positions between 2009 and 2018. In a press release, NZSF CEO Matt Whineray said, “We are delighted to have been able to attract a global investment leader of Stephen’s calibre to the Guardians. The NZ Super Fund is expected to grow strongly over the next few years and Stephen’s experience at the Future Fund, one of the world’s leading sovereign wealth funds, will be invaluable.”

Gilmore’s appointment is effective late February 2019.

Gilmore also had roles at Morgan Stanley, Banque AIG, the International Monetary Fund (IMF), and Chase Manhattan Bank.

Image photo is provided courtesy of the New Zealand Superannuation Fund.

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