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CPPIB Makes Greater Inroads in Spanish Shopping Centers

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Intu Properties plc and Canada Pension Plan Investment Board (CPPIB), through its wholly-owned subsidiary, CPP Investment Board Europe S.à r.l. – are forming a joint venture to jointly own Puerto Venecia shopping centre in Zaragoza, Spain. The new JV is similar to an existing partnership Intu and CPPIB have in Spain through the Parque Principado shopping centre in Oviedo. The Oviedo shopping centre asset moved up nearly 30% in value since the end of 2014. CPPIB will acquire a 50% interest in Puerto Venecia shopping centre, valuing its stake at €225.4 million. The closing of the transaction is subject to certain completion conditions including regulatory approvals.

In January 2015, Intu purchased Puerto Venecia for €451 million from Orion Capital Partners. Intu was looking to bring in an investment partner to partially own the property.

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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