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CPPIB Purchases a 50% Interest in Grade A Office Development in Seoul

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According to the press release, “Canada Pension Plan Investment Board (CPPIB) announced today that it has acquired a 50% interest in the Samsung SRA Private Real Estate Investment Trust No. 4, a single asset fund which owns a high-quality Grade A office development property in Seoul, South Korea. CPPIB’s equity commitment for its interest will be KRW 126 billion (C$118.6 million).

Located at 7-13 Sincheon-Dong in Jamsil, a growing sub-market near the Gangnam Business District in Seoul, the development property is 100% pre-leased by Samsung SDS, South Korea’s largest IT services company. The property will serve as Samsung SDS’ headquarters and completion is scheduled for May 2014.

‘This transaction represents our first real estate investment in South Korea and is an excellent opportunity to invest in a high-quality, newly-constructed building in an increasingly popular office sub-market with a blue chip tenant,’ said Graeme Eadie, Senior Vice-President and Head of Real Estate Investments, CPPIB. ‘We are pleased to complete our first investment alongside the Samsung Group and look forward to the property’s completion.’

When completed, the office property will comprise 30 floors with a gross leasable area of approximately 1.1 million square feet, including underground parking.

‘We see this investment as an attractive entry point into the Korean market,’ said Mr. Eadie. ‘As Asia’s fourth largest economy, South Korea is a key market with stable long-term growth prospects.’”

Read more: CPPIB Press Release

Public Asset Owners Feel Pressure on PetSmart

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Paying big fees compared to traditional equity strategies, sovereign funds and pensions have allocated mounds of capital to private equity firms on buying out North American big-box retail businesses. Many of these private equity firms and advisory firms have also offered “co-investment” opportunities in these retail acquisitions as well. Private equity firms had loaded retailers such as Toys “R” Us and Sports Authority with excessive debt. Sports Authority shuttered in 2016.

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Mubadala Sells Stake in Local Ports Operator

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Abu Dhabi-based Mubadala Investment Company and its emerging markets infrastructure arm, Mubadala Infrastructure Partners, are parting ways with Abu Dhabi Terminals (ADT), selling their 50% combined stake in the hometown shipping operator to remaining shareholder Abu Dhabi Ports (ADP) for an undisclosed amount. Khaled Al Qubaisi – Chief Executive of aerospace, renewables, and information technology at Mubadala – expressed in a statement his confidence in ADT’s future success as a key player in the local economy.

Established by government decree in 2006 alongside its new owner as part of Abu Dhabi’s Vision 2030 plan for economic development, ADT primarily operates the semi-automated Khalifa Port Container Terminal under a 30-year concession it secured in 2012 from ADP, which is mandated to develop and manage all 11 commercial ports in the emirate and hosts some 25,000 vessels every hour.

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SWFI First Read, April 26, 2018

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Former Obama Cabinet Officials to Advise TPG Rise Fund

Former U.S. Secretary of State John Kerry was named a senior advisor for TPG’s Rise Fund. Kerry’s role will be to help find investments for the fund and advised in areas such as renewable energy. Another Obama administration veteran, former U.S. Secretary of Education Arne Duncan, is also an advisor to the Rise Fund.

Jobless Claims in U.S. Drop to the Lowest Level in 48 Years

According to the U.S. Department of Labor, the rate of layoffs in the country fell in late April to the lowest level since 1969.

ECB Holds Rates Steady

The European Central Bank (ECB) kept interest rates unchanged on April 26, 2018.

Singulato Motors Raises Series C Round

Singulato Motors raised US$ 474 million in a Series C round from a number of investors. Some current backers include TaoYun Beijing Investment Fund, GX Capital and Qihoo 360. Singulato Motors is a Chinese electric vehicle startup.

Thae Khwarg Nears CIO Role at Korea National Pension Service

Thae Khwarg appears to be the top contender for the Chief Investment Officer role at Korea’s National Pension Service. Khwarg is the former head of Baring Asset Management Korea, which is formerly known as SEI Asset Korea. Khwarg was selected by NPS’ chairman for the role and is awaiting approval from South Korea’s Minister of Health and Welfare.

Al Hilal Bank Uncovers Internal Fraud

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