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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

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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