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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

Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway’s GPFG Banned from Investing in 9 Companies Over Nuclear Weapons

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The recent false alarm caused by a state employee in Hawaii (who was not terminated and reassigned to a new position), triggering the Emergency Alert System message at 8:07 a.m. caused pandemonium in the state. After decades of failure in diplomacy between the United States and North Korea, the threat of a nuclear missile attack has grown since. The states of Alaska and Hawaii are the closest states to North Korea.

Besides the recent news in the world of nuclear missiles, Norges Bank oversees the management of the country’s sovereign wealth fund. The central bank has moved to ban nine companies from the Government Pension Fund Global. In addition, one company has been placed under observation. The Executive Board of Norges Bank’s decisions on exclusion were made on the basis of recommendations from the Council on Ethics. However, before moving to exclude a company, the central bank may consider other options, such as the exercise of ownership rights. In these instances of companies, the board determined that it was appropriate to use other measures in these cases.

The Council on Ethics’ recommendations to exclude:
Risk of severe environmental damage and serious or systematic violations of human rights
Evergreen Marine Corporation (Taiwan) Ltd
Korea Line Corporation
Precious Shipping PCL
Thoresen Thai Agencies PCL

Unacceptable risk of serious or systematic violations of human rights
Atal SA

Over involvement in the production of nuclear weapons
AECOM
BAE Systems
Fluor Corporation
Huntington Ingalls Industries Inc
Honeywell International Inc (already previously excluded)

Placed Under Observation
Pan Ocean Co. Ltd

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Sistema to Pledge Assets to Help Fund Settlement

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The Russian Direct Investment Fund (RDIF) is helping a settlement situation between two Russian economic powerhouses. In January 2018, Sistema, under a settlement, is mandated to pay Bashneft oil company, which is owned by energy behemoth Rosneft, 100 billion roubles (US$ 1.8 billion) by March 30, 2018.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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