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CPPIB to Develop Office Towers in Sydney

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According to the press release, “Canada Pension Plan Investment Board (CPPIB) announced today that it has formed a joint venture with Lend Lease Corporation and the Australian Prime Property Fund Commercial (APPFC) to develop and hold two institutional quality, premium grade, energy-efficient waterfront office towers at the Barangaroo South Project in Sydney’s Central Business District (CBD) in Australia.

The joint venture is committing A$2 billion (C$2.08 billion) with CPPIB committing 50% or A$1 billion (C$1.04 billion) of the equity for the project. Lend Lease and APPFC will each commit 25% to the joint venture.

The Barangaroo South Project will be CPPIB’s first direct office investment in Australia and its largest investment in a single real estate asset to date.

“This is an excellent opportunity to invest in a high quality, iconic commercial waterfront real estate development alongside Lend Lease, one of the region’s top developers and APPFC, an aligned, local institutional partner,” said Graeme Eadie, Senior Vice-President, Real Estate Investments for CPPIB. “We will be able to gain a significant exposure in Sydney’s Central Business District through a premium-grade office development offering the tenants highly efficient and environmentally sensitive facilities. This investment supports our real estate strategy to acquire premium, long term assets in key global markets.”

“Lend Lease is delighted to be working in partnership with CPPIB and APPFC and its investors to be delivering Sydney’s most sustainable high rise office towers,” said Steve McCann, Group Chief Executive Officer and Managing Director, Lend Lease. “Barangaroo South demonstrates Lend Lease’s ability to provide access to high quality scarce development opportunities to its institutional investment partners. We thank our investors for their support and funding and look forward to a long and successful relationship on this flagship project.”

The joint venture investment in the Barangaroo South Project, which is part of a major new extension of the Sydney CBD, involves the development of two premium-grade office towers of 41 floors and 38 floors totalling 165,773 square metres (1.78 million square feet). The two towers will offer a retail component comprising 6,840 square metres (73,625 square feet) of retail space. Completion of both towers is expected in 2015. Under certain circumstances, the joint venture may also develop a third tower at Barangaroo South in the future.”

Read more: Press Release

Anne Sheehan to Retire, CalSTRS 1st Corp Gov Director

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Anne Sheehan, the first Corporate Governance Director at California State Teachers’ Retirement System (CalSTRS) and the current one, plans to retire March 30, 2018. Sheehan’s team manages an activist portfolio worth around US$ 4.1 billion, seeking to influence and help turnaround its large portfolio holdings in select public companies. Sheehan was hired back in 2008.

Christopher J. Ailman, CalSTRS’ chief investment officer, said in a organization release, “Anne has been my most unconventional, best hire.”

A replacement search is underway.

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Temasek Rides with Google on Go-Jek

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Singapore’s Temasek Holdings has reportedly joined forces with Google LLC and Chinese on-demand service provider Meituan-Dianping as part of a US$ 1.2 billion fundraising effort for Indonesian ride-hailing startup Go-Jek that has put regional rivals like Uber and Singapore-based Grab on notice.

Screen Shot Go-Jek, January 19, 2018

Although exact figures for individual stakes have so far been kept secret, the new infusion of capital puts Go-Jek, incorporated as PT Aplikasi Karya Anak Bangsa, at a valuation of roughly US$ 4 billion. Samsung Venture Investment Corporation also participated in funding, as well as existing private equity investors KKR & Co. LP and Warburg Pincus LLC.

Google’s direct involvement in Go-Jek’s growth – rather than through its Google Ventures unit – highlights its faith in the latent potential of ride-sharing services – and the tech-enabled consumer services sector as a whole – in Southeast Asia. Home to more than 640 million potential customers, the region was identified as the fastest growing emerging market for e-commerce globally in an industry report published jointly by Google and Temasek last December. According to data compiled by the internet-giant and the Singaporean sovereign wealth fund, ride-sharing in Southeast Asia is expected to grow into a US$ 20.1 billion industry by 2025, compared to US$ 5.1 billion in 2017.

2011 Origin Story

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Temasek Leads Series B Round for Chinese Robo Startup Rokid

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Rokid Corporation Limited, a Chinese robotics startup that specializes in smart devices assisted by artificial intelligence (AI), announced the closing of a Series B extension round through its WeChat account on January 18, 2018. The capital-raising effort was led by Singapore’s Temasek Holdings, with additional contributions from Credit Suisse Group, China Development Bank’s overseas investment arm CDIB Capital International, and existing investor IDG Capital. Although Rokid did not disclose the size or terms of the deal in its announcement, the technology company reportedly secured US$ 100 million in funding.

Founded in 2014 by chief executive Mingming Zhu and chief financial officer Eric Wong, Rokid’s core products consist of its smart speakers, the Rokid Pebble and Alien, as well as the newly debuted Rokid Glass augmented reality spectacles. The company’s most exciting offering, however, is its Full Stack Open Platform, a collaborative effort made in partnership with Alibaba that gives third-party developers backdoor access Rokid’s software suite and hardware integration and will – it hopes – help give its offerings the accessibility and recognition they need to thrive outside its home market of China.

Rokid is particularly keen on bringing its products to the U.S., where it believes it can challenge Google and Amazon’s dominance in the smart home arena. Amazon makes the Amazon Echo, while Google has Google Home.

The Series B

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