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CPPIB Agrees to 45% JV Interest with Westfield in Mall Portfolio

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The press release states, “The Canada Pension Plan Investment Board (CPPIB) announced today an agreement to form a joint venture with the Westfield Group. The joint venture will consist of interests in 10 regional malls and two redevelopment sites located in the United States. The properties are currently owned and managed by Westfield and have a total gross value of US$4.8 billion. CPPIB’s equity investment will be US$1.8 billion representing a 45% interest in the joint venture. The transaction is expected to close during the first quarter of 2012.

Graeme Eadie, Senior Vice-President, Real Estate Investments, CPPIB, said: “This is an excellent opportunity to acquire a significant interest in a portfolio comprising high quality regional shopping centres that are well positioned for long term growth. This acquisition represents our largest real estate investment to date globally and supports our retail real estate strategy of investing in dominant regional malls with best in class operators. We are pleased to partner once again with Westfield, a longstanding partner with deep expertise in both the U.S. and global retail sector.”

Westfield Group co-Chief Executive Officer Peter Lowy, said: “This new agreement continues the Group’s strategy of creating value through the introduction of joint venture partners into our assets globally. We are pleased to further expand our long term relationship with CPPIB through this U.S joint venture.”

Westfield Group will serve as the managing general partner for the joint venture and will remain as the property manager, leasing agent and developer for the properties.

With the completion of this transaction, CPPIB will become one of the largest institutional owners of regional shopping centres in the U.S. with interests in a total of 26 malls located in major urban markets. As at December 31, 2011, CPPIB’s real estate investments totaled $14.4 billion representing 9.5% of the CPP Fund.”

Read more: CPPIB Press Release

Central Huijin Unit Eyes J&J Diabetes Business

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Sovereign wealth funds have increased their appetite for healthcare-related investments, according to a recent report issued by SWFI research. Johnson & Johnson (J&J), for a while, have been contemplating on possibly selling its diabetes care businesses. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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