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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

Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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