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Dubai World Welcomes MGM’s $200M CityCenter Project Payment

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Dubai World Sunday welcomed a last-minute $200 million payment by MGM Mirage (MGM) for the CityCenter project in Las Vegas as a “sign of good faith”, but warned it was a temporary solution to the liquidity problems the casino operator is facing. MGM Mirage made a $200 million payment due Friday to its City Center project, including the $100 million owed by Dubai World, to keep the massive resort and casino project from halting construction and potentially falling into bankruptcy.

“Dubai World appreciates the support of MGM Mirage’s bank group and the CityCenter joint venture’s bank group in providing a waiver to its client that allows this payment,” the investment company, which is owned by the emirate’s government, said in an emailed statement. “It is as an acceptable, albeit temporary, solution to the liquidity issues that MGM Mirage is facing, which are at the heart of the lawsuit filed in Delaware earlier this week,” it said.

Last week, Infinity World – a subsidiary of Dubai World – sued MGM, alleging that the troubled casino operator breached the terms of their venture. MGM has said the suit is “completely without merit.” Dubai World has blamed MGM for massive cost overruns on City Center. Earlier this month, MGM reported it swung to a fourth-quarter net loss on a $1.2 billion write-down, and the company said it saw weakness in gaming and the economy in general in the first quarter.

read more: WSJ

JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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Ireland Strategic Investment Fund Involved in Urbeo Platform

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Dublin-based Urbeo Residential was founded in 20217 by Bill Nowlan, the founder of Hibernia REIT. Starwood Capital Group is an investment firm headquartered in Greenwich, Connecticut. Starwood Capital formed a €1 billion Irish build-to-rent (BTR) platform with Urbeo Residential and the Ireland Strategic Investment Fund (ISIF). Starwood Capital is investing capital, through Starwood Global Opportunity Fund XI, into Urbeo – the name of the BTR platform. This platform will acquire rental units in Dublin and other major Irish cities.

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

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