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Dutch PGGM Purchases 60% Stake in UPP Group Holdings Ltd.

Dutch pension fund manager PGGM Vermogensbeheer B.V. purchased a 60% stake in UPP (University Partnerships Programme) Group Holdings Ltd. from infrastructure funds managed by Barclays Plc. It is the United Kingdom’s second biggest student housing operator. The deal is valued at around £840 million. PGGM manages six pension funds and is based in city of Zeist in the Netherlands. Current assets under management for PGGM total around €125 billion. PGGM is keen on social infrastructure.

Henk Huizing, PGGM’s Head of Infrastructure, said in the statement, “the inflation-linked, stable cash flows are an excellent match with our clients’ liabilities.”

In 2010, UBS AG was hired by Barclays Infrastructure Funds Management to sell all or a portion of their investment in UPP Group Holdings Ltd.

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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