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Friday SWFI News Roundup, August 1, 2014

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NBIM Buys Le Madeleine from BlackRock Fund

Norges Bank Investment Management (NBIM) has bought a 100% interest in Le Madeleine. Le Madeleine is a 31,500 square meter mixed-use property on Boulevard de la Madeleine in Paris. The deal was signed on May 22, 2014 and closed on July 31, 2014. NBIM paid €425.6 million euro, with zero debt financing. BlackRock Europe Property Fund III, a closed-end fund, sold the property. AXA Real Estate will be the manager of the property.

Going East: SOFAZ Seeks Diversification

The State Oil Fund of Azerbaijan (SOFAZ) has requested approval from the People’s Bank of China to have access to indirect renminbi investments in mainland China. SOFAZ has taken steps to diversify its portfolio, including investing in overseas real estate, allocating to gold and investing in China. Gradually, SOFAZ wants to move capital toward Chinese government debt securities.

Temasek-Backed Firms Consider U.S. IPOs

Reebonz Pte, an online retailer of affordable luxury goods, is seeking to go public and list on NASDAQ. Razer Inc, a company that develops computer hardware for video game fans, is planning to go public and is working with Credit Suisse. Both firms are backed by Singapore’s Temasek Holdings.

Societe Generale SA Postpones Islamic Bond Offering

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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