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Friday SWFI News Roundup, July 1, 2016

Indiana Public Retirement System Selects BlackRock for Industrial REIT Mandate

The Indiana Public Retirement System (IPRS) selected BlackRock for a US$ 100 million passive investment mandate to invest in industrial real estate investment trusts (REIT). BlackRock will be using the FTSE NAREIT Custom Industrial 25% Capped Index as a benchmark.

JPMorgan and Lone Star Funds Acquire Propertize BV

A joint venture between JPMorgan Chase & Co. and Lone Star Funds agreed to acquire a Dutch bad bank called Propertize BV for €895 million. The Dutch government decided to privatize Propertize in 2015. Propertize was originally SNS Reaal NV which became nationalized in 2013. Other bidders include a joint venture between Goldman Sachs and Cerberus Capital Management LP.

AP3 Invests in Swedish RE Portfolio with Fastighets AB Balder

Sweden’s AP3, also known as Tredje AP-fonden, and Fastighets AB Balder, a listed real estate company, have purchased a portfolio of 21 residential properties in Sweden from Aberdeen Asset Management for 2 billion SEK (€213 million). The massive 71,000 square meter portfolio has around 1200 apartments in Stockholm and Öresund. ”This portfolio fits very well into our long term investment in housing, together with the Third Swedish National Pension Fund,” commented Erik Selin CEO at Balder in a press release.

GIC, CPPIB, Scion JV Land $672 Million Fannie Mae Loan

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Concerns Raised at Potential BlackRock Takeover of CalPERS’ Private Equity

The California Public Employees’ Retirement System (CalPERS) has been analyzing options on what to do with its massive US$ 26 billion private equity program. The pension system has embraced the mantra of reducing cost, reducing complexity and reducing risk, the hallmark of its program called “INVO 2020”. CalPERS also wants less, but more strategic relationships with external money managers. At one point, CalPERS was contemplating increasing its direct investment staff to model Canadian pension funds such as Canada Pension Plan Investment Board (CPPIB), OMERS and the Ontario Teachers’ Pension plan. The pendulum has begun to swing the other way as reported earlier by SWFI research staff.

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CDP Signs €1.7 Billion Infrastructure Loan Agreement with Atlantia Group

Cassa depositi e prestiti S.p.A. (CDP) and Atlantia Group’s Autostrade per l’Italia (ASPI) have signed a €1.7 billion loan contract dedicated to upgrading motorways in Italy under concession to ASPI. €1.1 billion will come in the form of a term loan with a 10-year tenure, with the remaining €600 million wrapped up in a five-year revolving loan.

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Sovereign Funds Commit to Integrating Climate-Related Risks at One Planet Summit

Representatives from a number of sovereign wealth funds who collectively govern over US$ 2 trillion in assets came together at the One Planet Summit at the Élysée Palace in Paris in order to discuss what public asset owners can do to incorporate climate change-related risks and opportunities into investment considerations.

The newly formed committee – called the One Planet Sovereign Wealth Fund Working Group – includes as its founding members the Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Qatar Investment Authority (QIA), Norges Bank Investment Management (manager of Norway’s Government Pension Fund Global), Saudi Arabia’s Public Investment Fund (PIF), and the New Zealand Superannuation Fund.

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