Friday SWFI News Roundup, July 25, 2014
CWCapital Asset Management’s Massive Sale of Distressed CMBS
According to Trepp, LLC, a provider on CMBS data and analytics, the first 5 months of 2014, 431 commercial mortgage-backed security loans adding to US$ 7.7 billion were liquidated with losses. Nearly 70% of the liquidated losses were between February and March. CWCapital Asset Management’s massive sale of distressed assets through CBRE and auction.com accounted for the majority of the liquidation amount.
APG Appoints Philip Neyt as Senior Advisor
Dutch pension provider APG Groep N.V. has appointed Philip Neyt, the former CEO for the pension fund of Belgian telecommunications company Belgacom, to be a senior advisor on the strategy and policy team. The senior advisor role is a new position.
In a press release, Dick Sluimers, CEO at APG, commented that Neyt’s “broad network will strengthen our stakeholder management in Brussels and abroad.”
CIT Buys OneWest Bank
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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.
Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.
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