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Friday SWFI News Roundup, May 1, 2015

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Abu Dhabi Investment Council Decreases Ownership in Canadian Retailer

Abu Dhabi Investment Council (ADIC), through its sovereign wealth enterprise Hanover Investments (Luxembourg) S.A., sold off shares of Hudson’s Bay Company at a price of $27.25 per common share. This is approximately 5.8% of the outstanding common shares on a non-diluted basis pursuant to a secondary offering. This deal happened on April 28, 2015. Following the offering, ADIC owns approximately 14.8% of the outstanding common shares on a non-diluted basis in Hudson’s Bay Company. ADIA and Ontario Teachers’ Pension Plan (OTPP) took in US$ 363.5 million from the secondary sale.

Singapore’s GIC Gets RQFII Quota

China’s foreign currency regulator, the State Administration of Foreign Exchange (SAFE), granted Singapore’s GIC a 5 billion yuan (US$ 800 million) quota. Vanguard’s Australian investment arm was granted a 10 billion yuan quota. In total, SAFE granted 30 billion yuan of investment quota to 11 funds through its Renminbi Qualified Foreign Institutional Investor (RQFII) program.

Temasek Looks Into Solusi Tunas Pratama

Singapore’s Temasek Holdings is rumored to be investing in a secondary share issue of PT Solusi Tunas Pratama. Solusi is a listed telecommunications tower operator partly owned by private equity firm Carlyle Group.

CPPIB and GIC in Talks for 02 and Three Holding Company Deal

The Canada Pension Plan Investment Board (CPPIB) and Singapore’s GIC Private Limited, which are in the 2014 top 10 of being the most active direct public investors according to the Sovereign Wealth Fund Transaction Database, are nearing a deal to buy a minority stake in a holding company that owns O2 and Three. In March, Li Ka-shing’s Hutchison Whampoa bought Spain-based Telefonica SA’s O2 unit for £10.25 billion – an initial sum of £9.25 billion in cash. The rest is to be paid contingent on set financial targets.

ADIA and Others Sue Norway Over Gassled Tariff Issues

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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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.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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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. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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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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