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GIC Goes Back to School

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Singapore’s sovereign wealth fund, GIC Private Limited and Macquarie Capital have announced a joint venture to take a majority stake in Iglu, a student accommodation owner, developer and operator. This is not the first time the GIC has invested in student housing. In 2005, the sovereign fund established a joint venture with UNITE Capital Cities to invest in student housing in England and Scotland.

After the United States and the United Kingdom, Australia is the #3 most popular foreign student destination.

Iglu, which came into inception in 2010, has a property portfolio value of A$ 150 million (US$ 132 million). Properties include a 98-bed facility near Central Station in Sydney, a 395-bed facility in Chatswood (a Sydney suburb) and a 414-bed facility in Brisbane; the Chatswood property is still in the planning stages.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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