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GIC Invests in Spanish Real Estate Group Gmp

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A sovereign wealth unit of Singapore’s GIC Private Limited and Spanish real estate group Gmp reached a deal in which the sovereign wealth fund will acquire an approximate 30% stake in Gmp. The GIC is purchasing the stake for more than €200 million. Founded in 1979, Gmp is a large investor in office and business park properties in Madrid and Barcelona. Some of Gmp’s portfolio includes: Génova 27, Hermosilla 3, Castellana 81, Alcalá 16 and business parks such as Parque Norte, Castellana Norte and Iberia Mart. The property-owning developer, at the end of fiscal year 2013, had a gross asset value amounting to €1.213 billion.

According to the press release, Chris Morrish, Regional Head of Europe, GIC Real Estate, “GIC’s investment in Gmp demonstrates our belief in Spain’s office sector and our confidence in the quality of Gmp’s portfolio and management team. As a long-term value investor, this is a good opportunity for GIC to gain access to a large and diversified office portfolio in Madrid and leverage on Gmp’s local expertise to grow our exposure.”

JP Morgan and CB Richard Ellis were advisors on the deal. The legal advisor for Gmp was Garrigues. The legal advisor for GIC was Clifford Chance.

Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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