Connect with us

GIC Invests in Spanish Real Estate Group Gmp

Published

on

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.

SWFI First Read, June 22, 2018

Published

on

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

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

DOL Fiduciary Role is Struck Down by Fifth Circuit Court of Appeals

Published

on

The U.S. Court of Appeal, Fifth Circuit, confirmed a March 15th decision to strike down the U.S. Department of Labor’s (DOL) fiduciary rule. The fiduciary rule is a series of seven different rules that broadly interpret the term “investment advice fiduciary” and redefine exemptions to provisions concerning fiduciaries that appear in the Employee Retirement Income Security Act of 1974 (ERISA). The 5th U.S. Circuit Court of Appeals overturned a decision by a Dallas federal court that had upheld the DOL fiduciary rule.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Supreme Court Ruling on Online Shoppers Sales Tax Could Impact SWF Investing

Published

on

In a 5-4 ruling, the U.S. Supreme Court ruled that U.S. states could mandate online shoppers to pay sales tax when they make online purchases. This new ruling overturns a ruling from 1992.

Sovereign wealth funds directly invested at least US$ 9 billion in internet-related retail businesses from January 1, 2015 to March 31, 2018, according to SWFI transaction data. This is not counting fund commitments or funds invested. Sovereign funds have been plowing capital into online mega giants such as Amazon and Expedia, while spending big on e-commerce startups in the United States.

“Each year the physical presence rule becomes further removed from economic reality and results in significant revenue losses to the States. These critiques underscore that the physical presence rule, both as first formulated and as applied today, is an incorrect interpretation of the Commerce Clause,” Justice Anthony Kennedy penned in an opinion joined by Justices Clarence Thomas, Samuel Alito, Ruth Bader Ginsburg, and Neil Gorsuch.

“Retailers have been waiting for this day for more than two decades,” the National Retail Federation said in a statement.

Already a number of U.S. states enacted laws mandating online marketplaces to collect sales taxes on behalf of third-party sellers.

The case is South Dakota v. Wayfair, 17-494.

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.