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GIC Invests in Spanish Real Estate Group Gmp

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.

Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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