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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.

CalPERS Names Yu Ben Meng as Chief Investment Officer

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The California Public Employees’ Retirement System (CalPERS) announced that Yu Ben Meng has been selected as the pension fund’s new chief investment officer (CIO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ontario Nonprofit Network Awards Mandate to OPTrust

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The Ontario Nonprofit Network (ONN), a nonprofit network for the 58,000 nonprofits in Ontario, selected OPTrust to manage defined benefit assets. ONN selected OPTrust Select, the new defined benefit solution from OPTrust. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Wants More of Ola, Careem Acquires Commut

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ANI Technologies, which owns ride-hailing app Ola, is in key talks with Temasek Holdings and South Africa-based Naspers LLC on raising capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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