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GIC Joins KKR on Debt Deal for 2 VGN Developments in Chennai

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Sovereign wealth funds are continuing debt opportunities throughout India. Private equity giant KKR and Singapore’s GIC Private Limited together invested Rs 410 crore (US$ 125.107 million) in debt financing in two luxury residential developments in Chennai. The first project called VGN Notting Hill is in Nungambakkam, in the core of the city, developing over 166 apartments. The development overlooks Nungambakkam High Road.

The other project is called VGN Stafford and is in Ambattur, on the western outskirts of Chennai, developing over 1,300 apartments.

The developer on these projects is Chennai-based VGN Property Developers Pvt Ltd.

Property Locations
VGN Notting Hill
123/2, Nungambakkam High Road
Nungambakkam Chennai-34
Nungambakkam, Chennai, Tamil Nadu 600034
India

VGN Stafford
Sudarsanam Street, Thirumalai Vasan Nagar
Tirumullaivoyal, Avadi, Sathyamurthi Nagar
Poompozhil Nagar, Chennai, Tamil Nadu 600062
India

KKR has been active in finding debt opportunities to fund Indian residential properties.

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

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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.

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