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GLP and CIC Form JV to Acquire Modern Logistics Facilities in Japan

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The press release states, “Global Logistic Properties Limited , the market leader in modern logistics facilities in China and Japan, today announced that GLP and China Investment Corporation, through their respective wholly-owned subsidiaries, have entered into a 50:50 joint venture to acquire 15 modern logistics facilities in Japan from LaSalle Investment Management  for JPY122.6 billion (US$1.6 billion).

A joint venture agreement and purchase and sale agreement were signed on 19 December 2011 by Light Year TMK. The initial equity injected by each party is JPY 21.22 billion (US$272.9 million). GLP will act as the asset manager of the acquired properties. This joint venture is the first collaboration between GLP and CIC.

The portfolio of 15 properties to be acquired will have a Gross Floor Area (“GFA”) of 770,989 sqm with more than 90 per cent of the GFA located within the Greater Tokyo and Osaka areas. The current occupancy of the properties is 98.3 per cent with a weighted average lease expiry of 5.6 years. The portfolio comprises modern facilities with a weighted average building age of only 6.9 years.

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Funding

The joint venture has entered into an agreement with a group of domestic Japanese banks for debt financing of JPY 81 billion (US$1.0 billion). GLP will fund its equity commitment of US$272.9 million from internal capital. No new equity needs to be issued to fund this transaction given GLP has US$1.7 billion of cash on its balance sheet as at September 30, 2011.”

Read more: Press Release

GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

Advisors

Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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