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GLP To Buy Airport City Development Stake In Cash, Share Deal – Sources

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According to the Wall Street Journal, “Global Logistic Properties Ltd. (MC0.SG), a unit of Singapore’s sovereign wealth fund Government of Singapore Investment Corp. or GIC, is in talks to acquire a majority stake in China’s Airport City Development, Co. Ltd., people familiar with the situation said Tuesday. Airport City Development, which is 40%-owned by Beijing Capital International Airport (0694.HK), is the sole developer of air side cargo handling and bonded warehouse logistic facilities for Beijing Capital International airport.

“A deal is likely to be signed soon and an announcement could come within this week,” one of the person said.

Details of the transaction weren’t immediately available, but another person said that the acquisition could be through a combination of cash and shares. Of the cash component, GLP may pay around S$300 million for the stake.”

Read more: The Wall Street Journal

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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