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In Talks of Privatizing Greek Public Assets to Long-Term Investors

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The government of Greece is planning to privatize assets and allow concessions in order to reduce sovereign debt obligations owed by Greece and create jobs. Foreign investment in real estate development or infrastructure concessions could contribute to Greece’s gross domestic product.

The assets and rights owned by Greece can be summed into three categories

  • Shares (Listed or Unlisted)
  • Rights (Licenses or Concessions)
  • Real Estate Property (Land or Buildings)

Created on July 1, 2011, the Hellenic Republic Asset Development Fund (HRADF) exists to facilitate Greece’s privatization policy and execute transactions.

According to the website, “The Fund is a “societe anonyme”, of which Hellenic Republic is the sole shareholder with a share capital of €30 million. The Fund is not a public entity and is governed by private law. The assets transferred to it by the State do not form part of its share capital.”

The goal is to maximize the proceeds to the country of Greece. Projected proceeds to the HRADF hope to total €50 billion. This is the amount the government of Greece has put on the total market value of commercially exploitable assets. About 70% of the €50 billion is mostly in real estate. The HRADF is targeting long-term active investors with significant risk appetite for the Greece privatization plan. By 2014, the HRADF hopes to sell virtually all Greek corporate and state monopolies, leaving key infrastructure assets under public control. With regards to real estate investments, the HRADF is targeting developers and other institutional real estate investing vehicles.

SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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Mubadala, RCIF and UFC Agree to Form UFC Russia Joint Venture

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Endeavor (formerly WME | IMG) is taking its UFC brand into Russia. Endeavor is financially-backed by investors such as Silver Lake Partners, CPPIB, KKR and Singapore’s GIC Private Limited. The global talent agency company inked a deal with the Russia-China Investment Fund, Mubadala Investment Company (UAE) to form a platform to focus on the development and expansion of UFC’s mixed martial arts (MMA) business in Russia and CIS countries. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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