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Mubadala and Trafigura Win Sudeste Port Sale

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sunThe Eike Batista saga continues. Abu Dhabi-based Mubadala Development Co. invested in Batista’s commodity empire. The Gulf sovereign wealth fund has partnered with Amsterdam-based commodities trader Trafigura Beheer BV to buy a majority stake in a company that owns a major Brazilian iron-ore port. The two investors won over Glencore Xstrata Plc in the port deal. In August 2013, Brazilian steel producer Gerdau S.A. stated they were not interested in the Sudeste Superport.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

UBS and APG Form Japanese Residential Property Venture

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Long horizon institutional investors are keen on taking advantage of appealing underlying fundamentals in select Japanese residential submarkets that have experienced population growth versus rural areas. The housing market in Tokyo has decoupled from the rest of Japan due to attractive demographics and low interest rates. Real estate valuations for Japanese housing in Tokyo is still at a distance relative to the very-much inflated market of the late 1980s. UBS Asset Management Real Estate & Private Markets business and APG Asset Management, which oversees the assets of Stichting Pensioenfonds ABP, formed a new property joint venture to invest in residential properties in Japan. UBS Asset Management will manage the fund and partnership, while APG will play a strategic role. APG will contribute US$ 175 million into the venture.

This platform will pursue a build-to-core investment strategy with some allocation to the reconfiguration of income-producing operating assets in cities such as Tokyo and Osaka.

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GIC Sells 2 Chifley Square to Charter Hall

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Singapore’s GIC Private Limited sold a 100% ownership stake in a large building in Sydney, 2 Chifley Square, for A$ 98.5 million to the Charter Hall Prime Office Fund, a wholesale real estate fund. Charter Hall Group owned the building next to Chifley, the Gresham building at 167 Macquarie Street.

Advisors for the transaction are Colliers International and KPMG Real Estate Advisory.

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CPPIB and Ares-Owned Neiman Marcus Faces Lawsuit from Marble Ridge Capital

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The storied Neiman Marcus Group is a highly-leveraged luxury retailer as the result of two leveraged buyouts (LBO). After its second LBO, Neiman Marcus was stuck with US$ 4.91 billion in funded debt. Neiman Marcus’ profits are in sharp decline starting from 2015. Neiman Marcus is facing short term debt maturities.

Hedge fund Marble Ridge Capital LP, a New York-based firm, is suing Neiman Marcus Group, Inc., and the investors behind it in Dallas County, Texas. Marble Ridge Capital claims the parent company of Neiman Marcus defrauded creditors of Neiman Marcus by transferring assets worth approximately US$ 1 billion of value to the parent company for no consideration. Maple Ridge Capital claims the scheme was perpetrated for the benefit of the indirect beneficial owners of the company – Ares Management, L.P. and the Canada Pension Plan Investment Board (CPPIB), according to the lawsuit. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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