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Norway’s SWF Makes First Property Investment in Germany

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Karsten Kallevig - NBIM

The press release states, “the Norwegian Government Pension Fund Global and joint venture partner AXA France Insurance Companies have agreed to buy two buildings in Germany for a total of 784 million euros, or approximately 5.8 billion kroner, from the Royal Bank of Scotland.

The transaction, set to be completed before year-end, gives each partner a 50 percent stake in each building. The properties are located in Berlin and Frankfurt and are used mainly for office and retail purposes. Payment for the properties will be split equally between NBIM and AXA France.

“This marks the fund’s first property investment in Germany,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund. “It is in line with our strategy to build our real estate portfolio by initially investing in large, well-developed markets alongside partners with aligned interests.”

NBIM and AXA France in 2011 formed a joint venture where AXA Real Estate provides asset management services. The partnership’s first investments were in properties in and around Paris. The fund is also invested in real estate in London and Paris through joint ventures with The Crown Estate and Generali Group, as well as the UK shopping centre Meadowhall with British Land.

The building in Berlin is located on the well-known Kurfürstendamm boulevard. It has 72,400 square metres of office and retail space over 16 floors. The second property, located in Frankfurt’s central business district, consists of 81,600 square metres of predominantly office space.”

Read more: Norges Bank Press Release

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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