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Oman Investment Fund Signs MoU to Back Antimony Roasting Facility

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On October 9, 2013, London-based Tri-Star Resources signed a non-binding Memorandum of Understanding (MoU) with the Oman Investment Fund and Castell Investments Limited, a subsidiary of Dubai Transport Company, to create a joint venture company to build and operate an antimony roasting facility in Oman. Publicly-traded Tri-Star Resources is an integrated antimony development company.

The joint venture company is to be called Strategic and Precious Metals Processing LLC and will be incorporated in the Sohar Free Trade Zone in Oman. The facility is estimated to cost US$ 60 million. Final binding joint venture agreements are expected to be completed in November 2013.

Under the current MoU, the ownership of the Strategic and Precious Metals Processing LLC will be:

  • 40% – Tri-Star Resources
  • 40% – Oman Investment Fund
  • 20% – Castell Investments Ltd.

Funding for the roasting project will include both debt and equity financing. US$ 30 million in project financing will come from banks. Other amounts include a US$ 10 million mezzanine loan from the Oman Investment Fund with a balance of US$ 20 million in equity being paid in pro rata to their ownership interests.

In 2011, Tri-Star Resources formed a joint venture with the Union International Holdings Group to design and build a 20,000 tonnes per annum antimony facility in the Emirate of Ras Al Khaimah.

Shaktikanta Das Named as New CB Governor for India

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The Indian government named Shaktikanta Das as the new Governor of the Reserve Bank of India. He will be the 25th governor to lead the central bank. Das is India’s former economic affairs secretary who stepped down in May 2017.

Das replaces Urjit Patel, who stepped down as central bank governor for “personal reasons.”

Urjit Patel had been arguing with India’s finance ministry on matters such as easing lending policies versus what the appropriate size of foreign reserves should be.

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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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