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Penn West Energy Trust and China Investment Corporation Announce Strategic Partnership

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According to the Press Release, “Penn West Energy Trust (“Penn West”) is pleased to announce it has entered into an agreement (the “Agreement”) with a wholly-owned subsidiary of the China Investment Corporation (“CIC”) to form a joint venture (the “Joint Venture”) that will develop Penn West’s bitumen assets located in the Peace River area of northern Alberta (the “Assets”). CIC has also agreed to purchase trust units (“Units”) of Penn West on a private placement basis (the “Financing”). Strategic Rationale Penn West is committed to an exploration and production strategy which will fully assess and realize the potential of its extensive resource play portfolio.

The Joint Venture is an important element of our strategy as it provides for the development of the Assets from the current resource appraisal phase through to commercial scale development and production. The cash proceeds from the Joint Venture and the Financing provide Penn West with additional financial flexibility to strategically advance the development of its significant ownership of light-oil resources.

Penn West and CIC believe the Assets to be a ‘world-class resource’ and as such view the production and reserves potential of this project to be substantial. CIC’s financial commitment, combined with Penn West’s operational resources, will enable the Joint Venture to complete the resource appraisal of the area and accelerate development.”

Read more: Penn West Energy Trust Press Release

Allianz Joins UK Student Housing Platform

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Since 2010, a rush of foreign capital has been plowed into the U.K. student housing market. On June 22, 2018, Greystar Real Estate Partners, LLC and Public Sector Pension Investment Board (PSP Investments) sold an interest in their joint venture called Chapter to Allianz. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Turkish President Erdogan Wins Re-Election

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Turkish President Recep Tayyip Erdogan won re-election, collecting 53% of the votes, while his closest rival Muharrem Ince generated a vote count of 31% – this is with 99% of the votes counted, according to Turkish state media Anadolu.

Erdogan gave a victory speech in Ankara, commenting, “The winner of this election is each and every individual among my 81 million citizens.”

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Will Sovereign Funds Capture Opportunity in Trump’s Space Force?

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U.S. President Donald Trump is keen on making a mark in the defense industry by launching a Space Force (joining – Army, Navy, Air Force, Marines, Coast Guard) – attempting to ensure American dominance in space. Morgan Stanley eyes a potential windfall, seeing a US$ 1 trillion economy brewing. Morgan Stanley released a note to clients commenting that a Space Force, “could address critical vulnerabilities in national security, raising investor awareness in the formation of what we see as the next trillion-dollar economy.”

Sovereign wealth funds and other asset owners are major financial backers of semiconductors, defense, and companies focused on satellites and rockets. According to SWFI data, since 2014, there has been an increase in direct sovereign wealth fund investment in the aerospace and defense industry. In 2017, sovereign funds directly invested US$ 4.76 billion in aerospace and defense.

On June 18th, President Trump said, “Very importantly, I’m here by directing the Department of Defense and Pentagon to immediately begin the process necessary to establish a space force as the sixth branch of the armed forces. That’s a big statement.”

Sovereign Wealth Investment

From a sovereign wealth fund perspective, many wealth funds are active in investing strategically in the aerospace and defense arena. Mubadala Investment Company has been active in aerospace investments such as Piaggio Aerospace SpA, while SoftBank Group has tremendous exposure to artificial intelligence companies and semiconductors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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