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Pension and SWF Money Fund Greystar Acquisition of Monogram Residential Trust

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Greystar Growth and Income Fund, LP, a newly formed perpetual life fund, overseen by Greystar Real Estate Partners is buying out Plano, Texas-based Monogram Residential Trust, Inc., an owner, operator and developer of luxury apartment communities. The founding capital partners of Greystar Growth and Income Fund include affiliates of APG Asset Management N.V., GIC Private Limited, and Ivanhoé Cambridge (the real estate arm of CDPQ). The transaction is being valued at approximately US$ 3.0 billion, including debt to be assumed or refinanced. Essentially this REIT is becoming the seed portfolio for the Greystar Growth and Income Fund. With a focus on core coastal markets, as of March 31, 2017, Monogram’s portfolio includes investments in 49 multifamily communities in 10 states comprising 13,674 apartment homes. Some notable portfolio properties include: Nouvelle (Tysons Corner, VA), Zinc (Cambridge, MA), and The Alexas (Dallas, TX).

New York-based Snow Park Capital Partners LP, an activist investor, had pushed the Monogram Residential Trust to explore a sale.

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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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