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Pimco Keen on Ireland’s NAMA Real Estate Loan Assets

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Laurent Luccioni, PIMCO, executive vice president and head of commercial real estate investments, Europe

Ireland’s National Asset Management Agency (NAMA) owns a portfolio real estate loans that were originated by Dublin-based banks. California-based asset manager Pimco is seeking to purchase NAMA’s €4 billion loan portfolio in Northern Ireland. The portfolio could be worth approximately €1 billion if it were put on the open market. Part of the loan portfolio includes undeveloped land which negatively affects the face value of the portfolio.

Pimco with nearly $2 trillion in assets under management has approached Irish policymakers in late 2013 about their intentions to acquire the massive loan portfolio. Pimco previously touted itself as the “authority on bonds.” Other institutional investors have expressed interest in the property loan portfolio as well.

In reaction to investor requests on the loan portfolio, NAMA released a statement, “Nama constantly reviews its portfolio to assess opportunities for maximising returns from loans or assets within the portfolio.”

NAMA added, “In addition, it frequently receives approaches from investors expressing interest in acquiring loans or assets in its portfolio and reviews such approaches on an ongoing basis.”

Pimco Bets on Global Deleveraging in Europe

Pimco executives have been expanding investment capabilities in European fixed income, particularly in property loans. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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