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Prologis and Norway’s Sovereign Wealth Fund Acquire KTR Capital for $5.9 Billion

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fundsNorges Bank Investment Management (NBIM), manager of Norway’s Government Pension Fund Global (GPFG), signed an agreement to purchase a 45% stake for US$ 2.3 billion in a 60 million square feet industrial portfolio with additional development potential in a joint venture with Prologis. The transaction values the portfolio at US$ 5.9 billion. The joint venture, Prologis U.S. Logistics Venture(owned 55% Prologis, 45% NBIM), is acquiring the portfolio from New York-based KTR Capital. Other potential buyers were Brookfield Asset Management and the Blackstone Group. The portfolio has US$ 700 million of secured mortgage debt. In addition, the transaction includes the issuance of up to US$ 230 million of common limited partnership units in Prologis L.P. to KTR Capital. Prologis is owning the other 55% of the portfolio and will be the asset manager of the portfolio. The deal was signed on April 17, 2015. It is expected to close between 30 to 60 days.

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China Helps Pakistan’s Foreign Reserves

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Despite Pakistan witnessing an increase in exports, the rapid increase in crude prices and lackluster financial inflows, have affected the country’s balance of payments position. Trying to avoid a full-scale currency crisis, Pakistan is also dealing with a fiscal budget deficit and a current account deficit. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Russia-Japan Investment Fund to Back Wood Pellet Production in Russia

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The Russian Far East has a lot of timber, and for that wood pellets is a source of biofuel. A while back, the Russian Direct Investment Fund (RDIF) formed the Russia-Japan Investment Fund (RJIF) with the Japan Bank for International Cooperation (JBIC). RDIF and JBICIG Partners as part of RJIF, together with RFP Group and Japan’s Prospect Co., Ltd. have agreed to collaborate and consider potential investments in Russia’s biofuel industry. JBICIG Partners is a subsidiary of the Japan Bank for International Cooperation.

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RDIF Lures Asian Investors Toward Russian Surgical Robot Project

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The Russian Direct Investment Fund (RDIF) is partnering with a number of unnamed Asian co-investors to allocate capital toward a project to create and manufacture Russian surgical robots. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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