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Qatar Holding to Acquire Costa Smeralda Properties in Sardinia, Italy

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According to the press release, “Qatar Holding announces it has signed a definitive agreement to acquire Smeralda Holding, owner of luxury hotel resorts on Costa Smeralda in Sardinia, from Colony Capital, the US-based real estate investment firm.

Under the terms of the agreement, Qatar Holding will acquire a portfolio consisting of four luxury hotels (Cala di Volpe, Pitrizza, Romazzino and Cervo) with a total of 372 rooms, the Porto Cervo Marina (host to the Yacht Club Costa Smeralda), the Porto Cervo Shipyard, the Pevero Golf Club (designed by Robert Trent Jones), a 51 percent interest in 2,290 hectares of adjacent undeveloped land and various other real estate assets in Costa Smeralda.

The existing management team of Smeralda Holding will remain in place following completion of the transaction and Starwood Hotels and Resorts Worldwide, Inc. will continue to manage the hotels.

Closing of the transaction is conditional on the receipt of antitrust approval from Italian competition authorities.

Commenting on the transaction, Ahmad Mohamed Al-Sayed, Managing Director and Chief Executive Officer of Qatar Holding, said:

“We are happy to have agreed terms for the acquisition of this established portfolio of luxury assets in Sardinia. We intend to continue supporting the on-going development programme which will see Costa Smeralda strengthen its position as a top luxury resort destination.”

Tom Barrack, Chairman and Chief Executive Officer of Colony Capital, added:

“I have said before that Costa Smeralda is for no one to own…it owns you. Our job was to leave it better than when we found it. We are now fortunate enough to transition this stewardship to the best, most respected, qualified and nurturing caretaker on the globe today in our partners at Qatar Holding. Their increased investment is a huge vote of confidence for Italy, Sardinia, Costa Smeralda and all of its peoples.”

Evercore Partners acted as financial adviser to Qatar Holding. Deutsche Bank AG acted as adviser to Colony.”

Source: Press Release

SWFI First Read, May 25, 2018

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MedInvestGroup Pushes Investment into Russian High-Tech Oncology Centers

The Russian Direct Investment Fund (RDIF) and Mubadala Investment Company have attracted MedInvestGroup, which manages a network of the PET Technology regional oncology and radiological centers, as a strategic investor in the joint management and development of a network of cancer diagnosis and treatment centers. The deal aims to significantly improve the efficiency of the already functional centers in Podolsk and Balashikha. The corresponding agreement was announced today at the St. Petersburg International Economic Forum.

Southern Satellite City and RDIF Reach a Financing Agreement

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French Industrial Giants Find Opportunity with RDIF

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A number of French industrial companies continue to invest within Russia, finding opportunities within the mega country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CPPIB Targets 33% in Emerging Markets by 2025

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The Canada Pension Plan Investment Board (CPPIB) generated a net return after expenses and pension contributions of 11.6% for the fiscal year ended March 31, 2018, versus its reference portfolio of 9.8%. For the reported fiscal year, CPPIB grew its net assets to a new high of C$ 356.1 billion (US$ 277.2 billion), compared to C$ 316.7 from the year previous.

Mark Machin, President and Chief Executive Officer at CPPIB, attributed the performance to the rising tide in public equity markets across most geographies, whose volatility in recent months was buoyed by significant fourth quarter earnings in the fund’s private holdings. Public and private equities, CPPIB’s first and third largest asset classes by exposure at 38.8% and 20.3%, saw estimated returns of 11.4% and 16.1%, respectively. Machin joined CPPIB in 2012 and was moved to the top in June 2016, following the departure of Mark Wiseman. Machin has a knack for the Asian region, being CPPIB’s first president for Asia and also spent nearly 20 years in Asia, working at Goldman Sachs. CPPIB plans to continue heavily investing in the APAC region, along with India.

Emerging Markets

“By 2025, we will invest up to a third of the Fund in emerging markets, which by that time are anticipated to account for 47% of global GDP,” said Machin in his section of the annual report outlining the pension’s updated strategic plan. CPPIB currently has C$ 56.1 billion invested in emerging markets, C$ 22.4 billion of which is wrapped up in China.

Foreign and emerging markets continued to dominate in CPPIB’s private equity investments with returns of 16.0% and 19.5%, compared to 1.8% for their Canadian counterparts. Asia was a standout market for the pensioner, which raised its exposure to private equity deals in the region by nearly 28% from C$ 13.4 billion to 17.1 billion, closed six direct investments worth C$ 1.6 billion, committed C$ 1.7 billion towards eight funds, and completed three secondary transactions for C$ 400 million.

With 275 global transactions completed over the fiscal year, CPPIB’s geographic exposure places 15.1% of its assets at home in Canada, 37.9% in the neighboring United States, 13.2% in continental Europe, 5.6% in the United Kingdom, 3.1% in Australia, and a whopping 20.4% in Asia.

Public Equities

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