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Qatar Holding to Take 20% Stake in UK Airport Operator

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Qatar Holding LLC, the sovereign wealth enterprise of the Qatar Investment Authority (QIA), is purchasing a 20% indirect stake in Heathrow owner BAA Ltd. The Qatar sovereign fund has been a major institutional investor in the United Kingdom and believes the British economy holds great long-term prospects. Qatar Holding is buying 10.62% of the stake from Spanish conglomerate, Ferrovial, S.A. for £478 million. The other 9.38% is coming from two other shareholders, Britannia Airport Partners LP (5.63%) and GIC Special Investments (3.75%). Britannia Airport Partners LP is controlled by Canada’s Caisse de dépôt et placement du Québec (CDPQ).

The total value of the deal was £900 million. The deal is pending regulatory approval.

Ferrovial is the indirect owner of 49.99% of BAA Ltd. The holding company which owns BAA Limited is FGP Topco Ltd. Some owners in FGP Topco Ltd include Ferrovial, Caisse de dépôt et placement du Québec, and GIC Special Investments. After this transaction, Ferrovial will have a 39.37% indirect stake in BAA.

“The sale of this stake in BAA is part of Ferrovial’s strategy of establishing a market valuation of our assets and improving the structure of our investment portfolio,” Ferrovial CEO Inigo Meiras said in a statement.

Ferrovial is selling the stake to finance its agenda to invest more into Latin America. Ferrovial is bidding for airports in Puerto Rico and Brazil. In 2006, the firm bought BAA for £10.3 billion using a significant amount of leverage.

Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

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Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway SWF Adds to Existing Investment in Central London

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On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Crown Property Bureau Moves Assets to Thailand King Under 2017 Law

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In December 2016, Crown Prince Maha Vajiralongkorn became King of Thailand, succeeding his father King Bhumibol Adulyadej who passed away in October 2016. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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