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Regent Street Partnership Makes First Property Purchases



Karsten Kallevig - NBIM

According to the press release, “The Regent Street Partnership, comprising The Crown Estate and Norges Bank Investment Management (NBIM), has announced the purchase of two Regent Street properties, 4 Conduit Street and 1 Maddox Street, for £28 million.

The partnership owns Regent Street in its entirety and the purchase was made in the partnership’s 75:25 proportions, for The Crown Estate and NBIM, respectively. The Crown Estate continues to manage the street on behalf of the partnership and retains the freehold interest. NBIM, which manages the Norwegian Government Pension Fund Global, has a 150 year lease on a 25 per cent stake in the street.

Maddox House, 1 Maddox Street, was purchased for circa £23 million from pension fund clients of Aberdeen Asset Management. It comprises 17,000 sq ft and is occupied by six office tenants over five floors, together with Regent Street retailers, Hobbs, Barker and Furla. 4 Conduit Street was purchased for £5 million from a private investor; it comprises 6,000 sq ft and is let entirely to the Greek National Tourist Office.

Karsten Kallevig, chief investment officer – real estate at NBIM said: “We’re delighted to have made these purchases and expect to continue to broaden our partnership with The Crown Estate on Regent Street.”

Paul Clark, director of investment and asset management at The Crown Estate, said: “This is an exciting year for the Regent Street Partnership and also The Crown Estate, which remains focused on enhancing its long-term contribution to the Treasury by investing in its core holdings here in the West End, in prime retail outside London, and helping drive forward the offshore renewable energy industry.”

David Shaw, head of Regent Street portfolio at The Crown Estate, added: “These are the Regent Street Partnership’s first major purchases, demonstrating its ongoing commitment to our 20 year regeneration programme that has already transformed Regent Street into an international destination for retail and business.””

Read more: Press Release

Trump to Swat Down Petro Cryptocurrency



In a bid to exert economic pressure on the Venezuelan government headed by President Nicolas Maduro, U.S. President Donald Trump issued an order on March 19th that prohibits U.S. citizens from purchasing a cryptocurrency that the Venezuelan government is releasing. The cryptocurrency is called the Petro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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