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See Which Sovereign Wealth Fund Invested in a Former Facebook Office

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Sovereign wealth funds and other foreign institutional investors have plowed capital into London, New York and San Francisco core real estate. Analyzing yield options, institutional property investors are reengaging the suburbs, especially areas with a technology-focus such as Austin, Texas and the Bay Area (California). Conveniently located within the Stanford Research Park, 1050 Page Mill Road, a 285,000 square feet office and warehouse complex, was the location of one of Facebook’s core offices. Facebook subleased the property in 2009 from Beckman Coulter, a medical device manufacturer. Facebook outgrew the property and moved itself into a massive office park in Menlo Park.

Created in the 1950s by Stanford University, the Stanford Research Park is experiencing low vacancy rates due to a renewed technology boom. Companies like VMware and Netflix have helped lower vacancy rates on the Peninsula.

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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