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Simon Property Group and CalPERS Affiliate IMI Form JV To Own The Shops at Mission Viejo and Woodfield Mall

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According to the press release, “Simon Property Group, Inc. (Simon) and Institutional Mall Investors (IMI), the co-investment venture owned by an affiliate of Miller Capital Advisory, Inc. and The California Public Employees’ Retirement System (CalPERS), today announced that they have formed a joint venture to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, California, and Woodfield Mall in the Chicago suburb of Schaumburg, Illinois. Simon and IMI will each own 50% of Woodfield. Simon will own 51% of Mission Viejo and IMI will own the remaining 49%. Simon is providing management and leasing services to the joint venture.

Prior to formation of the joint venture, Simon owned 100% of The Shops at Mission Viejo and IMI owned 100% of Woodfield Mall. The Shops at Mission Viejo is a 1.2 million square foot center anchored by Nordstrom and Macy’s. Woodfield Mall is a 2.2 million square foot center anchored by Nordstrom, Macy’s, Lord & Taylor, JCPenney and Sears.

The Shops at Mission Viejo is currently unencumbered, however, the joint venture expects to place a mortgage on the property in the next two weeks. Woodfield Mall is encumbered by a $425 million mortgage loan which matures in March of 2024 and bears interest at 4.5%.

“As a result of this transaction, we have added the iconic Woodfield Mall to our portfolio,” said David Simon, Chairman and CEO of Simon Property Group. “This premier mall is located in one of the country’s largest markets and we welcome the opportunity to enhance its productivity and value through our leasing and management efforts.”

Andrew Miller, President and CEO of Miller Capital Advisory said, ‘We are pleased to expand our strategic relationship with Simon – other malls owned jointly include The Galleria® in Houston, Texas; The Fashion Centre at Pentagon City in Arlington, Virginia; and The Westchester in White Plains, New York. The transaction also increases our presence in the important California market with the addition of The Shops at Mission Viejo to our collection of high quality retail properties.'”

Read more: Simon Property Group Press Release

SWFI First Read, September 21, 2018

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U.S. Public Becomes More Aware that Gmail Scans Emails

Alphabet is a major stock holding for sovereign wealth funds and large pensions. Search giant Google is under fire for allowing third-party partners and companies, like Return Path Inc and other advertisers, to share data from Gmail accounts. Many experts and tech observers already knew this, but more people in the public are becoming aware of Google’s practices when it comes to privacy. Google disclosed in a letter to U.S. lawmakers this finding. The Wall Street Journal reported that in some instances, app companies were able to read people’s emails in order to improve their algorithms. In 2017, Google said they would stop scanning all of one’s Gmail messages for the goal of personalized ads.

GPIF Infrastructure Exposure Almost Reached 200 Billion Yen in March 2018

Japan Government Pension Investment Fund’s (GPIF) exposure to infrastructure real estate was 196.8 billion JPY at the end of March 2018. At that period, 57% of the exposure was to the UK, 15% was to Australia, 15% to Sweden, 10% to Spain and 3% to Finland. 21% of GPIF’s infrastructure portfolio was linked to airports versus 27% to ports.

AIMCo-backed sPower Closes $498.7 Million Bond Deal

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Iceland Contemplates a Sovereign Wealth Fund

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The Government of Iceland is looking to possibly form a sovereign wealth fund to stabilize the country from unforeseen shocks to the national economy. The Iceland government released a statement saying, “The state’s contributions to the Fund will be equivalent to new revenues from publicly owned power production companies which are expected to accrue in the coming years.”

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CBRE Global Wins First GPIF Global Real Estate Mandate

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Japan Government Pension Investment Fund (GPIF) awarded its first global real estate mandate by hiring CBRE Global Investment Partners Limited. This is a global core real estate fund-of-funds separate account. Overseeing this mandate as a gatekeeper is Asset Management One Co., Ltd., which is a unit of Mizuho Financial Group. This RFP was launched in April 2017.

CBRE Global Investment Partners is the multi-manager arm of CBRE Global Investors.

In addition, on August 8, 2018, GPIF hired two custodians for short-term investments. These custodians are Trust & Custody Services Bank, Ltd and The Master Trust Bank of Japan, Ltd.

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