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Singapore’s GIC Participates in Laxfield Capital’s UK Commercial Mortgage Programme



The press release states, “Laxfield Capital, the commercial mortgage origination, investment management and advisory business, today announced the launch of a new UK commercial lending programme.

The programme will invest up to £1 bn in UK commercial mortgages over the next 24 months. The real estate arm of the Government of Singapore Investment Corporation (GIC) has provided initial investment in the programme.

The Laxfield Capital programme will provide individual loans of between £40-£185 mln, 5-7 years duration and up to 75% loan-to-value (LTV) to a wide variety of commercial property sectors, including office, retail, industrial, residential and leisure across the UK.

The programme will provide whole loans and syndicate up to 75% of each mortgage to other preferred investors. GIC will retain a substantial junior investment in each loan.

Adam Slater, Managing Director of Laxfield Capital, said: “The Laxfield Capital programme will fill a gap in the large-ticket commercial mortgage sector as few lenders are currently able to provide whole loans in excess of £100m at up to 75% LTV, particularly outside core locations or prime assets. I believe the programme will have a considerable impact on the UK property market with a significant injection of liquidity at a time when traditional sources of funding are contracting. This is a good example of how alternative sources of capital are successfully entering the space traditionally dominated by banks. The investment from GIC is a strong vote of confidence in our programme and in UK commercial mortgages, and provides an ideal market entry point for other investors seeking access to quality mortgage investments. “

Chris Morrish, regional Head of Europe, GIC real Estate, said: ‘We look forward to our partnership with Laxfield Capital, which has demonstrated strong capabilities in loan origination and has generated value for commercial mortgage investors.

The programme complements our existing direct junior debt investment strategy which we will continue to pursue.'”

Read more: Laxfield Capital Press Release

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 in a less than 10% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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