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SOFAZ Grows in Size

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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) grew in assets under management to reach US$ 21.7 billion. Budget revenues from oil continued to pour in to augment SOFAZ’s growth. Since the beginning of the year, total assets has grown 45.8% more. Oil experts predict reserves will run out in around 26 years without additional discoveries.

SOFAZ is thinking of new ways to invest oil funds as peak production in Azerbaijan will end soon in the next five years. They plan to decrease allocation to fixed income and increase allocation to equities and institutional real estate. In fact, they are taking steps to move in that direction. Already SOFAZ is looking at passive equity investments in the developed world.

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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