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Sovereign Wealth Centers on Tourism – Center Parcs

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blackstone

Sovereign wealth funds from Singapore and Abu Dhabi are potential institutional investor bidders looking at UK holiday village manager Center Parcs. Center Parcs UK Group Plc was bought by private equity giant Blackstone Group back in March 2006 for £205.4 million (US$ 357 million). Blackstone bought Center Parcs in a moment of distress as the company faced financial and operational constraints. N.M. Rothschild & Sons Ltd. advised Blackstone on the 2006 purchase, while Barclays arranged deal financing.

Globally, sovereign wealth funds from Asia and the Gulf have been major buyers of hotels, resorts and leisure businesses.

The U.S. private equity firm wants to cash in. Center Parcs generated £147 million in EBITDA in 2014. In addition, Center Parcs has an extensive property portfolio that attracts tourists and vacationers. Blackstone already rebuffed a joint bid worth £2 billion from Canada Pension Plan Investment Board (CPPIB) and BC Partners. If Blackstone cannot get the price they want (could be around £2.5 billion), the private equity firm will look to float the company in the second half of 2015. In February, Blackstone hired Bank of America Merrill Lynch (BAML) and Morgan Stanley as global coordinators to prepare for a London listing of Center Parcs.

Sovereign Wealth Centers on Tourism

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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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