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Sovereign Wealth Funds and Institutional Investors Lock into Cinda’s IPO

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Norges Bank Investment Management manages Norway’s massive pool of sovereign wealth. Pivoting toward China, they are joining a group of cornerstone investors committing to purchase US$ 1.1 billion in China Cinda Asset Management Co. as part of its Hong Kong initial public offering (IPO). These cornerstone investors would total 45% of the IPO. Typically, cornerstone investors get a guaranteed allocation but agree to hold the stakes for a set period.

Nearly two-thirds of Cinda’s profits arise from its bad debt restructuring business.

The Cinda IPO would be Hong Kong’s largest IPO of 2013 – as Cinda is aiming to raise a total of US$ 2.5 billion. Cinda hopes to dethrone Sinopec Engineering Group’s US$ 1.8 billion IPO in May 2013. On December 4th, Cinda is set to price the IPO. The range of the IPO is possibly around HK$ 3.00-3.58 per share.

Back then, shedding non-performing loans from the big four banks into asset management companies were authorized by the Chinese government.

Cornerstone Investor Table – China Cinda Asset Management Co.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

PNB to Buy Stake from Malaysian Developers in Battersea Power Station Project

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Malaysia-based Permodalan Nasional Bhd (PNB) inked plans to acquire a stake in the Battersea Power Station from Malaysian developers Sime Darby Property and SP Setia, which between them own 80 percent of the site located on the south bank of the Thames. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Will Saudi Arabian Sovereign Wealth Be the Next Giant in Hollywood?

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Saudi Arabia’s growing Public Investment Fund (PIF) is reportedly looking into investing over US$ 500 million for a 5% to 10% stake in Hollywood’s Endeavor Talent Agency, the holding company for William Morris Endeavor Entertainment LLC (WME). WME is one of the biggest players in the business, representing well-known artists across a number of different mediums – including cinema, television, music, books, and theatre – as well as a roster of professional athletes from the National Football League (NFL) and National Hockey League (NHL). Discussions are in their initial stages, however, and no commitments have been made thus far. WME is constantly gathering new talent. Recently WME signed musician John Mayer and actor Nicolas Cage – both were with Creative Artists Agency (CAA).

A Logical Connection

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CDPQ Providers Firepower for Blackstone Buyout of PIRET

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Ivanhoé Cambridge, part of CDPQ, is a co-investor in Blackstone Group’s buyout of Pure Industrial Real Estate Investment Trust (PIRET), a listed Canadian warehouse owner. The actual Blackstone buyer is an affiliate of Blackstone Property Partners, its core real estate investment unit. The agreement was revealed on January 9, 2018. Blackstone moved to buy the REIT) for C$ 8.10 per Unit in an all-cash transaction valued at C$ 3.8 billion including debt. The transaction value without debt is C$2.48 billion.

Deal Advisors

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