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SWFI First Read, February 6, 2018

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Saudi Telecom Signs MoU for Exclusive Broadcast Rights for Soccer

Saudi Telecom, which is majority owned by Saudi Arabia’s Public Investment Fund, signed a Memorandum of Understanding (MoU) with Saudi Arabia’s General Sports Authority to pay 6.6 billion SAR for exclusive rights to broadcast Saudi Arabian professional soccer matches over 10 years. The deal if closed would end the rights for MBC Group, which paid a 10-year broadcast agreement in July 2014 for an estimated 4.1 billion SAR. Saudi businessman Waleed Al-Ibrahim is the owner of MBC Group.

Macquarie Infrastructure and Real Assets to Purchase GLL Real Estate Partners

Macquarie Infrastructure and Real Assets, part of Macquarie, agreed to purchase 100% of GLL Real Estate Partners GmbH, a Munich-based real estate manager, from the company’s founding partners. GLL will still operate as its own brand for the time being. GLL has roughly €7 billion in assets under management and senior management will still run the business.

Sovereign Fund Capital Lines Up for AccorInvest Split

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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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