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SWFI First Read, July 21, 2017

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GIC Puts Bluewater Shopping Centre Stake for Sale

Singapore’s GIC Private Limited has put its stake in the Bluewater Shopping Centre on the market. GIC has a 17.5% ownership stake in the Kent property. GIC is asking for more than £400 million. GIC hired Knight Frank to manage the sales process. The main owner of Bluewater is LendLease, which is in the midst of closing down its £900 million fund called LendLease Retail LP.

WIN: APFC Survives Layoffs from Budget Battle and Reaches $60 Billion in Assets

The Alaska Permanent Fund Corporation (APFC) has reached a milestone, getting up to US$ 60 billion in assets.

CalSTRS Posts 13.4% Return for FY 2016-2017, Hedge Funds Lag

The California State Teachers’ Retirement System (CalSTRS) generated a 13.4% return for fiscal year 2016-2017. The pension investor has US$ 208.7 billion in assets as of June 30, 2017. The global public equity asset class posted 19.6% in annual return, while its hedge fund linked asset class called risk mitigation strategies generated -8.9% in returns.

Mubadala Inks MoU with Nexen Tire

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Norway GPFG Would Prioritize Value in Tesla Stake

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Sovereign wealth fund giant Norway Government Pension Fund Global (GPFG) is an investor in Tesla, holding a 0.48% stake at the end of 2017. GPFG owns roughly 1.4% of all globally listed company shares, minus stocks from its exclusion pool. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Anbang Insurance Set to Sell its US Luxury Portfolio

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Distressed Beijing-based holding company Anbang Insurance Group is set to sell its U.S. luxury hotel properties, which were purchased for US$ 5.5 billion from the Blackstone Group in 2016. This is a move to raise quick cash, following the firm’s seizure at the hands of the Chinese government six months ago. Bids had already been ongoing for selected properties, including the famed Essex House Hotel, overlooking Manhattan’s Central Park. The portfolio of hotels is strategically placed in geographically diverse regions, including Miami and Chicago. Anbang is looking to cash in on the properties quickly, as its properties in China are already being liquidated. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway GPFG Returns 1.8% for Second Quarter of 2018

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Norway’s Government Pension Fund Global (GPFG) returned 1.8% for the second quarter of 2018. Listed equity investments generated a 2.7% return for the period, while fixed income returned 0%. Unlisted real estate investments posted a 1.9% return for the second quarter. In addition, the Norwegian krone depreciated against the U.S. dollar during the quarter. Furthermore, 2 billion NOK was withdrawn from the fund.

“North American and European stocks had a positive development in the quarter despite the prospect of increased trade barriers. This made a positive contribution to the fund’s return,” says Trond Grande, Deputy CEO of Norges Bank Investment Management, according to the press release.

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