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SWFI First Read, May 26, 2016

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Blackstone Ponders Logicor Sale

The Blackstone Group is in talks on whether to sell its European logistics business called Logicor. The platform is valued around €11 billion, including debt. At the moment, asset owners are clamoring for high-quality logistical assets.

Cybersecurity: OMERS Forms Tech Committee

The Ontario Municipal Employees’ Retirement System (OMERS) has formed a Technology Committee to assist its board of directors in meeting its fiduciary and related obligations by providing oversight over: the OMERS information technology (IT) plan and significant technology initiatives, including the LEAP Program and cyber security; (the business continuity program; and related risks. The committee will be comprised of a minimum of three directors. These members will serve 1-year terms and be recommended by the OMERS board.

Franklin Templeton Affected by Gulf Redemptions

According to a 2nd quarter 2016 earnings call, over US$ 1.8 billion worth of assets under management were lost from two global equities mandates managed by Franklin Templeton. One was from a Gulf-based sovereign wealth fund and the other was from an Australian investor.

Fondo de Ahorro de Panamá Welcomes New Board Members

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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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