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SWFI First Read, May 3, 2017



BVK Buys a Retail Center in Atlanta Suburb

On behalf of Bayerische Versorgungskammer (BVK), CBRE Global Investors and Universal-Investment, have acquired the North Point MarketCenter in Alpharetta. Alpharetta is a suburb of Atlanta, Georgia, for roughly US$ 109 million. CBRE Global Investors plans to make improvements to the property. The seller was PGIM Real Estate. The property is located at 6200 N. Point Parkway.

Norway’s Sovereign Wealth Fund Challenged in Singapore and Japanese Real Estate

Norges Bank Investment Management’s CEO Yngve Slyngstad told Norway’s Finance Committee that he does “not see attractive property projects in Singapore and Tokyo today.”

Aberdeen Asset Management Hires New COO for APAC Region

Aberdeen Asset Management named Vance Duigan as chief operating officer of the Asia-Pacific region. Duigan replaces Andrew Narracott. Vance Duigan is a former executive at Goldman Sachs.

Turkey Wealth Fund Looks to Partner with IDB on Islamic Mortgages

The Turkey Wealth Fund inked a deal with the Islamic Development Bank (IDB) to explore the formation of Islamic mortgages and different types of opportunities.

Sullivan & Cromwell Partner Jay Clayton to Head SEC

The U.S. Senate has confirmed Jay Clayton to lead the U.S. Securities and Exchange Commission (SEC). Clayton won approval from the Senate in a 61 to 37 vote. Clayton is a Partner at law firm Sullivan & Cromwell LLP.

Korea’s NPS Seeks to Unload Sony Center in Berlin

South Korea’s National Pension Service (NPS) is looking to sell its ownership stake in the Sony Center in Berlin. NPS hired Eastdil Secured and BNP Paribas Real Estate to find buyers. NPS invested in the property in 2010 which is located in Potsdamer Platz.

South Korea’s Construction Workers Mutual Aid Association Select Goldman Sachs and Park Square Capital for Mandates

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Keppel Infrastructure to Acquire Ixom from Blackstone



Keppel Infrastructure Fund Management Pte Ltd, in its capacity as trustee-manager of Keppel Infrastructure Trust, through its wholly-owned subsidiary, has entered into a share sale agreement with certain funds managed by Blackstone and certain management sellers for the proposed acquisition of a 100% interest in Ixom HoldCo Pty Ltd (Ixom). The enterprise value for Ixom is A$ 1,100 million. The equity value for Ixom is A$ 777 million.

Ixom is an industrial infrastructure business in Australia and New Zealand. The company supplies and distributes water treatment chemicals. The Ixom Group is the sole manufacturer of liquefied chlorine in Australia, as well as a major provider of manufactured caustic soda.

The proposed transaction will be initially funded via debt.

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Does the Hong Kong Dollar Have a Future?



Despite the Hong Kong dollar straddling within the upper echelons of being a highly-traded currency, its existence could be in doubt in the future. The Hong Kong dollar is the official currency of Hong Kong and the governmental currency board is the Hong Kong Monetary Authority (HKMA). The HKMA is tasked to oversee the stability of the local currency with its massive pool of government reserves. Before the Hong Kong colonial government named the silver dollar as legal tender in 1863, the global trading post utilized the British sterling, Indian rupees, Spanish silver coins, and Chinese cash coins. There were decades of set exchange rates with the British pound. Fast forward years, eventually in 1983, the Hong Kong dollar was pegged to the U.S. dollar. In 1997, Hong Kong moved from English rule to Chinese control.

Could the Hong Kong Dollar End?

The Hong Kong dollar will soon go into the dustbin of history, according to local and international experts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Invests in Series B in Primer



San Francisco-based Primer raised US$ 40 million in a Series B round that was led by Lux Capital. Other investors in the round include Mubadala Investment Company and Section 32. Return backers include Amplify Ventures, DCVC (Data Collective, and In-Q-Tel, an investment form supported by the Central Intelligence Agency (CIA). Primer is an artificial intelligence platform that analyzes large datasets, competing with firms like Peter Thiel’s Palantir Technologies Inc. Primer raised US4 14.7 million in its Series A round from In-Q-Tel, Lux Capital, Amplify Partners, and Data Collective.

Primer was founded by New Zealander Sean Gourley, the co-founder & CTO of Quid, an augmented-intelligence company.


This is in the midst of the financial backers of Palantir who are trying to value their stake in the company. Morgan Stanley’s mutual funds owns shares in Palantir and have lowered their valuation in the company. Morgan Stanley believes Palantir is worth around US$ 4.4 billion as of September 30, 2018. Palantir attempted to buyback all of the stock held by Morgan Stanley’s mutual funds, which amounts to just around US$ 3 million as of the middle of 2018.

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