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SWFI First Read, November 24, 2016

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Happy Thanksgiving from SWFI

Sue Brake Heads Over to Willis Towers Watson

Sue Brake, a senior investment strategist at the New Zealand Superannuation Fund, has exited the wealth fund to join Willis Towers Watson as a senior investment consultant.

APG Group Appoints Dick van Well to the Supervisory Board

APG Group, which oversees APG Asset Management, appointed Dick van Well as a member of its supervisory board.

Investcorp Touts US$ 250 Million Spend on U.S. Real Estate

Bahrain-based Investcorp, through its U.S. real estate unit, acquired a pool of real estate properties in the Boston and Denver metropolitan areas, for a total purchase price of approximately US$ 250 million. The five investments include 20 buildings and 1.8 million square feet of office, industrial, flex and laboratory space.

Some properties include:
Blackstone Science Square, Cambridge, Massachusetts
Centerpoint I & II, Denver, Colorado
Arapahoe Business Park, Colorado
345 Inverness (Portfolio of 10 office/flex properties), Colorado

In July, CBRE Group, Inc., sold the Centerpoint I & II office buildings to Investcorp.

New Mexico’s State Investment Council Settled with Eastern Real Estate Development LLC

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APG, QIC, and Swiss Life Buys MIRA Stake in Brussels Airport

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APG Asset Management, QIC (Queensland Investment Corporation), and Zurich-based Swiss Life Group, spent about €2 billion for Macquarie Infrastructure and Real Assets’ (MIRA) 36% stake in Brussels Airport. APG and QIC will each have a stake of 16.8% in the airport asset with Swiss Life having a 2.4% ownership stake. QIC will hold its airport stake in its Global Infrastructure Fund, which has third-party investors. Since 2011, the Ontario Teachers Pension Plan (OTPP) still holds a 39% stake in the airport, while the Belgian government retains a 25% ownership stake.

APG Asset Management manages assets for a number of investors including Stichting Pensioenfonds ABP.

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CIC Seeks Allies for Belt and Road Cooperation Fund

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The China Investment Corporation (CIC), which indirectly controls China’s largest banks, is seeking allies to form a cross-border investment vehicle to support One-Belt, One-Road projects – also known as the Belt and Road Initiative (BRI). The CIC is calling it the Belt and Road Cooperation Fund. The fund’s size and specific investment methods are in the preliminary phase. The BRI has been underway for the last five years.

The multi-lateral fund will be another way to funnel capital into specific belt and road projects. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Fidelity National Information Services to Acquire Worldpay

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Jacksonville, Florida-based Fidelity National Information Services, Inc., better known by the abbreviation FIS, agreed to acquire payments processor Worldpay, Inc. for approximately US$ 35 billion (not including debt) in cash and stock, or US$ 112.12 per share. Around 19 months ago, Cincinnati-based credit card processor Vantiv, Inc. acquired Worldpay for just under US$ 10 billion, while FIS agreed to acquire First Data for US$ 22 billion in January 2019.

The combined company will keep the name FIS and be headquartered in Jacksonville, Florida. The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.

Deal Terms

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