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SWFI First Read, October 13, 2015

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Norway’s SWF Gets Closer on Asia Square Tower in Singapore

An investor group consisting of Norway’s Government Pension Fund Global (GPFG) and Singapore’s biggest developer CapitaLand Ltd. were selected as the preferred bidder for a Singapore office tower called Asia Square Tower 1. BlackRock is the seller. Other bidders include ARA Asset Management Ltd. The 43-storey tower is located in Marina Bay and could be valued at more than S$ 3.5 billion.

Kreuzkamp Named CIO, Head of Investment Management at Deutsche Asset & Wealth Management

Stefan Kreuzkamp was appointed chief investment officer, head of investment management at Deutsche Asset & Wealth Management. Kreuzkamp on December 1, 2015, will replace Asoka Wohrmann, who will become head of retail banking at Deutsche Bank’s private and business clients division. Kreuzkamp will join Deutsche Asset & Wealth Management’s global executive committee. Currently, Kreuzkamp is regional chief investment officer, Europe, the Middle East and Africa (EMEA).

USS Buys Moto Hospitality

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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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