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SWFI First Read, October 25, 2017

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Storebrand Agrees to Buy Asset Manager Skagen

Storebrand has agreed to acquire Skagen Funds through a combination of Storebrand shares and cash. The sales price was 1.629 billion NOK. Storebrand could pay up to 2 billion NOK depending on Skagen meeting certain financial targets over the next two years.

Skagen will continue to operate as a separate brand within the Storebrand family.

CIC, Global Infrastructure Partners and PSP Investments Acquire Equis Energy’s Wind and Solar Portfolio

An investor group led by Global Infrastructure Partners (through Global Infrastructure Partners III) acquired 100% of the equity interests in the wind and solar power renewable energy portfolio from Singapore-based Equis Pte. Ltd. Other investors in the consortium include the China Investment Corporation (CIC) and PSP Investments. The investor group acquired the assets for an enterprise value of US$ 5 billion, with US$ 1.3 billion in debt. The buyers will assume the debt liabilities. The equity value of the deal is US$ 3.7 billion.

The deal is expected to close in the first quarter of 2018.

CalSTRS and ABP Buy Exposure in Three Western U.S. Solar Assets

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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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