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SWFI First Read, September 11, 2016

Egypt Gets First US$ 1 Billion Tranche from World Bank

The Egyptian government has received the first US$ 1 billion tranche of a US$ 3 billion policy finance loan from the World Bank. It is a 3-year loan. Egypt has been plagued with a faltering foreign exchange shortage. The program for the loan is called the First Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF).

BNP Paribas Investment Partners Names Global Head of Sales

BNP Paribas Investment Partners hired James D. Dilworth as global head of sales. This is a new position and Dilworth will be based in London. Dilworth will report to BNP Paribas Investment Partners CEO Frederic Janbon. Dilworth will also be part of the firm’s executive committee. Previously, he was at Deutsche Asset & Wealth Management, where he served as managing director and head of active asset management.

Strathclyde Pension Fund Kicks in More Money of Offshore Wind

Strathclyde Pension Fund has allocated an additional £30 million for offshore wind projects in the United Kingdom. The investment has been made through a follow-on commitment to the Green Investment Bank (GIB).

Bank of China Buys Large Sydney Office Building

The Bank of China has acquired a 14-storey office building in Sydney, Australia for A$ 130 million from Deutsche Asset Management’s RREEF Real Estate. The building is at 140 Sussex Street and has views of Darling Harbour. 140 Sussex Street’s major anchor tenant, ING Australia, plans to move to a new office tower at 60 Margaret Street. The deal was brokered by CBRE. Bank of China also owns an office building at 39 York Street.

San Diego City Employees’ Retirement System to Exit REITs

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Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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