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TIAA-CREF and the Future Fund Partner on Ownership of 685 Third Avenue Tower

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According to the press release, “TIAA-CREF and the Future Fund, an AUD$71 billion Australian sovereign wealth fund, today announced a new venture that will target co-ownership opportunities in real estate properties. As a first step, the Future Fund has taken an approximately 49 percent stake in 685 Third Avenue, which was previously purchased for USD$190 million by TIAA-CREF in 2010.

685 Third Avenue is a 33-story, 600,000 square foot office building in Midtown Manhattan between 43rd Street and 44th Street.  Currently vacant, the building is undergoing renovations including lobby and shop front improvements. TIAA-CREF and the Future Fund plan to pursue additional real estate opportunities over the next two years. Together, the companies will target core and core plus assets located in the CBD and Class A suburban regions of primary metropolitan areas in the US.

“TIAA-CREF is thrilled to partner with the Future Fund and complete our first transaction together. We believe 685 Third Avenue offers an excellent long-term investment opportunity and has the potential to generate significant value by attracting new tenants,” said Phil McAndrews, TIAA-CREF Managing Director and Head of Real Estate Portfolio Management. “We will continue to expand our real estate portfolio through targeted and strategic acquisitions.””

Read more: TIAA-CREF Press Release

DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

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Indigo Ag Raises Series E Round

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Indigo Ag, Inc. raised US$ 250 million in a Series E funding round. The company is focused on creating innovative microbial products that increase crop yields in the face of environmental, disease, and pest stress. The investors in this round include Baillie Gifford, Investment Corporation of Dubai, the Alaska Permanent Fund Corporation, and the company’s founder, Flagship Pioneering. After the Series E, in total, Indigo has raised over US$ 650 million.

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