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UK Canary Wharf Group gets Qatari Fund boost

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Gulf Times reports, “Qatar Holding, a strategic and direct investment arm of Qatar Investment Authority (QIA), will extend debt finance to part fund Songbird Estates’ purchase of additional 8.45% equity in the London’s realty developer Canary Wharf Group (CWG). Songbird Estates, in which the Qatar Holding seeks to be one of the largest shareholders, has invested £112.5mn in buying another 54mn shares in CWG, a leading real estate and development company with more than 7mn square feet of office and retail space. The purchase of additional stake will increase the share of Songbird, which is incorporated in England and Wales, in the CWG to 69.3% from 60.8%.

‘Qatar Holding will be a leading participant in a new debt facility to help fund the purchase by Songbird Estates of the additional shares in CWG,’ said a spokesman of Qatar Holding, which has agreed to fully participate in the offering to the extent of its 14.8% stake in Songbird.

However, he did not disclose to what extent Qatar Holding will partake in the debt facility. The CWG is an integrated property development and investment entity focused exclusively on Grade-A office space and high retail facilities at the Canary Wharf Estate, a 97-acre development which is part of the Central London Office Market.

‘We fully support the management of Songbird in undertaking this transaction, which we believe is a good opportunity to create value for all Songbird shareholders,’ said Ahmad al-Sayed, CEO of Qatar Holding, which will also be the lead participant in the previously announced £275mn preference share issue.”

read more: Gulf Times

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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