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Sovereign Wealth Funds Briefing - Categorized | Investment

CIC, Blackstone buy Japan property loan portfolio

Posted on 22 February 2011

From Investors.com: China Investment Corporation (CIC), the country’s major sovereign wealth fund, has bought a Japan-based property loan portfolio in cooperation with US-based investment firm Blackstone Group L.P. (BX) at a price much lower than the face value of USD 1.1 billion, disclosed people familiar with the matter.
The deal, clinched with the seller Morgan Stanley (MS) last year, marks a shift of investment strategy as the Chinese fund becomes more experienced in investment. The two partners paid for the portfolio at a 35% discount to the face value, with a majority of the payment funded by CIC, said one of the people, noting that the portfolio includes current and non-performing loans……………………………………….Full Article: Source


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