Recent developments here:
Goldman Sachs Group’s $2.5 billion mezzanine lending fund completed its largest deal to date, teaming up with an Asian sovereign-wealth fund on a $481 million loan to Blackstone Group.
The loan is primarily for the private equity giant’s recapitalization of a 2006 acquisition, the $9 billion deal for Blackstone and Brookfield Properties to buy Trizec Properties Inc., a real estate investment trust. The recent refinancing was related to 21 properties, almost all in California.
Later we read:
Goldman’s partner on the Blackstone loan was GIC, the giant Singapore sovereign wealth fund.
In trying to discover what sort of properties Trizec Properties Inc has in California, I ran across this:
Trizec’s Los Angeles buildings include Bank of America Plaza, Figueroa at Wilshire and Ernst & Young Plaza in downtown Los Angeles. Among Trizec’s office properties on the Westside are World Savings Center in Brentwood and Westwood Center in Westwood.
In an attempt to discover more about this sovereign wealth fund, I ran across this:
SINGAPORE, Aug. 7 (Xinhua) — The Government Investment Corporation (GIC), one of the two sovereign wealth funds of Singapore, said it was following the latest developments related to the U.S. credit rating.
A spokesperson for the company said that it takes a long-term perspective for its investments and that it is closely following any developments that could affect the investment outlook, including the U.S. credit rating and similar developments in Europe, local daily Lianhe Zaobao said on Sunday.
About 33 percent of the investment portfolio of GIC was in United States as of March 31, down from 36 percent a year earlier.
So. The government of Singapore is now the landlord for Zombie Bank Plaza in LA?