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VRS - who has written 15239 posts on Opalesque Sovereign Wealth Funds Briefing.


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Goodman Group and Singapore’s sovereign wealth fund, GIC invest in Auckland’s Viaduct Precinct

Posted on 10 November 2014

Investment in New Zealand’s property market is on an upward trajectory with a number of Australian-based joint ventures, public floats and residential projects be readied for completion in the short to medium term.

1MDB’s actions do not reflect a sovereign wealth fund

Posted on 10 November 2014

I suspect that one of the aims of 1MDB was to correct the mistakes of the privately owned Independent Power Producers (IPPs) of the past — specifically the first generation IPPs where the agreements were too generous to the private companies.

Rafizi to tell all about 1MDB’s Cayman fund next week

Posted on 10 November 2014

PKR secretary-general Rafizi Ramli said he will reveal next week the details of 1Malaysia Development Berhad’s (1MDB) funds in the Cayman Islands. “Besides myself, a team from the National Oversight and Whistleblowers (NOW) will reveal the individuals and companies involved in the hiding of public funds in the Cayman Islands.”

ICD sets up Dubal Holding

Posted on 10 November 2014

Dubai’s sovereign wealth fund Investment Corporation of Dubai (ICD) has set up a new subsidiary – Dubal Holding – to manage its 50 per cent shareholding in Emirates Global Aluminium (EGA), said a press statement on Saturday.

UAE’s Aabar buys 5.1% stake in Egyptian developer

Posted on 10 November 2014

Aabar Investments has acquired a 5.1 percent stake in Egypt’s second-largest listed real estate developer Palm Hills, Palm Hills said in a statement on Sunday. Palm Hills is valued on the Egyptian Stock Exchange at approximately 5.6 billion Egyptian pounds ($785 million), putting the value of the investment at around 285 million Egyptian pounds, according [...]

Qatar and Brookfield’s bid for Canary Wharf rejected

Posted on 10 November 2014

Songbird Estates, the owner of London’s Canary Wharf financial district, rejected an approach from Qatar Investment Authority and Brookfield Property because the proposed bid is too low.

Asian Sovereign Wealth Fund Portfolios Still Dominated by Equities

Posted on 07 November 2014

Despite strong attention focused on allocation to alternatives such as private equity and real estate by Asian sovereign wealth funds (SWFs), their allocations to equities continued to dominate through year-end 2013, says a report by research firm Cerulli Associates Asia.

Philippines’ Emperador says Singapore’s GIC to buy initial 9.64 pct stake

Posted on 07 November 2014

Philippine liquor firm Emperador Inc said on Friday it had agreed to sell a 9.64 percent stake to GIC for 17.6 billion pesos ($391 million), in what it described as an initial investment by the Singaporean sovereign wealth fund.

GIC takes another bite of New Zealand real estate sector in joint venture for 5 malls

Posted on 07 November 2014

Sovereign wealth fund GIC is increasing its interests in the real estate sector in New Zealand. It said on Thursday that it has entered into a joint venture partnership with Scentre Group to acquire five New Zealand malls with a combined gross value of NZ$2.1 billion.

Singapore fund buys into NZ Westfield shopping centres

Posted on 07 November 2014

A billion dollar property deal by Singapore for a stake in some of New Zealand’s top shopping malls shows the super city model has made Auckland attractive to overseas investors, a property industry boss says. Singapore Government’s investment fund GIC has paid A$930 million ($1.1 billion) for 49 per cent ownership in five Westfield Shopping [...]

Leak reveals Future Fund and multinationals’ secret offshore tax deals

Posted on 07 November 2014

Directors of the Australian government’s Future Fund as well as PricewaterhouseCoopers, Macquarie and AMP could be forced to face a Senate inquiry into tax avoidance following a global investigation into secret tax deals in Luxembourg.

MAS minority shareholders approve Khazanah plan

Posted on 07 November 2014

Malaysia Airlines (MAS) minority shareholders have approved Khazanah Nasional Bhd’s privatisation offer of 27 sen a share at its EGM on Thursday. The proposal received 93.3% approval from the minority shareholders who turned up at the EGM, which was held at the MAS academy in Kelana Jaya.

Khazanah promises transparency on MAS revamp

Posted on 07 November 2014

State investment arm Khazanah Nasional Bhd promised to remain transparent on Malaysia Airlines (MAS) restructuring process even after the airline’s privatisation, Minority Shareholder Watchdog Group (MSWG) said.

1MDB bled RM665m in a year

Posted on 07 November 2014

Sovereign wealth fund 1Malaysia Development Bhd (1MBD) booked a net loss of RM665.36 million in its previous financial year, a local daily reported today citing a filing with the Companies Commission of Malaysia (CCM).

1MDB pulls out of Caymans

Posted on 07 November 2014

1MALAYSIA Development Bhd’s (1MDB) RM7.18bil in offshore accounts in the Cayman Islands is expected to be channelled back to the country by December. “Sixty per cent of the money is already back. The remaining 40% will be brought back by the end of this year,” Deputy Finance Minis­ter Datuk Ahmad Maslan said in his reply [...]

Qatar wealth fund makes joint bid for Canary Wharf-owner Songbird

Posted on 07 November 2014

Songbird Estates, the majority owner of London’s Canary Wharf estate, said it had received a joint preliminary approach from Qatar Investment Authority and Brookfield Property Partners regarding a possible takeover.

Saudi Arabia’s sovereign wealth fund sees 9 percent asset growth since January

Posted on 06 November 2014

Total assets of Saudi Arabia’s main sovereign wealth fund, SAMA Foreign Holdings (SAMA), have jumped 9 percent since January, allowing it to maintain its position as the world’s third-largest, according to a report by the Sovereign Wealth Fund Institute (SWFI).

KIC to Create $2 Bil. Fund with Qatari Sovereign Wealth Fund

Posted on 06 November 2014

Korea Investment Corp., the nation’s sovereign wealth fund, will join hands with Qatar’s counterpart to make investment together. The Korean sovereign wealth fund based on foreign currency reserves said on November 5 that is signed a memorandum with the Qatar Investment Authority to form a joint investment fund.

Kuwait targets property lending with €1.2bn for Cale Street

Posted on 06 November 2014

Kuwait Investment Authority is backing a new London-based property investment group Cale Street Partners with €1.2bn, aimed at building the sovereign wealth fund a new platform for real estate lending in Europe.

Biggest Wealth Fund to Expand Liquidity to New Markets

Posted on 06 November 2014

Norway’s $860 billion sovereign wealth fund, the world’s largest, is expanding its securities lending to new markets where it also plans to provide liquidity as part of a strategy to generate higher returns.

GIC taking 49% stake in NZ project

Posted on 06 November 2014

Singapore sovereign wealth fund GIC is making its foray into the New Zealand real estate sector with an investment in a major Auckland waterfront precinct. GIC is taking a 49 per cent stake in a joint venture with New Zealand-listed Goodman Property Trust (GMT), which holds the other 51 per cent of the partnership.

Sunway shares down on stake sale by GIC

Posted on 06 November 2014

Sunway Bhd shares worth RM482mil that were owned by GIC Pte Ltd have been traded in an off-market deal. According to stock market data, a total of 150.6 million Sunway shares changed hands yesterday at RM3.20 each.

Khazanah yet to setttle staff compensation in MAS retrenchment plan - Najib

Posted on 06 November 2014

Khazanah Nasional Bhd is still evaluating the form of compensation it will hand out to the 6,000 staff of Malaysia Airlines (MAS) who will be laid off in an ambitious restructuring exercise to bring the ailing national carrier back to profitability, said Prime Minister Datuk Seri Najib Razak.

Ireland is open for business — €6.8bn strategic investment fund

Posted on 06 November 2014

The establishment of a new €6.8bn (£5.3bn) Irish strategic investment fund is expected to be of interest to national and international investors and fund managers and also Irish companies and operators in a range of sectors.

Qatar’s Sovereign-Wealth Fund to Invest at Least $15 Billion in Asia

Posted on 05 November 2014

Qatar’s sovereign-wealth fund is gearing up to invest $15 billion or more across Asia, and plans to team up with China’s Citic Group as it pursues infrastructure and other investment.

Qatar sovereign fund to launch $10 bln investment fund with China’s Citic Group

Posted on 05 November 2014

The Qatar Investment Authority (QIA), one of the world’s most aggressive investors, has signed an agreement on Tuesday with CITIC Group Corp to launch a $10 billion fund that will invest in the region, the chief executive of the Qatari sovereign wealth fund said.

Qatar’s wealth fund says likes China’s property, among others

Posted on 05 November 2014

Qatar’s sovereign wealth fund and one of the world’s most aggressive investors, Qatar Investment Authority, is keen to invest in China’s property, infrastructure and healthcare sectors, Chief Executive Ahmed Al-Sayed said on Tuesday.

Saudi Arabia: Wealth fund urged to tackle oil-price slide

Posted on 05 November 2014

The fall of crude oil prices points to the need for Saudi Arabia to have an active sovereign wealth fund, said Prince Alwaleed bin Talal, chairman of Kingdom Holding Co. This will be similar to the sovereign funds in Kuwait, Abu Dhabi and Norway, he said.

Gulf Region Investment in U.S. Real Estate Surges 51%

Posted on 05 November 2014

Persian Gulf investors from sovereign wealth funds to rich individuals increased spending on U.S. real estate, attracted by the pace of economic growth, a survey by Jones Lang LaSalle Inc. showed. Gulf Cooperation Council countries invested $1 billion in U.S. property this year, a 51 percent gain over the year-earlier period, according to the survey [...]

GIC Bucks Trend With Bid for IndCor

Posted on 05 November 2014

Singapore state investment firm GIC Private Ltd.’s move to bid on a Blackstone Group-backed real estate investment trust runs somewhat counter to a shift away from direct real estate investing among sovereign wealth funds.

GIC-led group in talks to buy IndCor in S$10b deal

Posted on 05 November 2014

GIC, the Republic’s sovereign wealth fund, is leading a consortium in negotiations to buy IndCor Properties from United States private equity giant Blackstone Group in a deal valued at about US$8 billion (S$10.3 billion), sources familiar with the matter said.Chicago-based IndCor, formed in 2010 as a portfolio company of Blackstone, holds warehouses and distribution centres [...]

Blackstone Said Near $8 Billion Deal to Sell IndCor Unit

Posted on 05 November 2014

Blackstone Group LP is close to a deal to sell IndCor Properties Inc., an owner of U.S. industrial real estate, to investors led by Singapore’s GIC Pte for more than $8 billion, said two people with knowledge of the matter.

The wealth funds clinching the most deals are …

Posted on 05 November 2014

Singapore’s Temasek and GIC were the most active sovereign wealth funds last year, chasing investments even as deal-making by their peers, especially China, dropped sharply, according to a new report.

Penang warns 1MDB of tough road to approval for Air Itam project

Posted on 05 November 2014

Penang has warned 1Malaysia Development Bhd (1MDB) that it will be an uphill task to gain planning approvals for its development project on the 234 acres land if it deviates from its promise to build affordable housing there.

Will 1MDB change auditors again, asks DAP

Posted on 05 November 2014

With 1Malaysia Development Bhd (1MDB) yet to submit its financial statements as required under the law, a DAP lawmaker has questioned whether the sovereign fund will change its auditors again.

Norway sovereign wealth fund to increase A-share exposure

Posted on 05 November 2014

Sovereign wealth fund chief says he plans to increase A-share exposure, reports Bloomberg.Once a year, the man running the world’s biggest sovereign wealth fund travels around China for a week.

Kazakhstan not to feel drop in oil prices - not in short-term

Posted on 05 November 2014

Kazakhstan is among the top oil and gas producers in the world and Kazakhstan depends much on its oil and gas revenues. The large part of these revenues are saved in the State Petroleum Fund for future generations. It accumulated $93.9 billion as of 2014. This Fund allows to stabilize the national economy and its [...]

Azerbaijan, Hungary enjoy great capacity for expanding relations

Posted on 05 November 2014

Hungarian delegation visits SOFAZ. The Hungarian delegation also met with Executive Director of the Azerbaijani State Oil Fund (SOFAZ) Shahmar Movsumov.

Real Estate Investments Less Attractive for SWFs, Report Says

Posted on 05 November 2014

The shine may be wearing off for high-end real estate investments by sovereign wealth funds, according to a new report, a consequence of perceived market frothiness and increased competition for property assets. Sovereign wealth funds collectively closed $5.9 billion in real estate deals in the first half of this year, according to the report from [...]

Norway sovereign fund chief sets sights on China

Posted on 04 November 2014

Slyngstad hopes to broaden the sovereign fund’s asset mix to include infrastructure and private equity amid plunging interest rates. Once a year, the man running the world’s biggest sovereign wealth fund travels around China for a week.

The World’s Largest Wealth Fund Set to Increase its Investments in India

Posted on 04 November 2014

Norway’s $860 billion Sovereign Fund, also the world’s largest wealth fund, is set to increase its holding of Indian Stocks and Bonds to 0.9% of its fixed-income and equities portfolio.

SOFAZ Executive Director meets with Hungarian delegation

Posted on 04 November 2014

SOFAZ Executive Director met with Hungarian delegation led by Minister of Foreign Affairs and Trade, Mr. Szijjártó, APA reports. Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) met with a Hungarian delegation led by Minister of Foreign Affairs and Trade, Mr. Szijjártó on November 3, 2014.

Singapore leads the pack in sovereign wealth deals

Posted on 04 November 2014

Singapore’s two state-backed investors, Temasek and GIC, together accounted for 60 per cent of the $23bn in cross-border deals by the world’s sovereign wealth funds in the first half of this year as they made bets in sectors ignored by their rivals.

Singapore fund buys half GMT’s waterfront properties

Posted on 04 November 2014

NZX-listed Goodman Property Trust has sold a 49% stake in its Viaduct Harbour developments to a Singapore’s sovereign wealth fund. The move has been slammed by NZ First leader Winston Peters who says New Zealand’s own superannuation fund should be taking up such investments.

GIC makes first real estate move into NZ

Posted on 04 November 2014

After clocking in an ultra-busy month in October, Singapore’s sovereign wealth fund GIC could be keeping up the shopping pace this month. On Monday, the state-linked fund with over US$100 billion of assets under management, revealed its maiden property foray into New Zealand by tying up with Goodman Property Trust (GMT) to co-invest in Auckland’s [...]

Super Fund defends investment policy

Posted on 04 November 2014

The New Zealand Superannuation Fund is defending its investment decisions, saying it is putting more money than ever into domestic investments. A Singapore government fund has struck a multi-million dollar deal for a stake in buildings on Auckland’s waterfront, prompting the Property Council to suggest the Superannuation Fund’s focus is offshore and IT should invest [...]

Who is behind Bridge Partners, PKR lawmaker asks of firm appointed to manage 1MDB funds

Posted on 04 November 2014

A lawmaker has raised questions over 1Malaysia Development Bhd (1MDB) move to appoint a little-known Hong Kong based firm to manage its US$2.3 billion, or RM7.4 billion, funds.

MP presses Putrajaya for answers as 1MBD, banker contradict each other on fees

Posted on 04 November 2014

Putrajaya must clarify questions surrounding fees paid for 1 Malaysia Development Bhd’s (1MDB) fundraising after the sovereign wealth fund and investment banker Goldman Sachs gave conflicting explanations, a DAP lawmaker said.

Time govt rolls out own Sovereign Wealth Fund

Posted on 04 November 2014

There has been a significant increase in the number of sovereign wealth funds (SWFs), especially in Africa over the last decade. An SWF is a state-owned investment fund composed of financial assets such as stocks, bonds, real estate, or other financial instruments funded by foreign exchange assets.

Bahrain fund Mumtalakat sets up $1 bln bond, sukuk programmes

Posted on 04 November 2014

Bahraini sovereign fund Mumtalakat has set up separate bond and sukuk issuance programmes in the Irish stock exchange to raise as much as $1 billion, to help refinance maturing debt next year.

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