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Sovereign Wealth Funds Briefing - Category | Investment more

Qatari Sovereign Wealth Fund Buys a Stake in the Empire State Building

Posted on 25 August 2016 by VRS  |  Email |Print

The fund has announced a U.S. investment push of $35 billion in five years. The owner of the Empire State Building has sold 9.9% of its company to a Qatari sovereign wealth fund. The Empire State Realty Trust announced Qatar Investment Authority’s $622 million acquisition on Tuesday afternoon.
The Qatar Investment Authority expanded to New York almost a year ago, announcing a U.S. investment push of $35 billion in five years, according to The Wall Street Journal. COO John Kessler in a statement on Tuesday called QIA “one of the most sophisticated and reliable real estate investors in the world.”……………………………………….Full Article: Source

Qatar fund invests $622 mln in owner of Empire State Building

Posted on 25 August 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA), the Gulf state’s investment arm, has invested $622 million in the owner of the Empire State Building in New York. The investment gives QIA a 9.9 percent stake in Empire State Realty Trust (ESRT), a listed New York-based trust which manages a portfolio of office and retail properties in Manhattan and the greater New York metropolitan area, ESRT said in a press statement published on their website on Tuesday.
“Our relationship with QIA is a great fit for ESRT. We look forward to a long and mutually beneficial relationship,” Anthony E. Malkin, chairman and CEO of ESRT, was quoted as saying………………………………………..Full Article: Source

NY State Of Mind: Qatar Wealth Fund Buys Empire State Building Stake

Posted on 25 August 2016 by VRS  |  Email |Print

The sovereign wealth fund Qatar Investment Authority purchased a 9.9% stake in the Empire State Building’s owner, Empire State Realty Trust (ESRT). As Bloomberg’s David Levitt reports, the fund bought 29.6 million newly issued Class A common shares at $21 each, or a $622 million investment. The shares also come with voting interest.
From the report: The investment will help Empire State Realty “plan for the future, now with more capital and one of the most sophisticated and reliable real estate investors in the world as our partner,” John Kessler, the company’s president, said in the statement………………………………………..Full Article: Source

Turkey’s $200 Billion Wealth Fund to Finance Transport Projects

Posted on 24 August 2016 by VRS  |  Email |Print

Turkey’s proposed national wealth fund, which could total as much as $200 billion, will finance projects including airports, seaports, roads and railroads across the country, according to a government minister.
The fund, approved by parliament last weekend, will be used to carry out projects that don’t have a build-operate-finance model, Transport, Maritime and Communication Minister Ahmet Arslan said on Tuesday. Some sub-funds will provide finance for those infrastructure projects, he said in an interview at the work-site for the third bridge connecting Asia and Europe across the Bosporus waterway that will open Friday………………………………………..Full Article: Source

China Sovereign Fund to Pursue Vale Iron Ore Streaming Deal

Posted on 22 August 2016 by VRS  |  Email |Print

China Investment Corp., the $814 billion sovereign fund, is leading a Chinese investor group in talks for a multibillion-dollar iron-ore streaming deal with Brazil’s Vale SA, people familiar with the matter said.
The consortium is negotiating the potential purchase of a portion of Vale’s future iron-ore output for as long as 30 years, two of the people said, asking not to be identified as the information is private. Vale could fetch about $9 billion upfront from the sale, one person said. No agreements have been reached, and the talks may not result in a transaction, according to the people………………………………………..Full Article: Source

CIC may buy Liverpool for $1bn

Posted on 22 August 2016 by VRS  |  Email |Print

Premier League giants Liverpool are the target of an 800 million pounds ($1 billion, 924 million euros) takeover bid backed by the Chinese government, British newspaper the Sunday Times reported. China Everbright, a state-backed financial firm, are leading the bid, backed by the country’s main sovereign wealth fund, the China Investment Corporation (CIC), the paper said.
Talks between the Chinese group and Liverpool’s American owners, the Fenway Sports Group (FSG), are ongoing, the Sunday Times said. But a senior Liverpool source told AFP that although the club was open to outside investment, FSG was not in talks and the club was not the subject of a bid………………………………………..Full Article: Source

Kazakhstan woos investors with stakes in national assets

Posted on 22 August 2016 by VRS  |  Email |Print

Kazakhstan is looking to attract Singaporean investors with stakes up for grabs in seven of its core state-owned enterprises. The country’s sovereign wealth fund, Samruk-Kazyna, is managing the privatisation of the companies. Except for Air Astana, where plans are under discussion, it intends to sell up to 25 per cent of each enterprise.
Ms Baljeet Kaur Grewal, managing director of Strategy and Portfolio Investments at Samruk-Kazyna, was in Singapore this week for the Stewardship Asia forum. She told The Straits Times that the fund has spoken to Singaporean institutional investors, including Temasek Holdings and GIC………………………………………..Full Article: Source

Norway oil fund looks into trimming $520b stock portfolio

Posted on 19 August 2016 by VRS  |  Email |Print

The world’s biggest sovereign wealth fund, long a backstop for global equity markets, is looking into potentially trimming its $520 billion (Dh1.9 trillion) stock portfolio as it tries to buy more properties and even move into infrastructure.
Faced with withdrawals from the government and dwindling returns amid record low interest rates, the investor has so far been selling “lower yielding” bonds to fund real estate purchases. That could soon include selling stocks as well as the government gives the green light to increasing the share of so-called real assets………………………………………..Full Article: Source

Temasek sells telco shares to Singtel for $2.47b

Posted on 19 August 2016 by VRS  |  Email |Print

Singapore investment firm Temasek Holdings has agreed to sell Singtel a 21 per cent stake in Intouch Holdings, the Thai telecoms conglomerate formerly known as Shin Corp. Temasek will also sell its entire 7.4 per cent stake in India’s Bharti Telecom to Singtel.
As part of the deal announced yesterday, Singtel, which is 51 per cent owned by Temasek, said it would fund the $2.47 billion cash purchase partly with short-term debt and by placing out new shares to Temasek at $4.16 apiece to raise $1.6 billion………………………………………..Full Article: Source

Singapore’s fiscal position to be unhurt from GIC’s, Temasek’s low returns

Posted on 18 August 2016 by VRS  |  Email |Print

Conservative spending rules will safeguard it. Despite the lower real returns of state-run investment entities GIC and Temasek Holdings due to exposure to equities, Singapore’s fiscal position is foreseen to endure only a limited impact over the near to medium term.
According to Moody’s Investors Service report, Singapore has on its arsenal buffers that would help it brave deficits at this time. “Over the near to medium term, conservative spending rules, a large stockpile of existing fiscal reserves, and features of Singapore’s fiscal framework that work to safeguard them will limit the negative credit impact on the sovereign,” Moody’s said………………………………………..Full Article: Source

Singtel to buy Temasek stakes in InTouch, Bharti Telecom for S$2.47b

Posted on 18 August 2016 by VRS  |  Email |Print

Singapore Telecommunications (Singtel) will raise its stakes in Thai telecom company Intouch Holdings and India’s Bharti Telecom for S$2.47 billion in total as part of its strategy to boost exposure to emerging markets.
In a statement on Thursday (Aug 18), Singtel said it had entered into conditional share purchase agreements with state investor Temasek Holdings to acquire 21 per cent of Intouch Holdings and 7.39 per cent of Bharti Telecom. “Thailand and India are fundamentally attractive markets which are reaping the benefits of rapidly increasing smartphone penetration and mobile data adoption by a growing middle class,” SingTel said………………………………………..Full Article: Source

Korea’s VIP draws more invest from Norway’s sovereign fund

Posted on 17 August 2016 by VRS  |  Email |Print

South Korea’s VIP Research& Management Co. came under the spotlight by drawing successive investment from Norway’s sovereign wealth fund, the world’s largest with assets $847.6 billion under management.
According to the financial industry Monday, the Korean asset manager was recently assigned to manage $100 million on behalf of Norway’s Government Pension Fund Global. The Norwegian sovereign wealth fund first chose the Korean firm last year and entrusted $300 million………………………………………..Full Article: Source

Temasek Said to Be in Talks With Singtel on Intouch Stake Sale

Posted on 17 August 2016 by VRS  |  Email |Print

Temasek Holdings Pte is discussing with Singapore Telecommunications Ltd. about selling part of the state investment firm’s nearly $2.4 billion stake in Thailand’s Intouch Holdings Pcl, according to a person with knowledge of the matter.
The parties see an opportunity to strike a deal now given recent evidence of increased political and economic stability in Thailand, the person said, asking not to be identified as the process is private. Singapore’s Temasek, which owns 51 percent of Singtel, held similar discussions with the city-state’s biggest phone company in 2014, though political tensions in Thailand at that time scuttled deal prospects, people with knowledge of the matter said previously………………………………………..Full Article: Source

Temasek Holdings buys shares in India’s ICICI Bank

Posted on 17 August 2016 by VRS  |  Email |Print

Temasek Holdings bought shares in ICICI Bank, India’s largest private-sector lender by assets, as the nation’s central bank pushes lenders to clean up bad debts that have weighed on earnings.
The investment firm bought 2.55 million American depositary receipts (ADRs) of ICICI in the second quarter, worth US$18 million (S$24 million) at the end of June, according to a Monday filing with the United States Securities and Exchange Commission. Temasek also acquired stakes in US aircraft parts manufacturer B/E Aerospace and emerged as a shareholder in biotech firm Intellia Therapeutics, which had its initial public offering in May………………………………………..Full Article: Source

India: Among FIIs, Norway fund has wider picks

Posted on 17 August 2016 by VRS  |  Email |Print

Government Pension Fund Global (GPFG), Norway, one of the largest pension funds globally, has a strong presence across Indian companies. According to a study by Prime Database, based on the shareholding pattern as on June 30, 2016, the Norwegian fund owns stakes in excess of 1 per cent in 77 companies, totalling Rs14,599 crore.
GPFG, which commands a market value of NOK 7,322 billion (Norway Kroner), holds stakes in Indian companies, including ABB, AB Nuvo, Ahluwalia Contracts, Alembic Pharma, Allahabad Bank, Andhra Bank, Ashok Leyland, Asian Paints, Bank of India, Bank of Baroda, Century Plyboards, IndusInd Bank, SBI, Reliance Industries, Tata Steel and Tata Motors………………………………………..Full Article: Source

Temasek Bought Stake in India’s ICICI Bank, Filing Shows

Posted on 16 August 2016 by VRS  |  Email |Print

Temasek Holdings Pte bought shares in ICICI Bank Ltd., India’s largest private sector lender by assets, in the second quarter as it expanded its foothold in Asia’s third-biggest economy.
The Singapore state-owned investor bought 2.55 million American depositary receipts of ICICI, worth $18 million at the end of June, according to a Monday filing with the U.S. Securities and Exchange Commission. Temasek also acquired stakes in U.S. aircraft parts manufacturer B/E Aerospace Inc. and emerged as a shareholder in biotech firm Intellia Therapeutics Inc, which had its initial public offering in May………………………………………..Full Article: Source

Temasek Holdings raises share stake in Alibaba Group

Posted on 16 August 2016 by VRS  |  Email |Print

Temasek Holdings raises share stake in Alibaba Group Holding Ltd By 13.7 pct to 54.08 mln shares - SEC filing. Temasek Holdings (Private) Ltd takes shares stake of 2.13 million shares in B/E Aerospace Inc.
Temasek Holdings holds share stake of 3.5 million shares in Biomarin Pharmaceutical. Temasek Holdings - Change in holdings are as of June 30, 2016 and compared with the previous quarter ended as of March 31, 2016……………………………………….Full Article: Source

Bahrain sovereign fund buys stake in water company

Posted on 12 August 2016 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the Bahraini government’s investment arm, has announced that it has acquired “a significant equity stake” in UK-based water treatment company, Envirogen Group.
The acquisition was completed alongside Gecos Invest and Hermes GPE Environmental Innovation Fund through a joint investment syndicate led by Promethean UK Opportunities Fund II. Envirogen specialises in environmental technology and process systems for the treatment of water, wastewater, vapour emissions, and material recovery………………………………………..Full Article: Source

Fund syndicate takes stake in Envirogen

Posted on 11 August 2016 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat has acquired an equity stake in Envirogen Group, a specialised international provider of water treatment solutions, alongsideGecos Invest and Hermes GPE Environmental Innovation Fund LP via a joint investment syndicate led by Promethean UK Opportunities Fund II, LP (PUOFII). The investment by Mumtalakat is the fifth in recent months and marks a step up in the wealth fund’s efforts to diversify its holdings.
Envirogen is a specialised international provider of environmental technology and process solutions for the treatment of water, wastewater, vapour emissions and material recovery, with operations across Europe and North America………………………………………..Full Article: Source

Russian Sovereign Wealth Fund looks to invest in Turkey

Posted on 11 August 2016 by VRS  |  Email |Print

Russia’s multi-billion dollar sovereign wealth fund has announced it is ready to take part in a Turkish-Russian joint investment fund, just hours before presidents of the two countries meet in St. Petersburg.
The state-run Russian Direct Investment Fund (RDIF), which has $10 billion of reserved capital under management, said in a statement on Tuesday it expects to sign a joint investment deal with a leading Turkish holding company during Turkish President Recep Tayyip Erdogan’s visit to Russia………………………………………..Full Article: Source

Russian sovereign wealth fund looks to invest in Turkey

Posted on 10 August 2016 by VRS  |  Email |Print

Russia’s multi-billion dollar sovereign wealth fund has announced it is ready to take part in a Turkish-Russian joint investment fund, just hours before presidents of the two countries meet in St. Petersburg. The state-run Russian Direct Investment Fund (RDIF), which has $10 billion of reserved capital under management, said in a statement on Tuesday it expects to sign a joint investment deal with a leading Turkish holding company during Turkish President Recep Tayyip Erdogan visit to Russia.
Erdoğan met his Russian counterpart Vladimir Putin, in the Russian city of St. Petersburg, for the first time since ties between the two countries deteriorated following the downing of a Russian jet near the Syrian border last November………………………………………..Full Article: Source

Joint Russia-Turkey Investment Projects Worth Billions of US Dollars

Posted on 10 August 2016 by VRS  |  Email |Print

The future Russia-Turkey joint investment fund will manage investments worth several billion US dollars, the head of the Russian Direct Investment Fund said Tuesday.
“We are talking about joint investments worth several billion US dollars,” Kirill Dmitriev said. According to Dmitriev, Russia will initially help Turkey to set up a sovereign investment fund, and will create mechanisms of joint investment in a wide range of projects, including in infrastructure development, agriculture and medicine, based on experience of similar cooperation with UAE and China………………………………………..Full Article: Source

The biggest Chinese investments in Britain

Posted on 10 August 2016 by VRS  |  Email |Print

China has cautioned Britain against closing the door to Chinese money and said relations were at a crucial juncture after Prime Minister Theresa May delayed signing off on a $24 billion nuclear power project.
China also has a 10 percent stake in London’s Heathrow Airport, Europe’s busiest flying hub, through its sovereign wealth fund, China Investment Corporation, which bought the stake in 2012. The sovereign wealth fund is also part of a consortium which owns Thames Water, Britain’s largest water supplier………………………………………..Full Article: Source

Australia’s Future Fund leads $77 million raising in US big data startup MapR

Posted on 10 August 2016 by VRS  |  Email |Print

Australia’s Future Fund has emerged as the surprise lead investor in a $US50 million ($77 million) capital raising by US technology startup MapR Technologies, which also included Google’s venture capital funds.
As well as Australia’s sovereign wealth fund and Google Capital, the funding round was also boosted by Lightspeed Venture Partners, Mayfield Fund, New Enterprise Associates, Qualcomm Ventures, and Redpoint Ventures. MapR is a big data and analytics specialist, which is closing in on an initial public offering after claiming a record quarter where it said it had signed up customers at more than 100 per cent of the previous year………………………………………..Full Article: Source

Norges wealth fund increases stake in Dialog, EPF reduces

Posted on 09 August 2016 by VRS  |  Email |Print

Norges Bank has increased its shareholding in Dialog Axiata PLC to 96.6 million shares as of end June, data filed with the Colombo Stock Exchange shows. Norway’s Norges Bank, which manages the world’s biggest sovereign wealth fund, is now the fifth biggest shareholder in telecommunications company Dialog with a 1.19 percent stake.
The shareholding is up from 28.7 million shares as of end September, 2015. EPF has reduced its position from 193.8 million shares in March to 180.8 million shares by end June. EPF now has a 2.2 percent stake and is the second largest shareholder………………………………………..Full Article: Source

Singaporean wealth fund eyes 7% of Vietcombank

Posted on 09 August 2016 by VRS  |  Email |Print

Singaporean sovereign wealth fund GIC Private Limited is currently negotiating with Vietcombank over securing a stake of at least 7 per cent, according to Reuters. Vietcombank will issue new shares to GIC should the deal go through, which will be at a discount to market prices. Full details are yet to be disclosed.
Vietcombank had no comment to make to VET. With a 7 per cent holding GIC would become the third-largest investor in the bank. Its main shareholder, the State Bank of Vietnam (SBV), will make the final decision on the purchase………………………………………..Full Article: Source

Silk Road revival drives Chinese investment push

Posted on 09 August 2016 by VRS  |  Email |Print

Beijing’s ambition of reviving trade along the ancient Silk Road is rapidly opening up new markets to Chinese investors looking for opportunities away from their slowing domestic economy.
In Kazakhstan, where Chinese companies control about a quarter of the country’s oil production, China Investment Corporation, a sovereign wealth fund, led a group of minority investors in KMG EP, the exploration arm of state oil company KazMunaiGas, to boycott a proposed buyout that would have resulted in large capital losses for the Chinese fund………………………………………..Full Article: Source

Vietcombank to sell shares to Singaporean investment fund

Posted on 08 August 2016 by VRS  |  Email |Print

Singapore government’s investment fund GIC Private Limited (GIC) is negotiating to buy at least 7 percent of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). That would be the second largest investment that the Singaporean sovereign fund has made this year in Vietnam.
A successful deal would show investors’ high confidence in Vietnam’s banking sector, which has been badly affected by bad debts. Vietcombank has been planning to issue 360 million new shares, equivalent to 10 percent of the bank’s existing stocks to foreign investors in a private placement………………………………………..Full Article: Source

HKMA Buys Stake in NYC’s Salesforce Tower from Ivanhoe for $1.2B

Posted on 08 August 2016 by VRS  |  Email |Print

Hong Kong Monetary Authority, the city’s de facto central bank, has become the latest Asian investor to jump into the New York market after investing $1.15 billion to acquire a 49 percent stake in an office tower in at 1095 Sixth Avenue in midtown Manhattan.
HKMA acquired its stake in the 41-storey building, which is commonly known as Salesforce Tower New York or 3 Bryant Park from Canada’s Ivanhoe Cambridge and Callahan Capital Partners, according to an account in New York’s Real Deal. The Authority made the acquisition through its exchange fund, which it uses to control the value of the Hong Kong dollar versus the US currency………………………………………..Full Article: Source

CIC seeks to buy $500m Mirvac stake

Posted on 05 August 2016 by VRS  |  Email |Print

Eight billion dollar property giant Mirvac’s recently-inked deal with China Investment Corporation looks set to pay its first dividend, with the pair believed to be in talks about a $500 million stake in a Melbourne CBD property.
Street Talk understands Mirvac is considering offloading a 50 per cent stake in 477 Collins Street in Melbourne, bringing in a capital partner to help fund the developer’s planned 40-storey tower. Sources said Mirvac has already held talks with CIC, which is keen to buy the stake, however Mirvac must first run the potential deal past the pre-emptive rights holder, Aviva………………………………………..Full Article: Source

Indonesian ride-hailing app Go-Jek raises over $550 million from investors

Posted on 05 August 2016 by VRS  |  Email |Print

Indonesian ride-hailing service Go-Jek has raised fresh funding of more than $550 million from KKR, Warburg Pincus and other investors, giving it more ammunition in the battle for market share in the country of 250 million people.
Grab has raised around $700 million so far from backers including Japan’s SoftBank Corp, sovereign wealth fund China Investment Corp (CIC) and an arm of Singapore state investor Temasek Holdings. Grab still has a “significant” amount of capital left, Tan said in Jakarta last month………………………………………..Full Article: Source

Singapore’s GIC acquires shares in China Telecom

Posted on 05 August 2016 by VRS  |  Email |Print

Singapore’s GIC Pte Ltd acquires 3.632 million shares in China Telecom at an average price of HK$3.91 a share.
Singapore’s GIC Pte Ltd owns 5.01 percent stake in China Telecom after transaction - HKEx filing……………………………………….Full Article: Source

Sovereign funds’ European shareholdings up to four times bigger than thought

Posted on 03 August 2016 by VRS  |  Email |Print

Sovereign wealth funds’ combined shareholdings are likely to be far bigger than previously thought, running to an average of at least 6-7 percent for Europe’s largest listed companies, according to a study.
Some Gulf-based government funds are likely to own four times as many European shares as companies’ management believe, the study by Nasdaq Corporate Solutions also found. The study tracked share ownership in 20 major European companies from five countries and different sectors. The group provides analysis of shareholder and investor activity including on the $6.5 trillion sovereign wealth sector………………………………………..Full Article: Source

QIA snaps up 24.9% in St Petersburg airport shares

Posted on 03 August 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA) has scooped up shares in German group Fraport’s ailing St Petersburg airport. QIA has bought operator shares in St Petersburg airport, which is suffering from low traveller numbers on the back of the flailing Russian rouble and regional unrest.
Germany’s Fraport expects to gain between $34-45m in the deal. The group outlined on 31 July, that it anticipated the deal will help offset weakening revenues at travel hubs like Frankfurt and Antalya and will assist it to reach its 2016 earnings forecast………………………………………..Full Article: Source

Avoiding the Pitfalls: Invest in Skills for Deal Evaluation

Posted on 03 August 2016 by VRS  |  Email |Print

Venture and private equity investment are important components of the portfolios of sovereign wealth funds (SWFs). However, access to these asset classes has come with hefty management fees. For SWFs, there are several advantages to direct investment in venture and private equity deals.
Direct investment allows more control over the timing of actual investments. It also allows the SWFs to have more flexibility in their portfolio construction. And most importantly, there are significant savings on management and performance fees. SWF managers need to be adept at analyzing whether their returns will beat the realized return (after fees) offered by venture capital and private equity firms. Unfortunately, ample evidence has shown that this can be very challenging for many SWFs making direct investments………………………………………..Full Article: Source

Mumtalakat acquires an equity stake in Italy’s KOS Group

Posted on 02 August 2016 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat Holding Company has bought an equity stake in KOS Group, the European healthcare group focused on long-term care and rehabilitation services, with additional activities in hospital equipment management, diagnostics and cancer care services, and is a diversification play by the fund. The sovereign wealth fund says it has a “significant” minority stake, but did not elaborate further.
Mumtalakat’s investment will take place through a consortium organised by F2i, the Italian infrastructure fund, and including one other international investor. As well, CIR founders and existing majority shareholders of KOS Group, will retain a large stake………………………………………..Full Article: Source

Qatar Investment Authority buys stake in Russian airport

Posted on 02 August 2016 by VRS  |  Email |Print

Qatar now owns almost a quarter of St. Petersburg’s Pulkovo Airport, after closing a deal with airport operator Fraport to buy part of its stake in the Russian business.
According to Reuters, consortium partner Copelouzos Group has also sold shares to the Qatar Investment Authority (QIA), raising the wealth fund’s overall stake in the airport to 24.9 percent. Fraport – which will retain its role as airport operator after the deal – expects to make a profit of between €30-40 million from the sale………………………………………..Full Article: Source

Fraport in 10% Pulkovo sale to Qatar Investment

Posted on 02 August 2016 by VRS  |  Email |Print

Fraport AG Frankfurt Airport Services Worldwide (Fraport AG) has agreed to sell 10% of its current 35.5% shareholding in Pulkovo Airport, St Petersburg to the Qatar Investment Authority (QIA).
The international airports’ arm of Frankfurt Airport says it expects to complete the process of releasing the 10% share in the Thalita Trading Ltd holding company (which controls Pulkovo Airport) later this year. The transaction is expected to generate profit between €30m to €40m ($33.5m to $44.7m)………………………………………..Full Article: Source

Temasek-backed town planner Surbana Jurong buys Australia’s SMEC for S$400 mln

Posted on 02 August 2016 by VRS  |  Email |Print

Singapore-based urban planning consultancy Surbana Jurong Pvt Ltd, owned by state investor Temasek Holdings, has agreed to buy Australia-based SMEC Holdings Ltd for about S$400 million ($298 million), increasing its global reach.
The combined entity will have a global workforce of almost 10,000 employees and revenue of about S$1.1 billion, the companies said in a joint statement on Monday, making it one of the largest urban and infrastructure consulting firms in Asia. Surbana Jurong said earlier this year it was looking at acquisitions overseas, including China and India as well as Australia. SMEC provides consultancy services for infrastructure projects………………………………………..Full Article: Source

Global investors likely to be cautious on NIIF investments

Posted on 01 August 2016 by VRS  |  Email |Print

Even as India is “aggressively” trying to attract funds for the Rs 40,000-crore National Investment and Infrastructure Fund (NIIF), global investors are likely to adopt a “cautious” approach over investing in it, a report by BMI Research has said.
The company, part of the Fitch Group, said infrastructure sector in the country continues to face challenges, which is discouraging international investments. “Indian government is aggressively trying to attract foreign investments into its infrastructure sector, seeking USD 1 trillion in investments, however, we expect that international investors will continue to remain cautious over investing in the fund which seeks to fill the funding gap in India,” the company said in its latest report………………………………………..Full Article: Source

Singapore wealth fund warns of tough investment decade

Posted on 01 August 2016 by VRS  |  Email |Print

Singapore multibillion-U.S.-dollar sovereign wealth fund GIC on Thursday reported a substantial dip in returns and warned of “difficult” global investment conditions over the next decade. GIC said in a statement its annualized rate of return, excluding global inflation, for the past 20 years fell to 4.0 percent in the year to March 2016, from 4.9 percent in 2015, adding future returns will be challenged by uncertainties caused by the low-yield environment.
“These difficult investment conditions can stretch for the next 10 years,” said Lim Chow Kiat, deputy group president and chief investment officer………………………………………..Full Article: Source

Qatar Investment Authority takes stake in St Petersburg airport operator

Posted on 01 August 2016 by VRS  |  Email |Print

Germany’s Fraport is selling a stake in the operator of the St Petersburg airport, which is ailing from low traveller numbers due to the weakness of the Russian rouble, to the Qatar Investment Authority (QIA).
The deal, from which Fraport expects to generate a gain of €30 million (Dh123.1m) to €40m, will help to offset weakening revenues at hubs such as Frankfurt and Antalya and allow it to confirm its 2016 earnings forecast, the group said on Sunday. Attacks in Europe and a failed coup in Turkey have hit demand for travel, prompting easyJet, Lufthansa , Air France-KLM and IAG to warn on the impact of political upheaval and security concerns………………………………………..Full Article: Source

Singaporean wealth fund warns of hard investment decade

Posted on 29 July 2016 by VRS  |  Email |Print

Singapore’s multibillion-dollar sovereign wealth fund GIC yesterday reported a substantial dip in returns and warned of “difficult” global investment conditions over the next decade. The fund said in a statement its annualized rate of return, excluding global inflation, for the past 20 years fell to 4 percent in the year to March, from 4.9 percent last year, adding that future returns would be challenged by uncertainties caused by a low-yield environment.
“These difficult investment conditions can stretch for the next 10 years,” deputy group president and chief investment officer Lim Chow Kiat said………………………………………..Full Article: Source

GIC spots investment opportunities in emerging economies

Posted on 29 July 2016 by VRS  |  Email |Print

Several nations have reigned in excessive credit growth. According to Bloomberg, in an environment of diminishing returns, emerging economies are offering better opportunities for investors compared with last year, Singapore’s sovereign wealth fund GIC Pte said.
Several emerging nations have reigned in excessive credit growth, Lim Chow Kiat, GIC’s group chief investment officer and deputy group president, said in an interview. They are also seeing adjustments to their exchange rates and lower asset prices as foreign investors have withdrawn capital, he said, adding that he’s positive on India while more reforms are needed in China………………………………………..Full Article: Source

Investcorp Sells 20% Stake to Abu Dhabi-Based Fund Mubadala

Posted on 29 July 2016 by VRS  |  Email |Print

Mubadala will immediately acquire a 9.9% stake with a further 10.01% to follow after obtaining regulatory approvals. Bahraini investment manager Investcorp on Thursday said it had agreed to sell a 20% stake to Mubadala Development Co., a sovereign-wealth fund tasked with diversifying Abu Dhabi’s economy.
Under the terms of the transaction, Mubadala will immediately acquire a 9.9% stake in Investcorp and another 10.01% stake after obtaining regulatory approvals. No financial details were disclosed………………………………………..Full Article: Source

GIC ‘more defensive’ in investing stance

Posted on 28 July 2016 by VRS  |  Email |Print

Sovereign wealth fund GIC said it had been more defensive in its investing stance in the past year, owing to more challenging investment conditions. The fund’s approach was reflected in its move to increase its holdings of bonds and cash, at the expense of developed market equities, which are seen as more risky.
“It reflects our caution on the overall environment. All those reasons we talked about: low growth, high debt and expectation of high volatility,” said GIC deputy group president and group chief investment officer Lim Chow Kiat………………………………………..Full Article: Source

Future Fund and Cbus see big opportunities in direct lending

Posted on 28 July 2016 by VRS  |  Email |Print

The potential for super funds to be direct lenders is enormous, according to a panel that included the Future Fund, Cbus and AustralianSuper that are all lending directly. Rob Leck, manager debt and quantitative solutions at Cbus, which is about to enter the private debt market, said that not only do investors have to be lenders, but they have the potential to assist in the development of a high yield market in Australia.
The Future Fund has been involved in the direct lending landscape since 2009, and first made an investment in 2010 in the European corporate middle market. It is viewed as a credit allocation and makes up around 30 per cent of the credit portfolio………………………………………..Full Article: Source

QIA Makes Good on US Investment Promise—Again

Posted on 26 July 2016 by VRS  |  Email |Print

In January 2015, visiting officials of the State of Qatar told the U.S. Chamber of Commerce that the country would invest $35 billion in the U.S. over the next five years, and it continues to do just that, with its latest investment being Qatari Investment Authority’s acquisition of the office tower at 12100 Wilshire Blvd. in Los Angeles.
QIA, the sovereign wealth fund of Qatar, and joint venture partner Douglas Emmett Inc. recently acquired the 365,000-square-foot property, located in the prestigious Brentwood submarket, from Hines for $225 million. It appears the transaction took place in a time warp. Hines U.S. Office Value Added Fund II also paid $225 million for 12100 Wilshire when it acquired the Class A property from RREEF Property Trust in 2007………………………………………..Full Article: Source

China sovereign wealth fund CIC profit drops 17%

Posted on 25 July 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corp (CIC) reported a 17 per cent decline in net profit last year, its lowest profit since 2011, hit by negative returns on overseas investments and huge foreign exchange losses, it said on Friday.
Net profit was US$73.9 billion in 2015, down from US$89.1 billion a year earlier, the fund said in the annual report posted on its website. CIC’s return on overseas investments declined to a negative 2.96 per cent last year, compared with a positive 5.47 per cent return in 2014………………………………………..Full Article: Source

China Sovereign Fund Has Loss on Commodities, Negative Rates

Posted on 25 July 2016 by VRS  |  Email |Print

China’s $813.8 billion sovereign wealth fund posted its first loss on overseas investments in four years last year as commodity prices sunk, while stock and bond returns were damped by negative interest rates and a strong U.S. dollar.
China Investment Corp. had a loss of 2.96 percent in the year ended December, compared with a 5.47 percent gain a year earlier, according to the Beijing-based company’s 2015 annual report released Friday. Net income at the fund, which holds government stakes in China’s biggest banks, fell 17 percent to $73.9 billion, the report showed………………………………………..Full Article: Source

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