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Sovereign Wealth Funds Briefing - Category | Market more

Oil-centric sovereign wealth funds

Posted on 30 November 2016 by VRS  |  Email |Print

Among the largest sovereign wealth funds, oil- and gas-related revenues account for just less than 57% of total assets, including four of the top five funds largest by assets, derive their assets from their energy industry. Norway’s Government Pension Fund Global sits atop the list with $885 billion in assets.
While Norway is not a member of OPEC, the fund will be directly impacted by the meeting results. The fund has been faced with budget shortfalls due to lower revenues and low investment returns; its oil production has approached five-year highs during 2016………………………………………..Full Article: Source

NZ Super Fund keeps ILS investments at $200mn

Posted on 30 November 2016 by VRS  |  Email |Print

The New Zealand Super Fund’s reinsurance allocation remained stable at about $200mn in 2016. In its annual report, the sovereign wealth fund disclosed an NZ$75mn ($53mn) allocation to Elementum Advisors and a NZ$213mn investment with Leadenhall Capital Partners as at 30 June, around the same level it had invested with the funds at the same point last year.
The reinsurance and life settlements allocation represented 2.4 percent of its total NZ$30.1bn portfolio as of June………………………………………..Full Article: Source

QIC and China’s Ping An sign MoU after ‘long courtship’

Posted on 30 November 2016 by VRS  |  Email |Print

Queensland Investment Corporation has signed a memorandum of understanding for strategic co-operation with one of China’s biggest asset managers — Ping An Asset Management Company — to tap the rapid growth in Chinese investment capital.
This is the first time QIC has entered into a MOU with a Chinese asset manager, although it has led a consortium that includes China’s $200bn sovereign wealth fund CIC to win the Port of Melbourne bid in September………………………………………..Full Article: Source

Saudi Sovereign Wealth Fund to Invest in Alabbar-Led Company

Posted on 29 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign-wealth fund said Monday that it will acquire a 50% stake in an investment company led by Emirati businessman Mohamed Alabbar. The deal comes after Adeptio AD Investments SPC Ltd. last month completed the purchase of a majority stake in Kuwait’s Americana, one of the Middle East’s largest operators of fast-food chains including KFC, TGI Friday’s Inc. and Pizza Hut.
The Public Investment Fund said the transaction is part of a plan to “increase investment in non-oil sectors and build a portfolio that has greater geographical and asset class diversification.”……………………………………….Full Article: Source

Qatar’s sovereign wealth fund sees Spain as a gateway to investing in Latin America

Posted on 29 November 2016 by VRS  |  Email |Print

Officials in Qatar and Spain are reportedly mulling the creation of a $1 billion joint investment fund – and a meeting is being scheduled for next year to progress the plans. Spanish ambassador to Qatar, Ignacio Escobar, told Gulf Times in an interview that a bilateral visit by Spanish officials to the Gulf state is expected to take place in the first quarter of 2017, and that the visit could include the signing of an agreement to establish the fund.
He declined to reveal detailed information about any such fund but told the newspaper that Qatar’s sovereign wealth fund had previously expressed an interest in investing in Latin America – and that Spain was a “gateway to Latin America”……………………………………….Full Article: Source

Norway pension fund told to get out of Australian offshore detention business

Posted on 29 November 2016 by VRS  |  Email |Print

Norway’s biggest pension fund is under pressure to sell its interest in the Spanish company holding the biggest contract to run Australia’s offshore detention centres on Manus Island and Nauru. The Australia Institute claims the pension fund’s investment in Ferrovial is at odds with its commitment to high ethical standards and is not widely known in Norway.
It is mounting a social media campaign in Australia and Norway to convince investors to sign an open letter imploring the pension fund, known as Oljefondet, to divest………………………………………..Full Article: Source

GIC continues to tap into booming logistics sector with European deal

Posted on 29 November 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund, GIC, has completed the largest European property deal of the year so far with the acquisition of warehouse developer, P3 Logistics Parks for 2.4 billion euros (US$2.7 billion).
P3 Logistics, based in the Czech Republic, is one of Europe’s largest fully integrated logistics platforms and developers” with 163 “high-quality” warehouses across nine countries on the continent. Acquired from U.S.-based TPG Real Estate and its Canadian partner Ivanhoe Cambridge, the purchase is GIC’s first foray into the European logistics market following significant investment into platforms across Asia Pacific and the U.S………………………………………..Full Article: Source

KIC, LOFA to jointly invest $130 mn in 7 U.S. hotels

Posted on 29 November 2016 by VRS  |  Email |Print

South Korea’s sovereign wealth fund Korea Investment Corporation (KIC) will invest 153 billion won ($130.8 million) in seven hotels in major cities in the United States with Local Finance Association (LOFA) on expectations for growth in the U.S. economy under the new U.S. administration in 2017.
According to multiple sources from the investment bank industry on Monday, KIC and LOFA, a provider of financial aid to local governments in Korea, have decided to jointly invest 153 billion won in seven hotels in major U.S. locations including Arizona, California and Texas………………………………………..Full Article: Source

Ireland Strategic Investment Fund commits €30m to SME lender

Posted on 29 November 2016 by VRS  |  Email |Print

The Ireland Strategic Investment Fund (ISIF) will invest €30m into the country’s largest non-bank lender, Finance Ireland. The €8bn sovereign wealth fund has “conditionally agreed” to take a 32% stake, according to a statement from Finance Ireland, and will nominate two directors for the lender’s board.
Last year, PIMCO bought a similar stake in the company through a private equity vehicle it runs. Finance Ireland lends to small and medium-sized enterprises (SMEs) in the agriculture, motor and commercial real estate sectors………………………………………..Full Article: Source

Malaysians underestimate the damage caused by the 1MDB scandal

Posted on 25 November 2016 by VRS  |  Email |Print

Forty thousand people wearing yellow shirts gathered in Malaysia’s capital on November 19th, to protest against corruption and impunity in government. The rally was orderly and restrained; the response of the authorities was not. On the eve of the protest, police arrested Maria Chin Abdullah, leader of a coalition of human-rights groups that organised the event.
She was placed in solitary confinement, and can be held there for 28 days. Even by Malaysia’s dismal recent standards this marked a fresh low. Ordinary Malaysians should not stand by while their leaders undermine the rule of law so casually………………………………….Full Article: Source

Investor Interview: GIC

Posted on 24 November 2016 by VRS  |  Email |Print

The Government Investment Corporation of Singapore (GIC) has an estimated US$350bn (€321bn) of assets – although others with knowledge of the sovereign wealth fund (SWF) believe the figure to be substantially higher.
What is certain is that GIC, the eighth largest SWF according to the SWF Institute, is big and so has needed to be innovative over the years to deploy its capital effectively. GIC has often been a trendsetter. In real estate, for example, the fund moved into student housing in 2007, before it became established as an institutional asset class. Today, global investors are vying to build portfolios in the sector…………………………………Full Article: Source

Norway wealth fund’s Schanke to leave fund

Posted on 23 November 2016 by VRS  |  Email |Print

The Norwegian wealth fund’s chief investment officer for asset strategies, Oeyvind Schanke, is to leave the fund to head Norwegian investment fund Skagen, Skagen said in a statement on Tuesday.
Schanke had been in his current position since Oct. 2014, joining the fund, the world’s largest sovereign wealth fund in 2001 as a trader. He will begin at Skagen on Feb. 1 2017, said the statement………………………………………Full Article: Source

Norway sovereign fund exec heads to private sector

Posted on 23 November 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund is set to lose one of its most senior investment executives, as Øyvind Schanke becomes the new chief executive at the country’s best-known active investment manager.
Schanke has been with Norges Bank Investment Management, which runs the $858 billion sovereign fund, since 2001 and was promoted to chief investment officer for asset strategies in 2014; a role giving him broad oversight of the fund’s equity and fixed income portfolios………………………………………Full Article: Source

Temasek exits Citic Resources with sale

Posted on 23 November 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund Temasek has sold its entire 10 percent stake in state backed CITIC Resources. The shares were sold to Singaporean private equity fund TIHT Investment at HK$1.235 each, CITIC Resources said in a filing to the local exchange with the acquisition cost is estimated at HK$971 million.
CITIC Resources said Temasek will cease to be a shareholder while TIHT is to become a substantial shareholder. One fourth or 25 percent of Temesek’s portfolio was in China as of March 31, its published review shows. In 2015, it was 27 percent………………………………………Full Article: Source

Brookfield Ties Up with CIC to Buy IFC Seoul

Posted on 22 November 2016 by VRS  |  Email |Print

Canadian investment shop Brookfield Asset Management got one over on Stephen Schwarzman and his Blackstone Group beating out the US-based firm to acquire the International Finance Centre Seoul from AIG Global Real Estate. The bid, which is said to be backed by sovereign wealth fund China Investment Corporation, has been valued at $2.7 billion.
The mixed-use IFC Seoul complex features three high-rise office towers, a three-level retail mall, and the five-star Conrad Seoul hotel and is located in Yeouido, one of the city’s business hubs. AIG put the complex up for sale earlier this year with Singapore’s Ascendas also in the mix to purchase the project…………………………………….Full Article: Source

Temasek’s Mediacorp Weighs Sale of 1-Net Data Center Unit

Posted on 22 November 2016 by VRS  |  Email |Print

Mediacorp Pte, the broadcaster owned by Singapore state investment firm Temasek Holdings Pte, is considering a sale of its data center unit 1-Net, people with knowledge of the matter said.
The company is inviting suitors to submit non-binding bids for the business, which could fetch about $200 million, according to the people. A sale could take place next year, one of the people said, asking not to be identified as the information is private…………………………………….Full Article: Source

Qatar to turn US Embassy in London into a hotel

Posted on 21 November 2016 by VRS  |  Email |Print

Authorities in London have approved Qatari Diar’s plans to convert the erstwhile US embassy building in Mayfair’s Grosvenor Square into a luxury hotel. The firm, which is the property development arm of sovereign wealth fund Qatar Investment Authority, bought the listed building in 2009.
The United States of America will move its diplomatic presence from the site to Vauxhall. The plans approved by Westminster Council, will see two new floors added to the listed building, with floor space nearly doubling to 45,000m2……………………………………Full Article: Source

Middle East SWFs still interested in US

Posted on 21 November 2016 by VRS  |  Email |Print

Analysts are predicting that Middle East sovereign wealth funds will continue to buy big chunks of real estate in America’s biggest cities despite Donald Trump’s election victory. Over the past year, the funds, which have traditionally invested in high-profile London buildings such as the Shard and the Berkeley Square estate, have moved much of their buying appetite to North America and Asia following the Brexit vote.
But property advisers say that Mr Trump’s victory will not have the same effect. Qatar Investment Authority (QIA), which already owns stakes in Europe’s tallest building, The Shard, the Canary Wharf Estate, Harrods and the Olympic Park in London, said that it had bought a 9.9 per cent stake in Empire State Realty Trust, acquiring 29.6 million shares in the group at $21 each……………………………………Full Article: Source

ADIA buys Slough shopping centres

Posted on 18 November 2016 by VRS  |  Email |Print

The Queensmere Observatory Shopping Centre in Slough has been acquired for a reported £130m by the Abu Dhabi Investment Authority (ADIA). The centre, which was sold by Criterion Capital, currently comprises almost 600,000 sq ft of retail space and is anchored by M&S, TK Maxx, Debenhams and Primark.
In addition to the two adjacent shopping centres, the acquisition also includes Wellington House, a 57,400 sq ft office building……………………………………..Full Article: Source

Norway Will Withdraw a Worth of $15 Billion Right From Its Wealth Fund In Which Can Eventually Put Bitcoin In Portfolio?

Posted on 18 November 2016 by VRS  |  Email |Print

Norway was at this very moment planning to withdraw a worth of over and around NOK 121 billion in which is nearly closed to $15 billion US Dollars right from its sovereign wealth fund in order to cover its losses right from the oil revenue.
With this certain idea that the Norway’s sovereign wealth fund could be put out in the cryptocurrency right in its portfolio in which now sounds untamed, but in the reality it could really somehow happen and it is approaching real soon! The country is the largest oil exporter in the entire Western Europe and with the crude oil prices are excessively going down and under, it has a hurtful effect onto the Norwegian economy and if the oil prices do not expand and increase it might bring some sort of a challenge in its economical status and situation……………………………………..Full Article: Source

Abu Dhabi said to mull more bank mergers after NBAD-FGB deal

Posted on 17 November 2016 by VRS  |  Email |Print

Abu Dhabi is considering more mergers to boost its financial services industry after combining National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, according to four people with knowledge of the matter. Bank stocks surged.
Abu Dhabi Investment Council, a sovereign wealth fund in the emirate, owns a 58 per cent stake in ADCB and 50 per cent of UNB, according to data compiled by Bloomberg. The fund also holds a 7.6 per cent stake in Abu Dhabi Islamic Bank and a holding in Al-Hilal…………………………………….Full Article: Source

Saudi fund says no plan to cut local equity holdings

Posted on 17 November 2016 by VRS  |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF), the country’s main sovereign wealth fund, said it had no plan to sell stakes in local companies.
“Contrary to inaccurate media speculation this morning, the Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the PIF. Bloomberg quoted unnamed sources as saying on Tuesday that the PIF, which owns stakes in local companies worth tens of billions of dollars, was considering selling some of those shares…………………………………….Full Article: Source

Saudi fund said to explore asset sales for overseas deals

Posted on 16 November 2016 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, according to five people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, the people said, asking not to be identified as the discussions are private.
The fund could reduce its holdings in local companies and retain control through measures such as golden shares, one of the people said. Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest by transferring ownership of Saudi Aramco to the PIF and also the proceeds from the oil company’s initial public offering………………………………….Full Article: Source

Saudi sovereign fund eyes stake in ACWA

Posted on 16 November 2016 by VRS  |  Email |Print

Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter told Reuters.
PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role of advising it on a potential ACWA deal, according to four sources, declining to be named due to the sensitivity of the matter. Talks are still at a preliminary stage, and neither party has appointed an advisor, said two of the sources, who are based in the Gulf………………………………….Full Article: Source

China fund CIC teams up with French investor for overseas opportunities

Posted on 16 November 2016 by VRS  |  Email |Print

China Investment Corporation (CIC), the sovereign wealth fund, is stepping up its overseas investment, focusing on targets closely tied to the country’s economic development. Qi Bin, CIC’s deputy general manager, revealed the move, while speaking at the private equity firm Hony Capital’s annual general meeting in Shenzhen on Monday.
“This will be the future trend for CIC. Any investment must be closely tied to Chinese industry and serve in its economic transition ,” he said………………………………….Full Article: Source

Hong Kong Monetary Authority Sees Blockchain as a Money Laundering Risk

Posted on 16 November 2016 by VRS  |  Email |Print

A recent assessment from the Hong Kong Central Bank has warned that blockchain could increase the risk of money laundering, according to The Business Times. In a study, the HKMA said even though bitcoin’s distributed ledger could save on cost and cut down on time, it also had the potential to provide criminals with a way of undertaking illegal activities.
Shu Pui Li, the central bank’s executive director for financial infrastructure, said at a HKMA FinTech Day presentation that: [Blockchain offers] good potential, but a lot of things need to be addressed………………………………….Full Article: Source

KIC to lower barriers for smaller local funds

Posted on 16 November 2016 by VRS  |  Email |Print

Korea’s sovereign wealth fund Korea Investment Corp. will lower barriers for smaller local funds to be eligible for entrustment to seek economies of scale in its overseas investments, the government said Tuesday.
The Ministry of Strategy and Finance said the government agreed at a Cabinet meeting on the revision of the KIC-related act to induce more entrustment of the local institutions into the KIC and expand the scope of KIC’s investment targets………………………………….Full Article: Source

1MDB: Malaysia’s extraordinary financial scandal

Posted on 16 November 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak has been under fire since 2014 over allegations that billions of dollars were looted from state investment fund 1MDB in an audacious campaign of fraud and money-laundering.
On Saturday, an influential pro-reform group is planning a rally in downtown Kuala Lumpur to demand Najib’s ouster over the affair. Here are some answers to key questions in the saga. What is 1MDB? - 1Malaysia Development Berhad (1MDB) is a state investment fund Najib launched in 2009 shortly after assuming office………………………………….Full Article: Source

Don’t forget 1MDB just yet

Posted on 15 November 2016 by VRS  |  Email |Print

According to news reports, Malaysia is refusing to provide details to the Swiss authorities because apparently, the attorney-general’s office claims that there is an on-going police investigation by Malaysian police on the 1MDB. And this isn’t the first time they have refused to assist.
The 1MDB scandal has been reported in the news for a few years now and almost anyone with a slight interest in current affairs will now the basic premise of the story…………………………………….Full Article: Source

HKMA digs deeper into blockchain technology, releases white paper

Posted on 15 November 2016 by VRS  |  Email |Print

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Applied Science and Technology Research Institute (ASTRI), has released a new white paper on distributed ledger technology (DLT), commonly known as blockchain.
According to the white paper, a DLT system has the potential to bring new opportunities and efficiencies to the banking and payment industries, which includes the capability of establishing trust in a distributed system, efficiency in broadcasting information in a speedy and secure way, the ability to achieve complete traceability of records and transactions, the possibility of lowering operation costs, and the potential for high resiliency…………………………………….Full Article: Source

Saudi sovereign fund PIF considers buying stake in power firm ACWA

Posted on 15 November 2016 by VRS  |  Email |Print

Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter told Reuters.
PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role of advising it on a potential ACWA deal, according to four sources, declining to be named due to the sensitivity of the matter. Talks are still at a preliminary stage, and neither party has appointed an advisor, said two of the sources, who are based in the Gulf…………………………………….Full Article: Source

Saudi Arabia and Alabbar eye online retail domination with $1bn enterprise

Posted on 15 November 2016 by VRS  |  Email |Print

Mohamed Alabbar and Saudi Arabia’s government have teamed up to launch a US$1 billion e-commerce venture that will tap into the region’s rapidly changing retail landscape.
The chairman of Emaar Properties revealed plans for the site called noon.com today. The Public Investment Fund (PIF), chaired by Saudi’s deputy crown prince Mohammed bin Salman, will invest US$500 million in a 50 per cent share of the venture, while the other $500m commitment has been provided by Mr Alabbar and a group “of about 60 private individuals”…………………………………….Full Article: Source

McLaren chief Ron Dennis fighting ouster: Bernie Ecclestone

Posted on 15 November 2016 by VRS  |  Email |Print

As per reports, Bahrain’s sovereign wealth fund and businessman Mansour Ojjeh, who hold 75 percent of shares, want to oust Ron Dennis. McLaren chief executive Ron Dennis is fighting a move by other shareholders to force him out, Formula One supremo Bernie Ecclestone said.
Sky News reported on Friday that Bahrain’s sovereign wealth fund Mumtalakat and Saudi-born businessman Mansour Ojjeh, who between them hold 75 percent of the shares, wanted to oust Dennis. The report said an unidentified consortium of Chinese investors had made a 1.65 billion pounds ($2.08 billion) takeover bid for McLaren Technology Group that Dennis supported but the other shareholders opposed…………………………………….Full Article: Source

Canada courts sovereign wealth for infrastructure bank

Posted on 15 November 2016 by VRS  |  Email |Print

Canada’s Liberal government is speaking to sovereign wealth funds and global private equity firms as well as domestic pension funds as it ramps up efforts to attract funding for its new infrastructure bank, according to two sources.
The overseas investors that the officials developing the infrastructure bank are speaking to include the Government Pension Fund of Norway, one of the world’s largest sovereign wealth funds, said the sources, who declined to speak on the record because of the sensitivity of the talks…………………………………….Full Article: Source

Alabbar, Saudi Sovereign Wealth Fund Launch E-Commerce Firm Noon

Posted on 14 November 2016 by VRS  |  Email |Print

Emirati businessman Mohamed Alabbar on Sunday launched an e-commerce business with Saudi Arabia’s sovereign-wealth fund at an initial investment of $1 billion, as he seeks to tap the Middle East’s small but growing online sales market.
The new venture called “Noon” will offer 20 million products—ranging from fashion to electronics—to Middle Eastern households starting in January in a bid to create a homegrown version of e-commerce giants such as Amazon Inc. and Alibaba Group. Noon will initially operate from and focus on the U.A.E. and Saudi Arabia before expanding across the region……………………………………Full Article: Source

Auckland hosts $5tn room as sovereign funds mobilise

Posted on 14 November 2016 by VRS  |  Email |Print

Despite his engaging introductory monologue, NZ Superannuation Fund chief, Adrian Orr, faced tough competition for the attention of the 250 plus International Forum of Sovereign Wealth Fund (IFSWF) delegates assembled at the Auckland Viaduct Centre last week.
As Orr rolled energetically through a diversified portfolio of one-liners, NZ history lessons, IFSWF updates and conference housekeeping, large swathes of the audience – collectively responsible for some $5 trillion – were heads-down, staring at the flickering screens of mobile phones…………………………………….Full Article: Source

Abu Dhabi fund Mubadala may invest in Russian vegoil, rice firms

Posted on 11 November 2016 by VRS  |  Email |Print

Abu Dhabi state investment vehicle Mubadala Development Co may invest in a vegetable oil producer and a rice producer in Russia, a Russian state-backed fund said, in a rare Gulf investment into the country’s commodities sector.
Russia’s agriculture and food production sector has been growing due to Moscow’s decision to ban most Western food imports in 2014 in retaliation for sanctions over Ukraine, which are keeping many Western investors away from Russian assets. “Russian agriculture … is attractive to foreign investors due to the high growth rate in the domestic market and exports,” Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF), said………………………………………Full Article: Source

Under financial strains, Turkey designs “parallel budget”

Posted on 11 November 2016 by VRS  |  Email |Print

Last week, Turkey’s government appointed the head of the Privatization Administration, Mehmet Bostan, as director general and board chairman of a newly established public company, the Turkish Sovereign Wealth Fund, moving a step closer to the creation of a sovereign wealth fund. The plan was first brought up in late July and hastily passed through parliament the following month.
The world’s largest sovereign wealth funds include Norway’s Government Pension Fund, the United Arab Emirates’ Abu Dhabi Investment Authority, the China Investment Corporation, the Kuwait Investment Authority and the Saudi Arabian Monetary Agency’s holdings. Generally, their revenues come from budgetary surpluses………………………………………Full Article: Source

Despite massive U.S. holdings, Norway’s sovereign wealth fund is not changing its strategy after Trump’s win

Posted on 11 November 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has said it will not change its U.S. investment strategy following Donald Trump’s election win. The sovereign wealth fund’s investment returns depend to a large extent on the U.S. economy’s fortunes. Earlier this year, the world’s biggest wealth fund grew its positions in the U.S.; and the country now represents more than a third of the fund’s portfolio.
Governor Oeystein Olsen, the head of Norway’s central bank (which manages the fund), said in an interview with Reuters: “No, we don’t make that sort of connection. The oil fund is a long-term investor. Our perspective goes beyond eight years and we don’t have any particular view on how the outcome of the presidential election impacts the economy,”……………………………………..Full Article: Source

Freshies, Kirkland star in GIC’s $2.7 bln real estate deal

Posted on 11 November 2016 by VRS  |  Email |Print

Kirkland & Ellis has advised Singapore sovereign wealth fund GIC on its 2.4-billion-euro ($2.7 billion) acquisition of P3 Logistic Parks from Ivanhoé Cambridge and TPG Real Estate, which were represented by Freshfields Bruckhaus Deringer.
The acquisition, expected to complete by the end of 2016, is said to be the largest European real estate transaction this year. The Kirkland team was led by London corporate partners Matthew Elliott and Celyn Evans, debt finance partner Michael Steele, competition partner Paula Riedel and tax partners Jonathan Kandel and Frixos Hatjantonas………………………………………Full Article: Source

HKMA expects market volatility to persist in near term after U.S. election

Posted on 10 November 2016 by VRS  |  Email |Print

The Hong Kong Monetary Authority (HKMA) said on Wednesday that market volatility is expected to persist in the near term until there is more clarity about the policy stance of the new U.S. Administration.
The U.S. residential election suggests that Donald Trump is on course for a win, triggering significant volatility in financial markets, Norman Chan, the chief executive of the HKMA said in an email response to media. Shortly after Chan’s email, Democrat Hillary Clinton called Trump to concede a stunning upset win for Trump, U.S. TV networks reported………………………………………Full Article: Source

Investcorp eyes big health and tech deals

Posted on 10 November 2016 by VRS  |  Email |Print

Investcorp is considering a US$2.5 billion private equity deal and plans to launch two funds next year as the Bahrain-listed company seeks to boost its assets. The alternative investment company is also planning to cooperate with UAE partners such as Mubadala, said Mohammed Alardhi, Investcorp’s chairman.
Mubadala will become the biggest single investor in Investcorp after it agreed in July to buy a 20 per cent stake. “We are increasing our investor base so we can continue to grow our offerings,” said Mr Alardhi………………………………………Full Article: Source

Argentina, Qatar build infrastructure fund

Posted on 09 November 2016 by VRS  |  Email |Print

The Qatar Investment Authority, the country’s sovereign wealth fund, will contribute $1bn to the fund, while Argentina’s state pension agency, ANSES, will put in $300m. Argentina and Qatar are setting up a $1.3bn fund focused on infrastructure projects in South America’s second-largest economy.
The fund was announced during a state visit by Argentine Vice President Gabriela Michetti to Qatar over the weekend. The new fund is the result of an agreement between the Qatar Investment Authority, the Middle Eastern country’s sovereign wealth fund, and a fund managed by Argentina’s state pension agency ANSES…………………………………….Full Article: Source

WSJ journalist ejected from 1MDB session in Sydney

Posted on 09 November 2016 by VRS  |  Email |Print

A Wall Street Journal journalist was kicked out of a 1MDB information session in Sydney, believed to have been organised by Special Affairs Department (Jasa).
“Just got kicked out of a ‘public’ event where 1MDB’s Arul Kanda (was) explaining the controversy to Malaysian students in Sydney,” WSJ Sydney bureau deputy chief Rachel Pannett said on Twitter. Her colleague Tom Wright added only Malaysian students are allowed to ask questions at the event…………………………………….Full Article: Source

Singaporean fund GIC takes over P3 on the biggest real estate deal this year in Europe

Posted on 08 November 2016 by VRS  |  Email |Print

The Singaporean sovereign wealth fund GIC will buy P3 Logistics Parks, which has investments in Romania, following a deal worth 2.4 billion Euro, the biggest real estate deal in Europe this year. P3, one of the biggest owners, developers and administrators of logistics assets across Europe, will be acquired by GIC from TPG Real Estate and its partner Ivanhoe Cambridge.
The sellers had taken over P3 in 2013. Since then, the group has expanded and reached a portfolio of 3.3 million square meters of logistics space. The international transaction is expected to close by the end of 2016, pending regulatory approvals………………………………………Full Article: Source

Qatar SWF mulls Monte dei Paschi’s $5.5bn cash call

Posted on 08 November 2016 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is considering an anchor investor role in the world’s oldest bank. Qatar’s sovereign wealth fund has expressed a preliminary interest in backing Monte dei Paschi di Siena’s 5 billion euro ($5.56 billion) emergency cash call, two sources familiar with the matter said, although the response from investors in general has been lukewarm.
Qatar Investment Authority (QIA), estimated by industry tracker Sovereign Wealth Fund Institute to hold $256 billion of assets, has made investments in high-profile European assets such as Credit Suisse and Volkswagen………………………………………Full Article: Source

A sovereign wealth fund to make the UK’s economy the strongest in the G20

Posted on 08 November 2016 by VRS  |  Email |Print

The decision to leave the European Union creates an opportunity to ask fundamental questions about our future for the first time in 40 years. In particular, we are historically worse at long-term planning than many other developed nations: we save less, invest less, and build less economically-vital growth-promoting infrastructure (roads, rail, ports etc) than they do.
Other oil-rich countries like Norway have built up large sovereign wealth funds, but we have not. Can we resolve these weaknesses, using the spur of our newly-won freedoms to change the way we work once separation from the EU is complete?……………………………………..Full Article: Source

The LIA “steering committee” threatens to undermine the LIA’s multi-million dollar litigations

Posted on 04 November 2016 by VRS  |  Email |Print

Libya is a nation plagued by internal conflict, as the recent attempted coup illustrated only too well. Many of the rifts that exist between the competing factions are deep and intractable. Others, however, are relatively simple to resolve, and the rewards for their resolution would be huge.
The protracted power struggle at the Libyan Investment Authority (LIA) is one of the latter cases. The longstanding conflict between the LIA in Tripoli and the LIA in Tobruk was, only weeks ago, so close to an end. Since the departure of that long-standing irritant and impediment to progress, Hassan Bouhadi, as head of the Tobruk LIA, relations between the two sides have thawed………………………………………Full Article: Source

CIC Said Bidding for $6 Bil Warehouse Developer GLP

Posted on 03 November 2016 by VRS  |  Email |Print

Global Logistic Properties Ltd., the $6 billion owner of industrial property, has attracted takeover interest from an investor group that includes China’s sovereign fund, people with knowledge of the matter said.
China Investment Corp., Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer for Singapore-based GLP, according to the people. The suitors have reached out to potential partners to weigh their interest in joining the consortium, one of the people said, asking not to be identified because the information is private…………………………………….Full Article: Source

GIC to sell shares in Shakey’s

Posted on 03 November 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC may sell some of its shares in Shakey’s Pizza Asia Ventures Inc. in the latter’s initial public offering, a source said Wednesday. The source said GIC would opt to sell some of its shares in SPAVI, formerly International Family Food Services Inc., depending on the final IPO price.
“It will all depend on the final pricing of the IPO,” the source said. SPAVI filed a registration statement with the Securities and Exchange Commission last month to raise as much as P5.5 billion from the sale of 352 million primary and secondary shares, including 46 million shares to meet extra demand at a maximum price of P15.58 apiece…………………………………….Full Article: Source

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