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GIC to develop two projects near Delhi

Posted on 18 December 2014 by VRS  |  Email |Print

Sovereign wealth fund GIC continues to have a strong appetite for real estate - turning its sights on India for its latest deal. It has entered into a joint venture with Indian property firm Vatika Group to develop two residential projects in Gurgaon near the nation’s capital New Delhi. The two firms said in a joint statement yesterday that the projects will meet demand for high-quality residential units.
Vatika, which is involved in a wide spectrum of real estate, including residential, commercial, township and facilities management projects, will be the developer. The two projects have a development potential of more than 2.3 million sq ft and are set to generate revenues of some 20 billion rupees (S$420 million) when completed by the 2018-2019 financial year. No other financial details were made known………………………………………Full Article: Source

India HDFC’s fund targets raising $500 million for real estate: sources

Posted on 18 December 2014 by VRS  |  Email |Print

A private equity fund set up by Housing Development Finance Corp Ltd (HDFC.NS), India’s biggest mortgage lender, is targeting raising $500 million to invest in residential real estate projects, said people directly involved in the process.
HDFC Property Fund plans to raise part of the funding from investors, including Government of Singapore Investment Corp (GIC), investment firm Temasek Holdings and Oman’s State General Reserve Fund, one of the people said. HDFC, GIC, Temasek and Oman’s State General Reserve Fund declined to comment. The sources declined to be named as the fundraising plan is not public yet………………………………………Full Article: Source

Qatar Fund Acquires HSBC’s London Base From Korean Pension Fund

Posted on 17 December 2014 by VRS  |  Email |Print

Qatar Investment Authority, the sovereign-wealth fund seeking to gain control of London’s Canary Wharf financial district, bought the headquarters of HSBC Holdings Plc from the National Pension Service of Korea.
JPMorgan Chase & Co., which advised NPS, announced the sale of 8 Canada Square in Canary Wharf in a statement yesterday without giving the price. Qatar paid about 1.2 billion pounds ($1.9 billion), according to a person with knowledge of the deal who asked not to be identified because the information is private…………………………………..Full Article: Source

Singapore’s GIC forms venture with Vatika Group

Posted on 16 December 2014 by VRS  |  Email |Print

GIC Pte Ltd, Singapore’s sovereign wealth fund, formed a joint venture with property developer Vatika Group for two residential projects near New Delhi, the two firms said in a statement on Monday.
The projects in Gurgaon, to be developed by Vatika Group, are expected to be completed by financial year 2018-19 and are forecast to generate revenue in excess of 20 billion rupees ($319 million), they said……………………………………..Full Article: Source

Singapore’s GIC enters Indian residential property joint venture

Posted on 16 December 2014 by VRS  |  Email |Print

GIC has entered a joint venture on Indian residential housing.Singapore’s sovereign wealth fund said it agreed to co-invest in the development of two residential projects with local builder the Vatika Group.
The projects, on India’s Dwarka expressway in Gurgaon, are due for completion in 2018. GIC said the schemes were expected to generate IND2000 crore (€252m) in revenues once completed……………………………………..Full Article: Source

Why Sovereign Wealth Funds Need Private Equity

Posted on 16 December 2014 by VRS  |  Email |Print

According to the Sovereign Wealth Fund Institute (SWFI), direct sovereign wealth fund transactions from the 3rd Quarter of 2014 back 12 months, totaled US$ 203.61 billion. This is an unprecedented amount of sovereign wealth capital flowing toward direct investing in assets and companies. With that being said, sovereign wealth funds are constantly on the prowl, seeking various channels to manage their money on a risk-adjusted basis.
About 15 of the top 25 sovereign wealth funds ranked by assets under management, have an allocation to private equity funds. Private equity is an asset class, where sovereign wealth funds are able to put their capital to work on a long-term, illiquid basis. With increased volatility in U.S. equities, a realization of change with regard to U.S. interest rates and lower expected returns in public markets, public asset owners have augmented allocation to private markets……………………………………..Full Article: Source

National pension fund sells office building in London

Posted on 15 December 2014 by VRS  |  Email |Print

South Korea’s national pension fund said Sunday it has sold a prime office building in London to Qatar’s sovereign wealth fund, reaping a profit of 960 billion won (US$871 million).
The National Pension Service (NPS) said it sold the head office of global banking giant HSBC, which it acquired in 2009 following the 2008 global financial crisis, to the Qatar Investment Authority. The NPS didn’t disclose the sale price, simply saying it has recorded 960 billion won in earnings………………………………………..Full Article: Source

German Kauri, Swedish Apeiron join SWF in €300m German housing JV

Posted on 11 December 2014 by VRS  |  Email |Print

Kauri CAB Management and Apeiron Capital have teamed up with an unnamed sovereign wealth fund to invest in German residential property. The joint venture has invested €130m in a portfolio of 1,675 residential and 105 commercial units within 61 residential buildings in Germany.
The 120,000sqm Zeus portfolio, spread across Magdeburg and Berlin, was sold by Zentral Boden Immobilien (ZBI). The partnership, which has an initial starting equity capital of €100m, is aiming to build a €300m portfolio including leverage………………………………………..Full Article: Source

Singapore Sovereign Fund Bets Big on Trophy Real Estate

Posted on 09 December 2014 by VRS  |  Email |Print

Lim Chow Kiat, a 44-year-old man with a calm demeanor and a dimpled smile, is known as someone who doesn’t stray from his habitual ways. Friends and colleagues say Lim — group chief investment officer of GIC Pte, Singapore’s sovereign wealth fund — has kept his hair short and worn the same style of square, black-framed glasses for as long as they can remember.
“He probably looked exactly the same when he was a child,” says Lam Poh Min, who used to sit next to Lim before leaving GIC in 2004 to co-found Singapore-based Octagon Capital Management Pte, one of the first quant hedge funds in Asia………………………………………..Full Article: Source

Qatar fund and partner raise offer for Canary Wharf-owner Songbird

Posted on 05 December 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund and a North American investor have upped their joint bid for Songbird Estates, the owner of London’s Canary Wharf financial district, with an offer that values the company at 2.6 billion pounds ($4.1 billion).
Songbird is the majority owner of the Canary Wharf estate, established about 25 years ago on former docks as a new financial zone. It is also a part owner of the landmark “Walkie Talkie” skyscraper in the City, London’s traditional business area………………………………………..Full Article: Source

Brookfield, Qatar raise bid to $4.6-billion in Canary Wharf deal

Posted on 05 December 2014 by VRS  |  Email |Print

The property arm of Canada’s Brookfield Asset Management and a Qatar investment fund have boosted their bid for the British company that controls Canary Wharf in a final effort to take control of Europe’s largest office development.
At the same time, the Qatari Investment Authority (QIA) will pay $1.8-billion (U.S.) for preferred shares that will give it 9 per cent of Brookfield Property Partners, which is controlled by Toronto-listed Brookfield Asset Management Inc. The deal is designed to give Brookfield, with the Qataris at its side, enough financial firepower to fund the British takeover attempt and possibly others as the two powerhouses roam the planet for investments………………………………………..Full Article: Source

Qatar’s Barwa Signs Deal To Sell Land Plots For $1.47bn

Posted on 03 December 2014 by VRS  |  Email |Print

Qatar’s Barwa Real Estate has signed a deal to sell two plots of land for a combined QAR5.34 billion ($1.47 billion) to an unidentified buyer, the company said on Tuesday. Qatar’s government owns a 45 per cent stake in Barwa, according to Reuters data. In October, the developer said it would sell land worth QAR2.54 billion ($697.4 million) to the government.
Qatari Diar, the real estate arm of Qatar’s sovereign wealth fund, stepped in with financial aid last year, agreeing to buy some of Barwa’s assets for $7.1 billion. In June this year, Barwa said it was selling a 95 per cent stake in Barwa Commercial Avenue Co to Qatari Diar for QAR9 billion………………………………………..Full Article: Source

GIC partners with Indonesian firm to jointly invest in CBD properties

Posted on 01 December 2014 by VRS  |  Email |Print

Singaporean sovereign wealth fund GIC Private Limited and Indonesian investment company Rajawali Group recently signed a Memorandum of Understanding to allocate a USD500 million budget for real estate projects in the country. The planned developments, covering residential, office, retail and mixed-use projects, will be focused on top central business districts, especially Jakarta, the Sovereign Wealth Fund Institute reported.
“We are pleased to deepen our relationship with Rajawali, one of the leading investors in Indonesia. GIC is confident in Indonesia’s long-term growth potential and believe we can create value through the acquisition of assets in prime locations and active asset management,” Loh Wai Keong, Asia co-head at GIC Real Estate, said in a statement………………………………………..Full Article: Source

Singapore’s GIC to invest in Indonesia property with Rajawali

Posted on 26 November 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and Indonesia’s Rajawali Group have agreed to jointly invest up to $500 million in equity in property projects in Indonesia, the two companies said in a statement on Tuesday.
The joint venture will look at sectors including office, retail, residential and mixed-use projects mainly in the central business district of Indonesian capital Jakarta, the statement said. Privately-owned Rajawali is one of Indonesia’s largest investment companies………………………………..Full Article: Source

Concierge Treatment: Private Equity Courts Mega Sovereign Funds and Pensions

Posted on 26 November 2014 by VRS  |  Email |Print

Over the past few years, sovereign wealth funds have gained a bit of leverage over private equity managers. Sovereign funds like Kuwait Investment Authority (KIA), China Investment Corporation (CIC) and Abu Dhabi Investment Authority (ADIA), have taken ownership stakes in headline private equity firms such as The Blackstone Group and The Carlyle Group.
As sapient sovereign funds and mega pensions boost the ranks of their internal private equity teams, they will be larger actors in co-investments and direct deals. According to the Sovereign Wealth Fund Transaction Database, in the first half of 2014, sovereign funds invested directly US$ 51.3 billion. This compares to US$ 42.6 billion in the first half of 2013………………………………..Full Article: Source

Norway’s oil fund, TIAA-CREF buy Washington property

Posted on 17 November 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund and U.S. financial services group TIAA-CREF have bought a Washington D.C. property in a deal valuing the site at $165 million, the fund said on Friday.
The fund bought a 49.9 percent stake for $82.3 million, which according to the statement has no debt, while TIAA/CREF bought the rest and will manage it on behalf of the partnership, it added. The property was bought from The Maritime Engineers Beneficiary Association, which will have a 99 year lease on it………………………………….Full Article: Source

Norway’s oil fund targets ‘forever’ horizon in real estate market

Posted on 17 November 2014 by VRS  |  Email |Print

Targeting an investment horizon of “forever”, Norway’s $860 billion oil fund plans to enter the Asian real estate market next year and aims to broaden its asset range to include anything from new developments to refurbishments, it said.
Stepping up its activity after a gradual start and aiming to invest around $8-$10 billion a year, the fund will also do more property deals on its own as it struggles to find partners with deep enough pockets, Karsten Kallevig, its real estate chief, told Reuters………………………………….Full Article: Source

China and Qatar buying London properties

Posted on 12 November 2014 by VRS  |  Email |Print

Sovereign wealth funds, forked out $8.9 billion for properties in London in the past year. London alone made up 44% of real estate investments of all foreign government money via their sovereign funds, according to research by Real Capital Analytics, a real estate research firm.
Qatar was the top spender, with Kuwait, China and Norway close behind. The Qatari sovereign wealth fund owns some of London’s most famous landmarks including the E.U.’s tallest building, the Shard, Harrods department store, and the Olympic village. In the last three years, the oil nation has spent $6.3 billion on London real estate………………………………………..Full Article: Source

CIC Says Private Equity to Benefit from China’s Overseas M&A Activity

Posted on 12 November 2014 by VRS  |  Email |Print

Private equity players are set to benefit as China’s private companies play a more important role in overseas acquisitions, said Linbo He, head of private equity at China Investment Corp., one of the world’s largest sovereign wealth funds.
Overseas mergers and acquisitions have long been dominated by Chinese state-owned enterprises given they have easy access to capital, are large in size and have resources and connections. But earlier this year Beiijing relaxed rules for private Chinese companies when they seek acquisitions abroad as the Asian country seeks to boost outbound investment………………………………………..Full Article: Source

UAE’s Aabar buys 5.1% stake in Egyptian developer

Posted on 10 November 2014 by VRS  |  Email |Print

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 to Reuters calculations.
Aabar, a subsidiary of the United Arab Emirates’ sovereign wealth fund and run by the Abu Dhabi government, will have a representative on the board, the statement said………………………………………..Full Article: Source

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

Posted on 07 November 2014 by VRS  |  Email |Print

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.
GIC will own a 49 per cent interest in each of the five malls in New Zealand - Westfield Albany, Westfield Manukau, Westfield Newmarket, Westfield Riccarton and Westfield St Lukes. Scentre is New Zealand’s largest shopping centre operator, managing about nine shopping centres with annual sales in excess of NZ$2 billion………………………………………..Full Article: Source

Singapore fund buys into NZ Westfield shopping centres

Posted on 07 November 2014 by VRS  |  Email |Print

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 Centres as part of a joint venture with the malls’ owner, the ASX-listed Scentre Group.
Four of the five malls are in Auckland, at Albany, Manukau, Newmarket and St Lukes, with the other one in Riccarton in Christchurch. Scentre will continue to manage them. Its Glenfield, WestCity, Queensgate in Wellington and Chartwell in Hamilton are not involved in the deal………………………………………..Full Article: Source

Kuwait targets property lending with €1.2bn for Cale Street

Posted on 06 November 2014 by VRS  |  Email |Print

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.
Cale Street was established in July by former Goldman Sachs’s global real estate principal investment head Edward Siskind, according to company filings. Just weeks later a separate entity, Cale Street Holdco Ltd, was established, whose board includes Martin Dore and Charles Magnay from KIA’s London-based investment arm, Kuwait Investment Office………………………………………..Full Article: Source

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

Posted on 05 November 2014 by VRS  |  Email |Print

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.
The fund, which is estimated to have around $170 billion, also plans to invest between $15 billion and $20 billion in Asia in the next five years, Al-Sayed said………………………………………..Full Article: Source

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

Posted on 05 November 2014 by VRS  |  Email |Print

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 released in Dubai.
Wealth funds and institutional investors are spending more on real estate to diversify their holdings, Jones Lang said……………………………………….Full Article: Source

Real Estate Investments Less Attractive for SWFs, Report Says

Posted on 05 November 2014 by VRS  |  Email |Print

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 Institutional Investor’s Sovereign Wealth Center. That was a 43% decline in value compared to the same period last year.
Sovereign funds, some of the largest of which are based in the Middle East, have become major players in real estate in recent years. Funds from Abu Dhabi and Singapore, for example, were the main backers of the $1.3 billion purchase early this year of the Time Warner headquarters building in New York………………………………………..Full Article: Source

Singapore fund buys half GMT’s waterfront properties

Posted on 04 November 2014 by VRS  |  Email |Print

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.
Goodman Property describes the move as a joint venture thaat may grow to $500 million eventually. The partnership will initially own a portfolio of assets valued at $313 million………………………………………..Full Article: Source

GIC makes first real estate move into NZ

Posted on 04 November 2014 by VRS  |  Email |Print

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 rapidly developing Viaduct Quarter.
The pact, with one of New Zealand’s largest listed property investor by market value, includes GMT’s existing viaduct property interests. GMT is managed by Goodman (NZ) Ltd………………………………………..Full Article: Source

Alaska sovereign eyes more in Europe after €280m Immochan deal

Posted on 04 November 2014 by VRS  |  Email |Print

Alaska’s sovereign wealth fund is looking to build a larger European real estate portfolio after buying 50% of two shopping centres in Spain and Portugal in a €280m deal with French Immochan as part of a new strategic partnership, says its CEO.
“We are excited about the opportunity to team up with Immochan in our first high quality retail acquisitions in Spain and Portugal,” said Mike Burns, CEO of the Alaska Permanent Fund in a release. “We look forward to expanding this strategic partnership as we work to build out our portfolio across the region.”……………………………………….Full Article: Source

GIC Buys Stake in Turkey Property Firm

Posted on 31 October 2014 by VRS  |  Email |Print

Sovereign-wealth fund GIC Pte. Ltd. is acquiring a stake in a Turkish real-estate firm for 250 million euros (US$316 million), the latest move by the Singapore firm to tap assets in emerging markets.
The sovereign-wealth fund will buy a 20% stake in Rönesans Gayrimenkul Yatýrým A.S., which has 25 properties in its portfolio including shopping malls and offices in Turkey. The transaction is expected to be completed by the end of this year, the companies said in a joint statement………………………………………..Full Article: Source

GIC to take $402m stake in Turkish real estate developer

Posted on 31 October 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC will inject 250 million euros (S$402 million) to acquire a strategic stake in Turkey’s leading commercial real estate developer, Ronesans Gayrimenkul Yatirim (RGY), both firms said.
GIC will acquire “above 20 per cent shareholding in RGY” by subscribing to a rights issue, allowing it to become a “substantial minority” investor and strategic partner. “The new capital will reinforce RGY’s foothold as a leader in the Turkish commercial real estate market and allow for future expansion of its business,” the statement said………………………………………..Full Article: Source

Middle East sovereigns accelerate push to alternatives

Posted on 31 October 2014 by VRS  |  Email |Print

Every Middle Eastern sovereign wealth fund plans to increase its exposure to real estate in the year ahead and most also plan to increase their allocations to private equity, says a long-standing survey of investors based in the region.
The findings – from the Invesco Asset Management Study and based on interviews with 112 investors – underline the trend towards alternative asset classes. Middle East sovereign funds use a “barbell” investment model, says Nick Tolchard, head of Invesco Middle East, who was in Dubai to present the findings………………………………………..Full Article: Source

Qatar set to conclude one of biggest property deals in UK history

Posted on 30 October 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund looks set to conclude one of the biggest property deals in UK history: the purchase of HSBC’s headquarters in London’s Docklands for $1.8bn, Global Construction Review reports.
The Qatari Investment Authority (QIA) has been in competition with two Chinese insurance companies, Ping An and China Life, to buy the 656ft tower, which is London’s largest office building, from South Korea’s National Pension Service (NPS). The tower has made – and lost – considerable sums for its owners in recent years………………………………………..Full Article: Source

Qatar fund set to buy Canary Wharf tower for $1.7bn

Posted on 29 October 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund is believed to have moved ahead of Chinese bidders to buy HSBC’s global headquarters in London’s Canary Wharf for $1.7 billion. In what would be one of the biggest property deals in the UK, Qatar Investment Authority has reportedly agreed to buy London’s biggest and most expensive office building, a 656 foot tower with 45 storeys in the heart of the city’s docklands area.
The building was put on the market in April this year by Korea’s National Pension Service (NPS), who are looking to cash in on London’s booming property market………………………………………..Full Article: Source

Qatar beats Chinese rivals in $1.8bn deal for London’s largest office tower

Posted on 29 October 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund looks set to conclude one of the biggest property deals in UK history: the purchase of HSBC’s headquarters in London’s Docklands for $1.8bn.
The Qatari Investment Authority (QIA) has been in competition with two Chinese insurance companies, Ping An and China Life, to buy the 656ft tower, which is London’s largest office building, from South Korea’s National Pension Service (NPS). he tower has made – and lost – considerable sums for its owners in recent years………………………………………..Full Article: Source

Qatar to buy HSBC’s global HQ for GBP1.1bn

Posted on 28 October 2014 by VRS  |  Email |Print

Qatar’s sovereign wealth fund has agreed to buy HSBC’s global headquarters, London’s biggest and most expensive office building, in the latest sign that the global financial capital’s commercial property market is still strong. The Qatar Investment Authority will pay just over £1.1bn to Korea’s National Pension Service for the building, said people familiar with the matter.
The price just tops the previous record for the Canary Wharf tower, which was bought by Spanish property company Metrovacesa for £1.09bn in 2006. HSBC had to take ownership back in-house in 2008 after Metrovacesa got into financial difficulties. It later sold the building to Korean pension fund NPS for nearly £800m………………………………………..Full Article: Source

Qatar Sovereign Wealth Fund May Be the Next Owner of HSBC Tower

Posted on 27 October 2014 by VRS  |  Email |Print

They own Harrods, the Shard and part of Barclays, Sainsbury’s and the London Stock Exchange. Now the Qatari’s look set to get their hands on HSBC’s headquarters in London’s Canary Wharf.
In the week that Qatari ruler the Emir Sheikh Tamim bin Hamad al-Thani visits Britain, the Qatar Investment Authority edged ahead of the Chinese to become preferred bidder for the 656ft tower. With a price tag of £1.1bn the sale would be one of the biggest property deals ever seen in the UK………………………………………..Full Article: Source

GIC buys office space in Tokyo

Posted on 22 October 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has acquired an office component within a building in central Tokyo, estimated to cost about 170 billion yen (S$2 billion). The 32-storey high Pacific Century Place Marunouchi was acquired through a GIC affiliate, said GIC in a statement today (Oct 21).
GIC’s purchase covers all of the office space from levels 8 to 31, but excludes other components within the building such as the Four Seasons Hotel. The building is located next to the JR Tokyo train station and has nearly 39,000sqm of rentable space………………………………………..Full Article: Source

Investors in Japanese Property Look Beyond Tokyo

Posted on 22 October 2014 by VRS  |  Email |Print

When it costs nearly $2 billion to buy just part of a building in a prime Tokyo location, it is no wonder some investors in Japanese property are looking farther afield. Singapore sovereign-wealth fund GIC Pte. Ltd. said Tuesday it bought 24 floors of Pacific Century Place Marunouchi, a building next to Tokyo Station, in a bid to grab a slice of Japan’s hot property market. A person with knowledge of the deal said the cost was $1.7 billion.
Total real-estate investment in Japan rose to ¥3.5 trillion ($33 billion) from the start of the year through September, the highest level since 2007 and a 13% increase from the same period last year, according to data from Urban Research Institute Corp., a real-estate think tank operated by Mizuho Trust & Banking Co………………………………………..Full Article: Source

GIC Buys Tokyo Building in Bet on Rising Property Prices

Posted on 21 October 2014 by VRS  |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, bought a building next to Tokyo Station in a bet that the city’s real estate values will continue to rise. GIC paid $1.7 billion for the property, according to a person familiar with the purchase who asked not be named because the information isn’t public. The fund, which declined to comment on the price, said it acquired the office component of the Pacific Century Place Marunouchi.
The building was sold by Secured Capital Japan Co., a real estate arm of Hong Kong-based alternative-asset manager PAG, according to statements by the buyer and seller. Real estate prices in Tokyo have risen about 20 percent since Prime Minister Shinzo Abe took office almost two years ago, Deutsche Asset & Wealth Management estimated, with property investment in the country rising 70 percent to 4.6 trillion yen ($43 billion), the highest in six years………………………………………..Full Article: Source

Norway’s wealth fund buys Munich office buildings

Posted on 15 October 2014 by VRS  |  Email |Print

Norway’s $840-billion sovereign wealth fund purchased a 94.9 percent stake in several firms that own two office buildings in Munich’s Lenbach Gärten quarter, the fund said on Tuesday. The fund purchased the stakes from AM Alpha GmbH for a total consideration of 176.1 million euro, including 75 million euro of third-party debt, it said in a statement.
The buildings have 29,000 square meters of total leasable area and are primarily leased to McKinsey & Company Inc. and Condé Nast Verlag GmbH………………………………………..Full Article: Source

Norwegian oil fund snaps up office properties in Munich

Posted on 15 October 2014 by VRS  |  Email |Print

Norges Bank Investment Management has bought its first properties in Munich on its own. The Norwegian sovereign wealth fund has paid AM Alpha €176.1m for two office assets in the centre of the German city. The deal is the fund’s first German purchase without a partner.
Siegmut Boehm, managing director at AM Alpha, said: “We had overwhelming interest when we started the bidding process from both international and domestic investors, and we are glad to have chosen a top financial institution like Norges Bank Investment Management as an investor for our prime properties.”……………………………………….Full Article: Source

GIC sells London property to Norway sovereign fund for $1.2b

Posted on 13 October 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has sold its entire stake in the Bank of America Merrill Lynch Financial Centre in London for £582.5 million (S$1.2 billion). Norges Bank Investment Management, Norway’s sovereign wealth fund, is the buyer of the prime freehold property in London’s financial district, said GIC.
The move follows GIC’s full acquisition of the RomaEst Shopping Centre - in which it already had a 50 per cent interest - in Italy on Monday. GIC bought the 585,000 sq ft London office property from Merrill Lynch in 2007 for £480 million, beating investors such as Syrian-born tycoon Simon Halabi and Irish investor Derek Quinlan………………………………………..Full Article: Source

Norges Bank IM finalises real estate deals in Netherlands, UK

Posted on 13 October 2014 by VRS  |  Email |Print

Norges Bank Investment Management has bought a London office asset from GIC, the Singapore-based sovereign wealth fund. The Bank of America Merrill Lynch complex in the City district of the London capital was sold for around £582.5m (€738m), according to media reports.
The sale of the 585,000sqft London asset is another example of the appreciation in value of London commercial real estate. GIC paid £480m for the property in 2007. Last month, it emerged that South Korea’s NPS was selling the HSBC tower at Canary Wharf for around £1.1bn – having paid £772m in late 2009………………………………………..Full Article: Source

Singapore GIC Selling London Bank of America Merrill Lynch Financial Centre

Posted on 10 October 2014 by VRS  |  Email |Print

Sovereign-wealth fund GIC Pte. Ltd. has sold the Bank of America Merrill Lynch Financial Centre in London to Norway’s sovereign-wealth fund for £582.5 million ($944.5 million), in a latest move by the Singapore fund to rebalance its portfolio to focus on consumer and technology driven sectors.
Norges Bank Investment Management, will buy the 585,000 square foot office building which is fully let to Bank of America Merrill Lynch, which will continue to manage the property, Norges Bank and GIC said in a statement………………………………………..Full Article: Source

Norway’s oil fund buys London property from Singapore fund

Posted on 10 October 2014 by VRS  |  Email |Print

Norway’s $857-billion sovereign wealth fund purchased a central London office property for 582.5 million pounds ($944 million), it said on Thursday. The fund, commonly known as the oil fund, purchased the 585,000-square-foot Bank of America Merrill Lynch Financial Centre from GIC, the sovereign wealth fund of Singapore.
The real estate is fully let to Bank of America Merrill Lynch, which will continue to manage the property under the terms of the lease………………………………………..Full Article: Source

Norway’s $850 bln oil fund buys UK property with Prologis

Posted on 09 October 2014 by VRS  |  Email |Print

Norway’s $850 billion oil fund purhcased a 50 percent stake in a logistics property outside London for 55 million pounds ($88.58 million), the fund said in a statement on Wednesday.
The fund purchased the 65,000 square metre property through its joint venture with Prologis, it said………………………………………..Full Article: Source

GIC puts faith in eurozone property with EUR300mln in deals

Posted on 07 October 2014 by VRS  |  Email |Print

GIC has invested at least €300m ($375m) in two deals in Spain and Italy, highlighting the Singaporean sovereign wealth fund’s confidence in the prospects of two of the eurozone’s weakest economies.
The Asian fund, which manages a portfolio valued at S$100bn (US$78bn), said on Monday that it had become the sole owner of the Roma Est shopping centre, about 14km east of Rome. GIC paid an undisclosed sum for the 50 per cent stake that it did not own from CBRE Global Investors, the property management company………………………………………..Full Article: Source

GIC invests €200 million in Spanish real estate firm Gmp

Posted on 06 October 2014 by VRS  |  Email |Print

The Republic’s sovereign wealth fund GIC will invest more than €200 million to take a roughly 30 per cent stake in Spanish real estate company Gmp, the two organisations said in a statement on Monday (Sep 29). The investment by GIC will help Gmp strengthen its position as a major investor in the office and business park segment in Madrid and Barcelona.
Following GIC’s investment, Gmp will embark on a strategic plan which focuses on three main pillars: selective investment in office buildings, active management of the existing Gmp portfolio, including refurbishment work and improving energy efficiency, and selling non-strategic assets so that funds can be re-invested in properties with greater value creation potential………………………………………..Full Article: Source

Norway’s wealth fund sees property portfolio focused on global cities

Posted on 03 October 2014 by VRS  |  Email |Print

Norway’s $855 billion sovereign wealth fund, the world’s largest, will focus its future real estate acquisitions on booming global cities, its deputy chief said on Thursday. The fund, which owns on average 1.3 percent of all listed companies worldwide, invests 1.2 percent of its holdings in real estate but aims to increase that stake to 5 percent over time.
Some of its properties are located on London’s Regent Street and Savile Row, the Champs-Elysees in Paris and in New York. “We look for cities that are expected to see rising housing prices, that attract talent and people who are willing to pay to live in these cities,” Trond Grande, the fund’s deputy chief, told a business seminar………………………………………..Full Article: Source

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