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SOFAZ to keep searching for real estate in Asia

Posted on 07 April 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ is planning to continue searching for commercially attractive real estate in Asia. “It’s not yet certain whether SOFAZ will manage to complete the investment policy in East and South-East Asia by purchasing Pine Avenue Tower A worth $447 million in Seoul,” SOFAZ said. “It is difficult to reveal and examine the economically attractive real estate in this region, but SOFAZ will continue going ahead in this direction,” the company added.
SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, said earlier that it can spend about $1 billion to purchase real estate in Asia and Australia. Almost a half of the claimed investments have been already made in the purchase of real estate in Seoul………………………………………..Full Article: Source

SOFAZ acquires office block in S.Korea for $447 mln

Posted on 03 April 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund (SOFAZ) has acquired an office complex in the South Korean capital Seoul for $447 million, the fund said on Tuesday, as it further diversifies a broad portfolio of foreign assets.
Increasingly wealthy Azerbaijan’s $34 billion fund holds the proceeds from oil contracts, oil and gas sales, transit fees and other revenues, and uses the returns on its investments to help pay for social spending and infrastructure projects. The 65,000 square-metre Pine Avenue Tower A, in Seoul is the fund’s first acquisition in the Asia Pacific region…………………………….Full Article: Source

Azerbaijani State Oil Fund purchases real estate in South Korea

Posted on 02 April 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has acquired prime office complex, Pine Avenue Tower A in Seoul, South Korea for USD 447 million, a message from the Fund said on April 1.
The purchase of the property has been realised through a competitive auction process organized by Mirae Asset Management on behalf of the four owners (NongHyup Bank, NongHyup Life insurance, Woori Bank and KDB Life Insurance)……………………………..Full Article: Source

Middle East funds breathe new life into European property market

Posted on 24 March 2014 by VRS  |  Email |Print

Middle East funds are helping to drive European commercial property yields lower as they join a rush of international investors snapping up real estate on the continent. Last year about €165.6 billion (Dh838.99bn) of deals were transacted across the continent – a 30 per cent rise on 2012.
The news comes amid a flurry of property investment deals from Middle Eastern sovereign wealth funds in Europe. They completed seven major direct property deals worth a total of US$5.6bn last year, the largest of which was the Kuwait Investment Authority’s $2.7bn deal to buy the 5.2-hectare More London office and restaurant complex near London Bridge………………………………………..Full Article: Source

Qatari Diar to open American regional office

Posted on 13 March 2014 by VRS  |  Email |Print

Qatari Diar Real Estate Investment Company of Qatar Investment Authority is to open a regional office in Washington D.C. to pursue new strategic investments throughout the western hemisphere.
The office will be located in City Center D.C. complex, Qatari Diar ’s flagship North American development currently nearing completion in conjunction with Hines. Designed by Foster + Partners, City Center D.C. is a 148,000sqm urban redevelopment programme in the heart of downtown Washington D.C………………………………………..Full Article: Source

Unitech to raise Rs 1000 cr in next few months to repay debt

Posted on 12 March 2014 by VRS  |  Email |Print

Real estate player Unitech plans to raise Rs 1000 crore in the next few months from sale of non-core assets for repayment of its debt. According to people close to the development, the company has already sold 11 acres of non-coreland parcels in Bangalore and Mysore for about Rs 130 crore.
Unitech Corporate Parks, a Unitech group firm listed in London, has been negotiating with private equity firm Blackstone and Singapore’s sovereign wealth fund GI Cover the past few months to sell its IT SEZ in Gurgaon for about Rs 2,700crore………………………………………..Full Article: Source

Firms from China to join individuals in new phase of outbound property investment

Posted on 12 March 2014 by VRS  |  Email |Print

Sovereign wealth funds are key participants around the world in cross-border real estate investment. To date, the China Investment Corporation (CIC) has been the mainland’s most active sovereign fund cross-border real estate investor.
In the new phase of outbound real estate investment, China’s State Administration of Foreign Exchange (SAFE) and the National Social Security Fund (NSSF) will likely join the CIC as active players and may bring to the table substantial capital to deploy into global real estate and real estate funds………………………………………..Full Article: Source

SMSFs not over-investing in property

Posted on 11 March 2014 by VRS  |  Email |Print

Assistant Treasurer Arthur Sinodinos has said he does not believe SMSFs are doing “too much” property investing, reports SMSF Adviser. During a speaking engagement at the ANZ Central Bank and Sovereign Wealth Fund Conference in Sydney last month, Senator Sinodinos discussed the ongoing public speculation regarding SMSFs and property investment.
“Our superannuation pool now is about $1.6 trillion,” Sinodinos said. “One third of that is held through self-managed super funds, with one, two, three, or four people acting as trustees for their own superannuation fund.”……………………………………….Full Article: Source

Sovereign wealth fund demand for U.S. properties picks up

Posted on 11 March 2014 by VRS  |  Email |Print

Commercial real estate investment sales topped $355 billion last year, a 19 percent hike over 2012 and the highest dollar volume since the financial crash in 2008, according to New York-based research firm Real Capital Analytics.
The firm expects 2014 volume to approach $400 billion, rivaling the dollar volume levels in 2004 and 2005. And within that, endowment funds and, in particular, sovereign wealth funds, keep ratcheting up their appetites for U.S. assets in a search for yield……………………………………….Full Article: Source

Alaska Permanent Fund Corporation makes European property debut

Posted on 10 March 2014 by VRS  |  Email |Print

Alaska’s Permanent Fund Corporation has mandated LaSalle Investment Management to invest £250m (€304m) in UK property. The fund will seek investments between £50m and £150m, LaSalle said.
All commercial real estate sectors, including mixed-use property, will be considered. The move by Alaska is the first time it has considered European commercial real estate………………………………………..Full Article: Source

GLP agrees to pay $1.36 bln for real estate assets in Brazil

Posted on 06 March 2014 by VRS  |  Email |Print

Global Logistic Properties Ltd. (GLP), the real estate development firm partly owned by Singapore’s sovereign-wealth fund, agreed to pay BR Properties SA (BRPR3) 3.18 billion reais ($1.36 billion) for assets in Brazil.
GLP is buying 34 industrial and logistic sheds, according to a regulatory filing today by Sao Paulo-based BR Properties, which said it will use the proceeds to reduce debt. The deal depends on approval from antitrust regulators………………………………………..Full Article: Source

Norway oil fund sets sights on more real estate

Posted on 04 March 2014 by VRS  |  Email |Print

The Government Pension Fund Global saw 16% return in 2013, driven by equities gaining 26.3% while fixed income didn’t budge; real estate is a growth area. Norway’s state oil fund is looking to follow up its successful shift into equities by “substantially” increasing its real estate investments in the coming years, the head of the Norges Bank Investment Management said at a presentation of the fund’s annual report on Friday.
The comments, which followed those made a couple of days earlier by the fund’s head of equities that it was recruiting actively in a bid to double the size of its 90-strong equity team, comes as a zero return on traditional fixed income assets continued to depress overall profits in 2013………………………………………..Full Article: Source

Investments in real estate return 11.8 pct for Norway’s wealth fund

Posted on 03 March 2014 by VRS  |  Email |Print

Real estate investments returned 11.8 percent for Norway’s $840 billion sovereign wealth fund in 2013, the fund’s manager announced.
In the fund’s second-best year ever, the Government Pension Fund Global returned 15.9 percent, or $115 billion, overall, according to the Norges Bank Investment Management. The fund’s equity investments returned 26.3 percent, while fixed-income investments returned 0.1 percent………………………………………..Full Article: Source

Private equity and SWF investments rising in MENA

Posted on 21 February 2014 by VRS  |  Email |Print

Private equity and sovereign wealth fund (SWF) investments in the MENA region are strongly rebounding aided by the improved confidence in the regional economy, according to a report by Ernst & Young (EY).
Out of 442 deals announced in the MENA region during 2013, SWFs were involved in 19 deals with a deal value of $14.5 billion. This makes SWFs the single largest buyer constituency in MENA, contributing to 29 per cent of overall deal values………………………………………..Full Article: Source

Oil prices push sovereign wealth funds toward alternative investments

Posted on 21 February 2014 by VRS  |  Email |Print

A number of sovereign wealth funds (SWFs) dependent on oil have been facing up to the twin threats of declining traditional asset values and flatlining oil prices, leading many of them to realize that the time to consider alternative investments might be here.
While oil was at its peak in 2009 at $140 per barrel, the flow of funds into oil-based SWFs grew significantly. During the past few years, however, this flow has been halted, as oil prices hover around $100 a barrel, proving irksome to SWFs of countries, states and provinces reliant on the commodity………………………………………..Full Article: Source

1MDB to sell $729mln sukuk

Posted on 19 February 2014 by VRS  |  Email |Print

Malaysian sovereign wealth fund 1Malaysia Development Bhd (1MDB) plans to sell 2.4bn ringgit ($728.49mn) worth of Islamic bonds to finance the relocation of defence units from land marked for government development project Bandar Malaysia.
Bandar Malaysia Sdn Bhd, a unit of 1MDB Real Estate Sdn Bhd, said in a statement to the central bank yesterday that it will issue one- to 10-year sukuk by private placement to unnamed buyers. AmInvestment Bank Bhd is advising on the sale of the sukuk, which will not be rated by credit-rating firms………………………………………..Full Article: Source

Italian state fund rejects accusations over private equity ‘distortion’

Posted on 18 February 2014 by VRS  |  Email |Print

The head of Italy’s €4bn state-backed investment fund has rejected accusations that backing from Rome is “distorting” the Italian private equity market for investors keen to tap resurgent interest in the eurozone’s third-largest economy.
The comments from Maurizio Tamagnini, chief executive of Fondo Strategico Italiano, come as the former banker prepares to finalise a €500m deal with the Kuwait Investment Authority. The KIA deal to invest in the Italian investment fund follows an agreement by the Qatar Investment Authority to invest up to €1bn in a dedicated FSI-run fund to acquire furniture, fashion and machinery that is “Made in Italy”………………………………………..Full Article: Source

Norwegian central banker urges sovereign wealth fund to embrace ‘real assets’

Posted on 17 February 2014 by VRS  |  Email |Print

Norway’s $800bn sovereign wealth fund should be allowed to increase exposure to “real assets” such as equities and infrastructure, and trim back on bonds to find a better balance between improving returns and hedging against risk, Øystein Olsen, the country’s central bank governor, suggested on Thursday.
In an interview with The Wall Street Journal, the chief of Norges Bank, which manages the giant fund - also known as the oil fund - said that cutting the vehicle’s bond exposure to between 20% and 25% of its holdings from 35% currently could be appropriate as this could enable the fund to “get markedly higher yields in the other asset classes”………………………………………..Full Article: Source

GIC hikes stake in Indian developer

Posted on 12 February 2014 by VRS  |  Email |Print

GIC is continuing with its foreign property investment spree. Last week, it enlarged its stake in Bombay-listed property developer Phoenix Mills from 1.476 per cent to 5.023 per cent in an open market transaction worth 1.06 billion rupees (S$21.6 million).
This is the Singapore sovereign wealth fund’s fifth foreign property investment in as many months, after sealing deals in Jakarta, Australia, London and New York City………………………………………..Full Article: Source

CIC real estate spending spree in UK will create many jobs

Posted on 10 February 2014 by VRS  |  Email |Print

Chinese investment in British real estate has increased remarkably and will continue in the coming years, industry insiders say. Dalian Wanda Group, one of China’s largest and most ambitious conglomerates, plans to invest up to 3 billion pounds ($4.97 billion) in regeneration projects in Britain.
British Prime Minister David Cameron announced the investment on Jan 24 after meeting Dalian Wanda chairman Wang Jianlin at the World Economic Forum in Davos, Switzerland.”When I met Chairman Wang Jianlin during my recent trade visit to China, I encouraged him to make further investment in Britain. So I’m delighted that Wanda has decided to invest 2 to 3 billion pounds in regeneration projects,” Cameron said…………………………………..Full Article: Source

Future Fund to boost real assets, slice alternatives

Posted on 04 February 2014 by VRS  |  Email |Print

The $96.5 billion Australian sovereign wealth fund has outlined its mission to enlarge the “tangible” allocation in its portfolio, cutting exposure to listed equities, cash, and alternatives.
In its portfolio round-up of 2013, the Future Fund’s executive outlined plans to turn its current allocation into a “mature portfolio”. In a bar chart, it showed this transition would mean a reduction to various previously core asset classes and an increase to just real assets………………………………………..Full Article: Source

GIC and Macquarie invest in Australian student dorm developer

Posted on 30 January 2014 by VRS  |  Email |Print

Singapore’s GIC and Australia’s Macquarie Capital said on Wednesday they have formed a joint venture that bought a majority stake in an Australian student accommodation group. The investment into Iglu is the largest transaction of its kind in the Australian student accommodation sector, GIC and Macquarie said in a statement.
The statement, however, did not give the value of the investment. Iglu, a specialist developer of purpose built off-campus student accommodation, currently has three properties in Brisbane and Sydney offering 900 beds………………………………………..Full Article: Source

CIC-backed hedge fund PCA Investments closes doors

Posted on 28 January 2014 by VRS  |  Email |Print

A hedge fund with financial backing almost entirely from China’s giant sovereign wealth fund closed last week less than three years after it was launched, according to people familiar with the matter.
PCA Investments was formed in 2011 and attracted notice for the involvement of China Investment Corporation, the country’s $US575 billion ($659bn) sovereign wealth fund, which is tasked with investing part of China’s vast foreign exchange reserves. PCA had operations in both Hong Kong and Beijing………………………………………..Full Article: Source

Asia hedge fund PCA Investments has shut down

Posted on 27 January 2014 by VRS  |  Email |Print

A hedge fund with financial backing almost entirely from China’s giant sovereign-wealth fund closed down last week less than three years after it was launched, according to people familiar with the matter.
PCA Investments was formed in 2011 and attracted notice for the involvement of China Investment Corp., the country’s $575 billion sovereign-wealth fund, which is tasked with investing part of China’s vast foreign-exchange reserves………………………………………..Full Article: Source

Will China Investment Corp. presidency change affect bias to alternatives?

Posted on 24 January 2014 by VRS  |  Email |Print

As Gao Xiqing, the president of China Investment Corp., steps down, those who work in alternative investments are waiting to see if there will be any changes in strategy at the world’s fourth largest sovereign wealth fund, which in the last few years has favored such investments.
In the last couple of years, the $575 billion fund has shifted its focus toward long-term investments. In 2012, the wealth fund said in its annual report that long-term investments including private equity, energy, mining, real estate and infrastructure would be a priority, with a bias towards fund investment, co-investment and direct investment. CIC is an investor in Chinese private equity firm Citic Capital………………………………………..Full Article: Source

Singapore investment group GIC ties up US$1.3bln Time Warner deal

Posted on 22 January 2014 by VRS  |  Email |Print

GIC and partners to lease 102,000 square metres of New York office space as economic data from United States suggests upward trend. Singapore’s GIC is partnering a group of investors to buy US$1.3 billion worth of Manhattan office space from Time Warner, as the sovereign wealth fund steps up its purchases of real estate where it sees increasing value.
GIC, which has signalled its investments are driven by opportunity rather than geography, has been buying up real estate in developed markets as property prices recover from lows hit during the 2008-9 financial crisis……………………………..Full Article: Source

GIC buys $1.3 bln NY office space

Posted on 20 January 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is buying more than one-third of the space in New York’s Time Warner Centre with two partners for US$1.3 billion (S$1.65 billion). The 1.1 million sq ft of office space in the twin tower development, located in Colombus Circle, is being bought from United States media giant Time Warner, which will lease it back until early 2019.
Time Warner is moving its operations to Hudson Yards, in another part of New York, it said in a Thursday statement. About 5,000 employees, including those from its HBO, Turner Broadcasting, and Warner Bros businesses, will occupy the new office in Hudson Yards at the end of 2018………………………………………..Full Article: Source

Qatari fund negotiating purchase of Pokrovsky Hills

Posted on 17 January 2014 by VRS  |  Email |Print

Qatari sovereign investment fund QIA is negotiating to buy Moscow residential community Pokrovsky Hills from a subsidiary of Goldman Sachs, a news report said Thursday. Discussions between QIA and Whitehall, Goldman’s real estate investment fund, are currently in the advanced stage, even though no final deal has been concluded, Vedomosti reported.
Two sources close to both sides of the talks have confirmed the information. Spokespeople for Goldman Sachs, real estate consultancy Cushman & Wakefield — which handles rentals at Pokrovsky Hills on behalf of the investment bank — and the property management firm Hines have declined to comment. QIA did not respond to an inquiry concerning the pending deal………………………………………..Full Article: Source

Time Warner sells New York office space to Abu Dhabi Investment Authority

Posted on 17 January 2014 by VRS  |  Email |Print

Time Warner has sold $1.3 billion of commercial real estate to Related Companies – an entity owned by the Abu Dhabi Investment Authority and GIC – in a sell and lease back arrangement. Time Warner will continue to lease 1.1 million square feet of office space in the Time Warner Center until 2019.
The prestigious address in Columbus Circle, Manhattan, New York will no longer play host to the company’s headquarters, which will move to Hudson Yards………………………………………..Full Article: Source

MetLife expands office folio with Norwegian fund

Posted on 17 January 2014 by VRS  |  Email |Print

Norges Bank Investment Management and MetLife purchased a 12-storey office at 555 12th Street in north-west Washington, according to a statement. The Norway fund, which oversees about $830bn, also purchased 47.5pc of a San Francisco property at 425 Market Street from the insurer.
The gross value of the two buildings is about $1bn, according to a separate statement from the Norwegian fund. MetLife and Norges Bank began the joint venture last month with a bet on One Financial Centre, a 46-storey Boston office tower………………………………………..Full Article: Source

Chinese investors go on property buying spree in Europe

Posted on 16 January 2014 by VRS  |  Email |Print

Mainland investments in the European property market tripled last year, with Britain and Germany as the top destinations, and the momentum is likely to continue this year. Insurers, developers and wealthy individuals have joined China’s sovereign wealth fund in seeking to diversify their assets outside Asia, research firm Real Capital Analytics (RCA) said.
China Investment Corp, the country’s US$575 billion sovereign wealth fund, this month agreed to buy Chiswick Park, a West London office development, from US private equity group Blackstone for about €917 million………………………………………..Full Article: Source

Norway’s oil fund makes new property deal with MetLife

Posted on 14 January 2014 by VRS  |  Email |Print

Norway’s $824.40 billion sovereign wealth fund purchased stakes in two office properties in Washington and San Francisco for a net purchase price of $480 million, the central bank, which manages the fund, said on Monday.
The fund, commonly known as the oil fund, will hold 47.5 percent of the properties while MetLife will hold 52.5 percent and manage the assets. The fund, the world’s biggest sovereign wealth fund can invest up to 5 percent of its assets in real estate and has made a string of investments in recent years, building a portfolio that is still worth only around 1 percent of the fund………………………………………..Full Article: Source

MetLife, Norway fund bets reach $1.7 bln with new deals

Posted on 14 January 2014 by VRS  |  Email |Print

MetLife Inc., the largest U.S. life insurer, expanded its real estate joint venture with Norway’s sovereign wealth fund to $1.7 billion with investments in San Francisco and Washington.
Norges Bank Investment Management and MetLife purchased a 12-story office at 555 12th St. in Northwest Washington, according to a statement today. The Norway fund, which oversees about $830 billion, also purchased 47.5 percent of a San Francisco property at 425 Market St. from the insurer. The gross value of the two buildings is about $1 billion, according to a separate statement from Norway’s fund………………………………………..Full Article: Source

CIC completes GBP780mln Chiswick Park buy

Posted on 08 January 2014 by VRS  |  Email |Print

China Investment Corporation (CIC), China’s largest sovereign wealth fund, has completed its acquisition of Chiswick Park in west London from Blackstone for around £780m.
Blackstone entered talks to sell the office park to CIC last year after completing a “cash-out” refinancing of the campus in the May. At that point Chiswick Park was valued at £780m………………………………………..Full Article: Source

Sovereign wealth fund leads PE investment

Posted on 03 January 2014 by VRS  |  Email |Print

GIC, one of the two sovereign wealth funds of Singapore, was has been named as the one of the biggest investors in private equity for 2013. According to Indian investment research platform VCCircle’s calculations, GIC was among the top investors both in terms of the amount of invested, as well as the number of transactions sealed this year.
Investing more than $650 million in 2013, GIC devoted significant amounts of money to Indian private equity in particular over the past 12 months, ramping up its activity after opening an office in the region in 2011………………………………………..Full Article: Source

Singapore fund invests in Broadgate expansion

Posted on 03 January 2014 by VRS  |  Email |Print

British Land and GIC, Singapore’s sovereign wealth fund, have signed a joint venture partnership for the Broadgate development in London. GIC is acquiring the 50% interest in Broadgate owned by Blackstone Real Estate Partners Europe III and Blackstone Real Estate Partners VI.
Built around Liverpool Street station, Broadgate is expected to benefit both from the opening of the new Crossrail station in 2018 and from improvements in the surrounding areas. Major investments in recent years have already significantly revitalised the estate with over 950,000 sq ft of space newly developed or refurbished in the last four years………………………………………..Full Article: Source

Will Norway dedicate its sovereign wealth fund to renewables?

Posted on 30 December 2013 by VRS  |  Email |Print

Norway’s new Prime Minister, Erna Solberg of the Conservative Party, who entered into office on 16 October, may at first instance appear less occupied by global issues like climate change than her predecessor Jens Stoltenberg of the Labour party.
But on a few critical climate issues she looks like more of a reformer than Mr Stoltenberg, in particular when it comes to what role Norway’s enormous Sovereign Wealth Fund could play in financing the transition to a low-carbon economy………………………………………..Full Article: Source

Qatar fund in talks to invest $200 mln Indian property

Posted on 30 December 2013 by VRS  |  Email |Print

Qatar Investment Authority (QIA), the sovereign wealth fund of the gas-rich Gulf emirate, is in talks to invest $200 million in residential property in India, a source with direct knowledge of the matter told Reuters.
QIA is holding “conversations” with Kotak Realty Fund, run by Kotak Mahindra Bank, which would manage the investments on behalf of the fund, said the source, who asked not to be named because the deal has not been finalised. Kotak would also make a small investment and plans to focus on residential property developments in major cities across Asia’s third-largest economy for QIA, the source said………………………………………..Full Article: Source

Norway’s $800 bln oil fund buys into MetLife’s Boston tower

Posted on 16 December 2013 by VRS  |  Email |Print

Norway’s $800 billion sovereign wealth fund has purhcased a 47.5 percent stake in One Financial Center, a 46-story office tower with 1.3 million rentable square feet in Boston, joining MetLife in the property, it said on Friday.
The fund, commonly known as the oil fund, purcahsed its stake from an affiliate of Beacon Capital Strategic Partners V, L.P. for a net price of $238 million, it said in a statement. MetLife, which will manage the property, meanwhile purchased 2.5 percent, bringing its total holding to 52.5 percen, the oil fund added………………………………………..Full Article: Source

MetLife joins Norway fund in U.S. commercial property venture

Posted on 16 December 2013 by VRS  |  Email |Print

MetLife Inc. (MET), the largest U.S. life insurer, joined Norway’s $810 billion sovereign wealth fund in a venture to invest in U.S. office properties.
The initial investment with Norges Bank Investment Management was in One Financial Center, a 46-story building in Boston, the New York-based insurer said today in a statement distributed by Business Wire………………………………………..Full Article: Source

Ireland’s National Pension Reserve Fund to seek buyer for private equity holdings

Posted on 13 December 2013 by VRS  |  Email |Print

A report on The Irish Times said Ireland’s National Pension Reserve Fund, or NPRF, was believed to be looking for a buyer for its private equity investments. As of the end of September, the pension fund’s holdings were valued at €716 million.
According to information gleaned from its website, the NPRF was set up in April 2001 to meet the costs of Ireland’s social welfare and public service pensions as much as possible from 2025 onwards, when these costs are projected to increase dramatically due to the ageing of itspopulation………………………………………..Full Article: Source

Abu Dhabi Investment Authority to invest $250 mln in Hines India Real Estate

Posted on 11 December 2013 by VRS  |  Email |Print

Abu Dhabi Investment Authority is investing $250 million ( Rs 1,500 crore) in Hines India Real Estate, the Indian arm of American property development and management firm Hines, amid a rise in overseas interest in the sector.
“The sovereign wealth fund has formed a strategic alliance with Hines to invest across the residential segment in metros across India. This is the first direct real estate venture with a developer in India for the fund,” said one of the people with direct knowledge of the investment. It’s not known how much equity it will have in the venture………………………………………..Full Article: Source

Irish NPRF seeks to sell private equity assets

Posted on 06 December 2013 by VRS  |  Email |Print

Embracing an inward stance on investing, the once major allocator of private equity is looking to sell those very investments. In 2005, the NPRF embarked on a private equity investing binge – partnering with a number of the most-recognized funds in the industry.
Ireland’s sovereign fund is transforming their discretionary portfolio into an economic stimulator to create domestic jobs – essentially modifying the fund into a strategic development sovereign wealth fund (SDSWF)………………………………………..Full Article: Source

Norway’s $815 bln oil fund buys into London property

Posted on 04 December 2013 by VRS  |  Email |Print

Norway’s $815 billion sovereign wealth fund purchased a 25 percent stake in Regent Street’s 270,000 square feet Quadrant 3 building in London’s West End from The Crown Estate for 97.5 million pounds, it said on Tuesday.
The Crown Estate retained a 75 percent interest in the property and will continue to manage the asset on behalf of the partnership, it added. The fund, commonly known as the oil fund, aims to hold 5 percent of its portfolio in real estate over time but the level is currently around 1 percent, indicating more purchases in the near term………………………………………..Full Article: Source

Norway SWF expands UK Crown Estate partnership

Posted on 04 December 2013 by VRS  |  Email |Print

The Fund’s London property acquisition continues with a 25 per cent interest in Regent Street’s Quadrant 3 building in London’s West End, Norges Bank reports. The buy-in for GBP 97.5 million values the entire building at GBP 390 million, total, according to the statement.
The Crown Estate retains its 75 per cent stake in the property. It will continue to manage the asset on behalf of the joint partnership with the Norwegian Sovereign Wealth Fund (Government Pension Fund Global/GPFG). The statement also says the Quadrant 3 building gives 270,000 square feet of office, retail and restaurant space on nine floors. This is located over basement, ground and seven upper floors………………………………………..Full Article: Source

Norway, Denmark swoop for more UK real assets

Posted on 04 December 2013 by VRS  |  Email |Print

Norway’s sovereign wealth fund (SWF) has taken a further chunk of London’s premier shopping area, while PensionDanmark has announced the purchase of wind farms in the UK. Norges Bank Investment Management, which oversees the assets of the world’s largest SWF, today said it had bought a 25% stake in a building named Quadrant 3 from the Crown Estate, the organisation that looks after property owned by the UK sovereign.
The deal marks a further acquisition in the London’s Regent Street area for the SWF, which made its first purchase in 2011, and more generally a deeper move into prime commercial real estate. The fund has a stake in Sheffield shopping centre Meadowhall and took a substantial holding in central Paris earlier this year………………………………………..Full Article: Source

Qatari Diar to restart USD600mln Yemen project

Posted on 02 December 2013 by VRS  |  Email |Print

Qatari Diar, the Qatari developer, is planning to resume work on a USD 600 million real estate project in Yemen, a newspaper in the Gulf kingdom reported on Monday. Nearly 44 villas were constructed in Al-Rayyan Hills (Sanaa) before the company was forced by war to freeze work, a senior official told the Qatari Arabic language daily Sharq.
The project is being developed by Al-Yemania Al Qatariah Real Estate Investment and Development Company - a joint-venture between Qatari Diar and Shibam Holding, which is owned by the Yemeni government………………………………Full Article: Source

Qatar said to pull out of Greek airport race

Posted on 02 December 2013 by VRS  |  Email |Print

Qatar’s state-owned real estate firm has reportedly pulled out of the race to redevelop the former Athens airport, known as the Hellinikon International Airport.
According to the Greek Reporter, Qatari Diar, a subsidiary of Qatar Investment Authority,has informed the administration of the Hellenic Republic Asset Development Fund (TAIPED) that it will not participate in the next phase of the process………………………………Full Article: Source

SWFs as investors in hedge funds

Posted on 29 November 2013 by VRS  |  Email |Print

As Sovereign Wealth Funds (SWFs) have grown in number and AUM they have become more significant to the hedge fund industry. According to data from Preqin, assets managed by SWFs are up 76% in the last 5 years as existing funds have grown, and new funds have been formed. Total assets across all SWFs is estimated to be $5.3 tn, up a cool $750bn in this year alone.
As with any institutional investors, the appetite for alternative assets is partly a function of seasoning – the length of time the operation has been established. Like a pension plan, SWFs typically look to add alternatives after having established and implemented investment policies (and so asset allocations) across traditional assets………………………………………..Full Article: Source

Norway wealth fund joins Axa unit to purchase Munich’s SZ Tower

Posted on 25 November 2013 by VRS  |  Email |Print

The manager of Norway’s sovereign-wealth fund, the world’s largest, and a unit of Axa Real Estate Investment Managers plan to buy Munich’s SZ Tower. A Norges Bank Investment Management unit and Axa Real Estate will “indirectly acquire joint control” of the 28-story building, according to a filing to the European Union’s executive arm yesterday. The property includes three lower levels, an underground garage and a six-floor campus.
Prime Office REIT-AG agreed to sell the building for 164.1 million euros ($220 million), the Munich-based company said today in a statement. Prime Office didn’t identify the buyers of the building, which is currently the headquarters of publishing company Sueddeutscher Verlag………………………………………..Full Article: Source

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