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Property gains drove 2012-13 profits for Malaysia state investor 1MDB accounts

Posted on 23 April 2014 by VRS  |  Email |Print

Malaysian state investment fund 1Malaysia Development Bhd (1MDB) relied on a sharp revaluation of its property assets to drive profit growth in its last financial year, accounts released today showed. The improvement came despite 1MDB paying more than RM10 billion to buy power businesses in the past two years.
1MDB, whose board of advisers is chaired by Prime Minister Najib Razak and which has been criticised for a lack of transparency, last week reported a net profit of RM778 million for the year through March 2013, up from RM44.7 million the previous year……………………………………….Full Article: Source

RRJ, Temasek’s fund invest $250 mln in Chinese developer

Posted on 11 April 2014 by VRS  |  Email |Print

RRJ Capital Ltd., run by Charles Ong, and a fund owned by his former employer, Temasek Holdings Pte, have invested $250 million in Chinese logistics warehouse developer Shanghai Yupei Group Co.
The investment follows a $200 million stake purchase by the Carlyle Group and Townsend Group in August and completes the company’s equity financing needs for the foreseeable future, Yupei said in a press release yesterday. Temasek is Singapore’s state-owned investment company………………………………………..Full Article: Source

It’s official: Temasek spins off PE holdings into Astrea II

Posted on 11 April 2014 by VRS  |  Email |Print

Temasek Holdings, the investment arm of Singapore government, has launched a new co-investment vehicle, Astrea II. The $215-billion fund will hive off part of its holdings into this new vehicle to enable participation by wider set of investors.
The new vehicle will have holdings in 36 private equity funds across geographies, sectors and vintages. With Temasek as the single largest investor at 38 per cent, Astrea II will be managed by ARDIAN, a global private investment company and leading secondary fund manager………………………………………..Full Article: Source

Alvin Jiang, the princeling of private equity

Posted on 11 April 2014 by VRS  |  Email |Print

The 28-year-old wears black-framed glasses perched on cheeks still round with youth. A discerning eye might notice the resemblance to his grandfather: former Chinese president and Communist Party leader Jiang Zemin.
Alvin Jiang has a knack for landing lucrative deals in China, the world’s biggest emerging market for private equity. He is a founding partner at Hong Kong-based Boyu Capital, now one of the hottest firms in China. Boyu has attracted high-profile investors such as Asia’s richest man, Li Ka-shing, and Singapore’s sovereign wealth fund, Temasek Holdings Private Limited……………………………………….Full Article: Source

GIC to buy Tokyo property for $1.3 bln from Lone Star-sources

Posted on 10 April 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC will buy a Tokyo property from US investment fund Lone Star Funds for about 134 billion yen (S$1.6 billion), the highest price since Japan’s real estate market recovery accelerated last year, people with direct knowledge of the sale told Reuters.
Lone Star had put up the property, called Meguro Gajoen, for auction late last year for at least 96 billion yen. The property comprises a complex of office towers, with the Japanese unit of Amazon.com its main tenant. GIC was chosen from three final bidders, which included a consortium of New York-based real estate investment firm Aetos Capital Real Estate and China’s sovereign fund China Investment Corp, two of the people said………………………………………..Full Article: Source

Temasek sets up private-equity investment vehicle Astrea II

Posted on 10 April 2014 by VRS  |  Email |Print

Singapore investment company Temasek has launched a new co-investment vehicle, Astrea II, which has broadly diversified holdings in 36 private equity funds.This is the latest of Temasek’s continuing efforts to develop co-investment platforms where diversified portfolios of assets can be made available to a broader base of investors, including retail investors in the long term.
It is the single largest investor in Astrea II at 38 per cent. Mr Dilhan Pillay Sandrasegara, Head of Enterprise Development Group in Temasek, said, “Temasek continues to be an active investor in high quality private equity or PE funds globally. These investments have created value for us in the form of direct returns, as well as opportunities for us to make further direct investments alongside the PE fund managers.”……………………………………….Full Article: Source

Temasek spins off selected investments into special-purpose vehicle

Posted on 10 April 2014 by VRS  |  Email |Print

Temasek Holdings is securitising more of its investments into a special-purpose vehicle to reach a broader base of investors, including retail investors, over the longer term. The Singapore investment firm has launched Astrea II, a co-investment vehicle with broadly diversified holdings in 36 private equity funds.
The name refers to Astrea, the first special-purpose vehicle through which it securitised some of its investments in private equity and venture capital funds in 2006………………………………………..Full Article: Source

Temasek private equity arm backs Southeast Asia cab booking app

Posted on 09 April 2014 by VRS  |  Email |Print

A unit of Singapore state investor Temasek Holdings is putting its substantial clout behind an app that eases the pain of booking taxis in Singapore and Malaysia, aiming to expand the service in other busy Southeast Asian cities.
Vertex Venture Holdings, a $1.2 billion venture capital firm that focuses on emerging companies and funds in Asia and the United States, said on Tuesday it was leading a group of mostly Malaysian investors putting an unspecified “eight-figure sum” into smartphone app company GrabTaxi………………………………………..Full Article: Source

Biggest wealth fund put on review for move to new asset classes

Posted on 08 April 2014 by VRS  |  Email |Print

Norway will wait to see whether real estate investments by its $850 billion sovereign wealth fund pay off before considering new asset classes including infrastructure and private equity.
“Whether we do it next year or the year after, that hasn’t been decided,” Paal Bjoernestad, state secretary in charge of the fund at the Finance Ministry, said in an April 4 interview. “We will come back to it — it’s not off the table.”……………………………………….Full Article: Source

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

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