Sovereign Wealth Funds (SWFs) are some of the largest investors in both public and private markets, but their inner workings are largely kept out of the public sphere. Sometimes, however, a few moves are publicized – specifically, when foreign personnel become part of the staff. This was the case for Scott Kalb, the first foreign investment professional to become CIO and Deputy CEO of the Korean Sovereign Wealth Fund. He recently spoke about the move and how SWFs approach alternative investments in an interview with Matthias Knab for Opalesque TV.
Kalb explains that when it comes to alternatives, SWFs are investing as a limited partner (LP) in a limited partner/general partner structure (GP) which requires more discipline and due diligence than investing in public markets. “It usually takes three to six months to select a manager, so it is a long process. You have to make sure that you get to see them on the ground and you have to do a thorough evaluation,” he says………………………………………..Full Article: Source

The Azerbaijani State Oil Fund (SOFAZ) plans to buy property in the center of Moscow, Russian Trade Representative in Azerbaijan Yuri Shchedrin said. “SOFAZ plans to buy VIP-estate in Moscow to implement business activity,” Shchedrin said.
He said that SOFAZ’s recent decision on asset placement in rubles in the Russian financial market testifies to the trusting relations between the parties. He added that SOFAZ will place around $500 million in the Russian financial market in the near future………………………………………..Full Article: Source

The Abu Dhabi sovereign wealth fund ADIA has bought the Zuiderpoort office in Ghent from Icelandic bank SJ1 in Belgium’s largest office deal this year. The purchase price was not disclosed but specialists estimate it at around €110m for a 10% initial yield.
The 10-storey property with 63,000 sq.m. GLA is fully-let to 16 tenants, said realtors DTZ and Savills which advised SJ1 on the transaction. Tenants include the federal agency for public real estate matters in Belgium (Regie der Gebouwen), Flemish government tenant IBBT, ING bank and Ghent University……………………………………….Full Article: Source

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Kuwait Financial Centre, Markaz, has been appointed by the Kuwait Investment Authority to manage its National Real Estate Portfolio. The agreement will see Markaz set up and manage a portfolio of properties with a value of not more than $885.7m (KWD: 250m) over a ten-year period.
This would equate to around 28.6% of all of the assets under management held by Markaz at September 30, 2012. Fees will be dependent both on the amount invested and the portfolio’s returns………………………………………..Full Article: Source

Since Paulson & Co and the Winthrop Realty Trust missed a debt interest payment, it triggered the auction in the Fall of 2012 for Club PGA West. The only known bidder so far for Club PGA West is GIC RE, the sovereign wealth enterprise of the Government of Singapore Investment Corporation (GIC).
If there is more than one bidder the auction date will start on December 6, 2012. The Government of Singapore Investment Corporation has been a major creditor to a portfolio of luxury properties including Club PGA West………………………………………..Full Article: Source

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The Canada Pension Plan Investment Board (CPPIB) has been a major Brazilian institutional real estate investor. Billions of Canadian public pension dollars have flown past the United States and the Caribbean Sea into Brazil’s real estate assets.
The CPPIB is increasing exposure by investing US$ $343 million into joint partnerships to acquire two large portfolios in Brazil. These partnerships are with Asian sovereign wealth funds and other real estate related entities………………………………………..Full Article: Source

Alternative asset managers targeting sovereign wealth fund (SWF) money have to be much more than alpha-generators, a former CIO has revealed. Scott Kalb, who recently completed a term as CIO of the Korean Investment Corporation (KIC), said in a backstage interview with sector specialist Opalesque TV this month that picking any manager involved a long and detailed process, but when dealing with alternatives firms, investors had to be especially careful.
Kalb said: “You’re not in public markets, you’re investing as an LP and so you have an LP-GP relationship. You have to set up a process that’s looking at things like track record, staffing, management………………………………………..Full Article: Source

Blackstone Group LP (BX) expects to increase sales of its property holdings in the next year, with potential buyers including real estate investment trusts and sovereign wealth funds, said Jonathan Gray, the firm’s global head of real estate.
Blackstone this year finished raising $13.3 billion for the largest-ever private-equity real estate fund. The company, based in New York, is moving to sell investments from prior funds as it invests its new pool………………………………………..Full Article: Source

China Investment Corporation (CIC), the PRC’s $480 billion sovereign wealth fund, has completed its first direct office acquisition in London, according to reports in the UK national and property press.
The $480 billion state fund and joint venture partner Invesco Real Estate completed the purchase of Winchester House in the City of London for £245 million (€307.45 million; $391.88 million) from German open-ended fund manager KanAm………………………………………..Full Article: Source

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China Investment Corporation, the country’s $410-billion sovereign wealth fund, is eyeing investment opportunities in the high-end property market in Paris as it seeks higher yields than those from traditional financial assets, according to French property experts.
“We are in talks with CIC, which has expressed an interest in investing in the prime property market in Paris,” said Alexandra Li, head of Asia Business Development at real estate company Jones Lang LaSalle in France………………………………………..Full Article: Source

China Investment Corporation, the country’s $410-billion sovereign wealth fund, is eyeing investment opportunities in the high-end property market in Paris as it seeks higher yields than those from traditional financial assets, according to French property experts.
“We are in talks with CIC, which has expressed an interest in investing in the prime property market in Paris,” said Alexandra Li, head of Asia Business Development at real estate company Jones Lang LaSalle in France………………………………………..Full Article: Source

Dymon Asia Capital is branching out to the private equity world, launching a fund with backing from a unit of Singapore investment firm Temasek Holdings, a company email obtained by Reuters shows, indicating an uncommon move by a hedge fund.
The firm aims to raise S$300 million for Dymon Asia Private Equity (DAPE), Mr Keith Tan, Dymon’s managing partner told clients in an email this month. Mr Tan did not respond to an emailed request for comment. The new private equity fund is getting S$100 million from Heliconia Capital Management, a subsidiary of Temasek, the email showed………………………………………..Full Article: Source

APG Asset Management, one of the world’s largest pension asset man agers, and at least two sovereign wealth funds — Abu Dhabi Investment Authority and The Government of Sin gapore Investment Corp— will invest directly in the Indian real estate market moving away from their earlier strategy of routing investments through PE funds.
The move to directly invest comes at time when nearly half the real estate funds in India have been unable to offer attractive returns as India’s once soaring real estate sector is crippled by increasing debt and plunging sales. In the last five years realty funds have delivered exits worth $4 billion (Rs 21,000 crore), compared with $17 billion of foreign direct investment raised for the sec tor, according to industry estimates………………………………………..Full Article: Source

China Investment Corporation, the manager of China’s $410 billion sovereign fund, is in talks to buy Deutsche Bank’s headquarters building in London for 250 million pounds ($403 million), according to British media reports.
The planned purchase is taking place amid a shifting pattern of China’s overseas investment in recent years, from financial assets such as bonds to real assets such as infrastructure and real estate, said Mark Williams, London-based chief Asia economist of macroeconomic research company Capital Economics………………………………………..Full Article: Source

APG Asset Management, one of the world’s largest pension asset managers, and at least two sovereign wealth funds-Abu Dhabi Investment Authority and The Government of Singapore Investment Corp-will invest directly in the Indian real estate market, moving away from their earlier strategy of routing investments through private equity funds.
The move to directly invest comes at a time when nearly half the real estate funds in India have been unable to offer attractive returns as India’s once soaring real estate sector is crippled by increasing debt and plunging sales………………………………………..Full Article: Source

China’s sovereign wealth fund is expanding its presence in the United Kingdom by getting more involved in London’s property market.
China Investment Corporation, the manager of China’s $410 billion sovereign fund, is in talks to buy Deutsche Bank’s headquarters building in London for 250 million pounds ($403 million), according to British media reports………………………………………..Full Article: Source

Two global sovereign wealth funds have invested A$872 million ($904 million) in Australian shopping centres through wealth manager AMP Ltd as part of an asset swap deal with mall owner Westfield Group.
AMP said it has bought Westfield and Westfield Retail Trust’s interests in three shopping malls for A$1.025 billion ($1.06 billion). It sold interests in four centres to Westfield and Westfield Retail Trust for A$710 million. The transaction was backed by Canada Pension Plan Investment Board (CPPIB) and Harina Co Ltd, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA)………………………………………..Full Article: Source

Two of the world’s largest sovereign wealth and pension funds Canada Pension Plan Investment Board, or CPPIB, and Abu Dhabi Investment Authority, or ADIA, are betting that Australians will keep shopping in-store, despite the rise of online alternatives.
CPPIB along with ADIA’s wholly-owned subsidiary Harina Company Ltd. have each paid 436 million Australian dollar (US$451 million) for a 37% stake in AMP Capital Retail Trust. The unlisted property trust owns half of Sydney’s Macquarie Centre and 80% of Gold Coast’s Pacific Fair Shopping Centre………………………………………..Full Article: Source

Government of Singapore Investment Corp. is investing in a 30-year-old San Francisco office tower that’s valued at about $900 million, according to one person with direct knowledge of the transaction.
GIC, as the Singapore sovereign wealth fund is known, is part of a group that’s taking control of 101 California Street in San Francisco’s financial district, said the person, who asked not to be identified because the information isn’t public. The fund declined to comment………………………………………..Full Article: Source

Chinese private equity fund Cathay Fortune has turned hostile on Discovery Metals, the ASX-listed African copper producer, by going directly to shareholders with its $830 million takeover offer after its initial setback. It made a joint bid for Discovery Metals early this month with the Chinese sovereign wealth fund, China-Africa Development Fund. The board of Discovery Metals turned down the overture, saying the offer was inadequate.
The largest shareholder of Cathay Fortune, Yu Yong, said in a statement to the Australian Stock Exchange that the refusal by the board of Discovery Metals to engage with his company left it with no choice but to launch a hostile takeover bid………………………………………..Full Article: Source

A Chinese sovereign wealth fund is set to become a landlord in the UK’s most important office market: the City of London. China Investment Corporation (CIC), the country’s $410bn fund, is in talks to buy Deutsche Bank’s UK headquarters for £250m.
According to people close to the situation, Invesco, the asset manager, will buy the 312,000 sq ft office block on behalf of CIC. Invesco declined to comment………………………………………..Full Article: Source

In the biggest commercial real estate deal in Germany this year, Paris-based Axa Investment Managers SA and Norway’s Sovereign Wealth Fund (Norges Bank Investment Management) contracted to buy two prime office and retail properties in Berlin and Frankfurt for 784 million Euros ($1 billion U.S.)
The seller was Edinburgh-based Royal Bank of Scotland Group Plc. The deal is expected to close by Dec. 31 or earlier………………………………………..Full Article: Source

Sovereign wealth funds are spending more money on alternative investments after stock markets gained and bond yields declined, said Scott Kalb, chief executive officer of KLTI Advisors and former chief investment officer of Korea Investment Corp.
“The large institutional investors are increasing their allocations to alternatives right now,” Kalb said in an interview with Bloomberg Television at the SALT conference yesterday. “To the extent that you get the capital available for long-term investment, you want to get out of the public markets.”……………………………………….Full Article: Source

Government of Singapore Investment Corporation (GIC) and private equity investor Red Fort Capital are among the potential bidders to acquire the real estate assets of Hindustan Teleprinters (HTL), in which Himachal Futuristic Communications (HFCL) holds a 74% stake. State Bank of India (SBI) took possession of the 10.16-acre company land in Chennai after HTL was deemed as a non-performing asset.
The land may fetch more than Rs 400 crore in a bidding process, said people familiar with the matter. Singapore’s sovereign investment arm GIC has increased its exposure to domestic real estate facing liquidity constraints. GIC and Red Fort are expected to rope in real estate firms for a mixed use development in one of the largest land banks in Chennai’s central business district………………………………………..Full Article: Source

Norway’s bulging sovereign wealth fund, more popularly known as the “oil fund,” announced more purchases in the international real estate market last week. After spending around NOK 6 billion (USD 1 billion) in Germany, the fund still has its sights set on the US next year.
The fund paid NOK 5.8 billion (EUR 784 million) for 50-percent stakes in two retail and office buildings in Germany, one on the prestigious boulevard Kurfürstendamm in Berlin and one in downtown Frankfurt. Norges Bank Investment Management (NBIM), which manages the fund officialy known as Norwegian Government Pension Fund Global, bought the buildings in partnership with AXA France Insurance Companies from the Royal Bank of Scotland………………………………………..Full Article: Source

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China Investment Corp., the nation’s sovereign wealth fund, favors larger hedge funds in selecting external managers for investing its capital, said Hua Fan, head of fixed-income investment at CIC.
CIC, which helps China manage the world’s largest foreign- currency reserves, will also avoid “over-diversification” by investing in too many funds, Fan said at an annual conference of the Chinese Finance Association in New York………………………………………..Full Article: Source

Norway’s giant Pension Fund has made its first ever allocation to Germany, acquiring a €784m portfolio of two buildings in a co-investment joint venture with Paris-based investment manager AXA Real Estate. Seller was Britain’s Royal Bank of Scotland.
The deal is being done by AXA Real Estate Investment Managers on behalf of AXA France insurance companies, and Norges Bank Investment Management, the arm of the Norwegian central bank which manages the €482bn national pension fund, also known as the Oil Fund and one of the world’s the largest sovereign wealth funds………………………………………..Full Article: Source

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Norway’s $650 billion sovereign wealth fund and joint venture partner AXA France Insurance Companies have agreed to buy two properties in Germany for 784 million euros ($1.01 billion) from the Royal Bank of Scotland , Norway’s central bank said on Wednesday.
The properties are located in Berlin and Frankfurt and are used mainly for office and retail purposes. The two partners will each hold 50 percent stakes in the properties, Norges Bank, which manages the wealth fund, said………………………………………..Full Article: Source

Axa Investment Managers SA and Norway’s sovereign-wealth fund agreed to buy two buildings in Frankfurt and Berlin for 784 million euros ($1 billion), the biggest German commercial real estate transaction this year.
The properties were sold by Royal Bank of Scotland Group Plc in a deal that will probably be completed by the end of the year, Axa Real Estate and Norges Bank Investment Management said……………………………………….Full Article: Source

Norway’s sovereign wealth fund has bought half of Sheffield’s Meadowhall, underlining the shopping centre’s strong performance amid a bleak retail climate. The £390bn Norwegian Government Pension Fund Global, which manages Norway’s oil revenues, bought out a joint venture between London & Stamford Property and a Middle Eastern partner.
It paid £348m for the stake in a deal which, including debt, values Meadowhall at £1.525bn. The centre was valued at £1.497bn in March………………………………………..Full Article: Source

Low interest rates could lead to property bubbles in some markets according to the head of property at the The Future Fund. Barry Brakey says low interest rates could lead to strong growth in property values which could lead then to property bubble scenarios.
Brakey’s comments at a Melbourne real estate forum, came after the Reserve Bank of Australia lowered interest rates by 25 basis points to 3.25%. “We think that this financial repression, if you like, of interest rates around the world can lead to bubbles forming in different markets, and we want to be really careful that we’re on the right side of that,” Brakey says………………………………………..Full Article: Source

Last May, when Norway’s Government Pension Fund Global bought 4 per cent of the Formula One motor racing group from private-equity firm CVC Capital Partners, its goal was clear.
The sovereign wealth fund, which invests Norway’s oil revenues, wanted the inside track on Formula One’s IPO in Singapore, scheduled for June. Instead, the GPFG’s foray into grand prix rapidly hit a roadblock, as volatile equity markets forced the flotation to be delayed………………………………………..Full Article: Source

Qatar’s Barwa Real Estate is looking to invest in the London property market before the end of the year, the company’s deputy group chief executive said on Tuesday. Barwa is 45-percent-owned by Qatari Diar, the property arm of the country’s acquisitive sovereign wealth fund, the Qatar Investment Authority.
“We’re looking for a few investments in Europe, mainly London. We’re interested in hotels, business towers and hope to finalise an investment before year end,” Ahmad Abdulla al-Abdulla told Reuters on the sidelines of the Cityscape real estate conference in Dubai. He did not give details on potential targets or how much the company is willing to invest in Europe………………………………………..Full Article: Source

Norway’s $650 billion sovereign wealth fund is closing in on its first U.S. real estate investment as the market struggles with stagnant prices. The fund will invest in the U.S. “by the end of next year at the latest,” Trond Grande, deputy chief executive officer at Norges Bank Investment Management, said in a Sept. 27 interview in Molde, Norway.
“The U.S. is the largest real estate market so if you want to have a global portfolio you must have exposure to the U.S.” Built from Norway’s oil and gas wealth, the fund in 2010 got approval to invest as much as 5 percent of its capital in real estate as it seeks to meet a 4 percent return target………………………………………..Full Article: Source

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An Islamic Sovereign Wealth Fund of the GCC states that would focus on high-priority, capital deficit sectors is the need of the hour, a leading banker has said. Bahrain-based Shariah-compliant Khaleeji Commercial Bank (KHCB)’s Chairman Dr. Fuad Al Omar told DT that such a fund would not only be helpful to banks and financial institutions by providing them financial cushioning but also boost domestic industries growth through capital injection.
“The surplus revenue available due to the boom in oil prices needs to be mobilised in the form of capital for asset development,” he added………………………………………..Full Article: Source

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The State Oil Fund of Azerbaijan (SOFAZ) is starting to invest in real estate in Turkey, a Turkish government source reported to Trend. “The State Oil Fund is currently considering proposals. Commercial office property in the country’s private sector is particularly preferred,” the source said.
He said SOFAZ is considering the purchase of property in Istanbul. However, the expansion of investments in property located in other Turkish cities is also possible in future………………………………………..Full Article: Source

Sparx Group Co., a Japanese asset management company, will start a fund that will invest in the nation’s residential properties after receiving money from a sovereign wealth fund in the Middle East.
Sparx will start the fund with AD Investment Management Co., which manages a real estate investment trust, on Sept. 28 with initial capital of about 9 billion yen ($116 million), said Sparx Chief Executive Officer Shuhei Abe. The fund, which will last for five years, has a maximum capacity of 40 billion yen and will invest in six apartment developments in Tokyo and Nagoya, he said………………………………………..Full Article: Source

One of China’s largest sovereign wealth funds is likely to increase its private equity and alternatives allocation to as much as 70% over the next decade and take a more strategic approach to investments, according to new research.
China Investment Corporation, which currently invests about a quarter of its portfolio in private equity and alternatives, is likely to raise that threshold significantly in the coming years, according to a report published on Tuesday by consultancy Z-Ben Advisors………………………………………..Full Article: Source

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Providence Equity Partners Inc., the buyout firm with holdings in Univision Communications Inc. and the cable-television network of the New York Yankees, sold a minority stake to Florida’s state pension system and a sovereign-wealth fund, said a person with knowledge of the move.
Proceeds from the sale, which will give the two investors less than 10 percent in the company, will be used to expand the business, said the person, who asked not to be identified because the transaction was private………………………………………..Full Article: Source

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China’s sovereign wealth fund is negotiating to seek a stake in Australia’s largest dairying operation, the Van Diemen’s Land Company, which operates in Tasmania. The enterprise, which is in the north-west of the state, has 25,000 dairy cows and 6500 beef cattle and some 19,000 hectares in 27 farming operations, most of them dairying. It employs about 160 people.
It is now proposing to double its production and its workforce, with a $180 million investment. It is understood that the sovereign wealth fund has approached the Foreign Investment Review Board for preliminary consultations, prior to submitting a formal application if a deal is sealed………………………………………..Full Article: Source

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Norway’s sovereign wealth fund is set to complete the £750m purchase of a 50% stake in the Meadowhall shopping centre in Sheffield, leaving British Land with its 50% ownership.
According to Property Week, and in a deal that could be announced as early as next week, Norges Bank Investment Management, which manages the £376bn sovereign wealth fund, and British Land have agreed terms of a joint venture that will own the 1.4m sq ft mall on a 50:50 basis………………………………………..Full Article: Source

British Land has shelved plans to sell part of its stake in the Meadowhall shopping mall in Sheffield, opting instead to retain its full 50 percent because of the centre’s strong performance over the past year, two sources familiar with the deal said.
British Land had put the holding up for sale to capitalise on strong demand for shopping mall assets, but has instead opted to form an equal partnership with Norway’s sovereign wealth fund which is buying half of the centre………………………………………..Full Article: Source

Los Angeles-based Thomas Properties Group, Inc. and the California State Teachers’ Retirement System together purchased an eight-building, three-million-square-foot portfolio of office properties in downtown and suburban Austin, Texas. The purchase price was $859 million, which is subject to prorations and adjustments.
The portfolio was purchased from TPG-Austin Portfolio Syndication Partners, a venture among Lehman Brothers Holdings Inc., an off-shore sovereign wealth fund and TPG/CalSTRS LLC………………………………………..Full Article: Source

UK-based private equity firm CVC Capital Partners has sold a 10% stake of the firm to a group of powerful, private investors, including the Kuwait Investment Authority (KIA), the Government Investment Corporation of Singapore (GIC), and an unnamed Asian fund.
CVC Capital — which manages capital on behalf of around 300 institutional, governmental and private investors worldwide — was formerly the private-equity business for Citicorp, now Citigroup Inc. It bought about 63% of Formula One in 2005 and 2006………………………………………..Full Article: Source

Sovereign wealth funds are expected to invest $10bn a year in European real estate over the next five years, and France will be a major beneficiary, says Paris-based property research institute IEIF. The estimate is based on recent investments, and statements from various funds.
“Sovereign wealth funds are expected to play a major role in the European property sector over the next few years, particularly the French market, and this is a development that is already under way,” IEIF said in a study………………………………………..Full Article: Source

The State Oil Fund of Azerbaijan (SOFAZ) — whose assets totaled $32.67 billion as of July 1 — has purchased 10 tons of gold, Executive Director of the Fund Shahmar Movsumov has revealed to the Azeri-Press Agency (APA).
“We’ve also applied to the Cabinet Ministers with a proposal to introduce a zero rate of customs duties…on import of gold purchased abroad in the country. So far the fund has bought around 10 tons of physical gold,” Movsumov said………………………………………..Full Article: Source

The State Oil Fund of Azerbaijan (SOFAZ) has started implementation of a new investment instrument - acquisition of real estate abroad. Today in Baku SOFAZ executive director Shahmar Movsumov has said that the first deals for real estate investments will be concluded soon.
“They are already at stage of conclusion,” Movsumov emphasized. Earlier SOFAZ announced that it is considering options to buy real estate in London, Paris, Rome, Moscow and Istanbul. In the future similar projects are to be implemented in Singapore, Malaysia and Indonesia………………………………………..Full Article: Source

Sovereign wealth funds can be a patient source of capital for property development firms in metropolitan markets. Student housing in central London continues to attract banks and foreign investors. By creating joint ventures, sovereign investors assist real estate development firms lessen debt impact on their balance sheets, enabling financial flexibility.
There are risks to investing in student housing. Demographics, government policy, and fruitful marketing by UK universities impact the potential number of students. Two major risk inputs are the number of students needing housing and current supply in the property market………………………………………..Full Article: Source

Blue Sky Alternative Investments managing director Mark Sowerby has seen this trend unfold over the past year and believes there is a permanent “structural shift” taking place from institutional investors to financial planner networks and wealth managers.
The Future Fund’s nominal return for 2010-11 was 12.8 per cent. Since its inception in May 2006, it was 5.2 per cent a year. “What’s happening is that it looks like the alternatives are definitely performing better than the more traditional asset classes,” Sowerby says. “The big bellwether is going to be the Future Fund. The way that I see the world is that if the Future Fund’s performance in the next three years is good, most of the other super funds will change their asset allocations.”……………………………………Full Article: Source

Sovereign pension funds are buying into Australian direct property developments, including the high-profile Barangaroo development, in a bid to grow members’ investments, with local fund managers also getting in on the act.
Just this month, the National Pension Service of Korea agreed to co-invest $360 million for 50 per cent ownership in 13 industrial properties in Australia with Dexus Property Group. The partnership could more than double in the next five years and fund further industrial property developments, Dexus said………………………………………..Full Article: Source