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China’s CIC sovereign to invest €1bn in Grand Paris project

Posted on 04 November 2015 by VRS  |  Email |Print

Chinese sovereign fund China Investment Corporation is ready to invest €1bn in property and infrastructure developments within the Grand Paris regional renewal project, the office of French President François Hollande said.
“CIC would be ready to commit €1bn to Grand Paris, particularly for property operations and infrastructure,” the presidential office said during a recent visit to China by Hollande. French state financing body CDC (Caisse des Dépôts et Consignations) would co-invest 20%-40% of the sum provided by CIC. Its investment would be made through the CDC International Capital unit which specialises in direct investments in partnership with sovereign funds and international institutions………………………………………..Full Article: Source

Singapore’s Temasek, Canada’s OMERS in £415m London office buy

Posted on 03 November 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund Temasek has teamed up with Canada’s Ontario Municipal Employees Retirement System property arm to buy Time Inc’s UK HQ in London from the publishing group for £415m.
Extending Temaseks’s build-up of London assets which started a year ago, the pair bought the 46,000 sq.m. office on London’s South Bank from the publisher, which has owned and occupied the building since it was completed in 2007. It put the Blue Fin building up for sale after sustaining heavy losses in the first quarter of the year, but will continue to use building as its headquarters through a leaseback agreement for over a third of the space with the new owners………………………………………..Full Article: Source

Starwood attracting Chinese interest

Posted on 30 October 2015 by VRS  |  Email |Print

China’s sovereign wealth fund and two big Chinese companies have expressed interest in Starwood Hotels & Resorts Worldwide, joining other potential suitors from around the world, a source familiar with the matter said.
Starwood Hotels, the owner of St Regis and Sheraton hotel brands, has indicated it is considering a sale, and its highly prized collection of properties has also garnered interest from wealthy Middle Eastern investors and other global firms, the person said………………………………………..Full Article: Source

Qatar to acquire a stake in Brookfield’s Manhattan West project

Posted on 29 October 2015 by VRS  |  Email |Print

Brookfield Property Partners is partnering with the Qatar Investment Authority – the energy-rich nation’s sovereign wealth fund – on Brookfield’s $8.6 billion Manhattan West mixed-use development on the Far West Side. QIA will acquire a 44 percent stake in the five-building project — which includes a 62-story, 844-unit residential tower currently under construction and the 67-story One Manhattan West office building slated for completion in 2019.
The deal, announced Wednesday, is not the first time the two parties have teamed up, according to Bloomberg, with the sovereign wealth fund joining forces with Brookfield earlier this year to acquire London-based firms Canary Wharf Group and Songbird Estates………………………………………..Full Article: Source

China Investment Corporation: $2.45 billion deal to buy stakes in nine Australian office towers

Posted on 26 October 2015 by VRS  |  Email |Print

The China Investment Corporation — a state-owned sovereign wealth fund — earlier this month closed a $2.45 billion deal to buy stakes in nine Australian office towers, seven of which are in Sydney. The Australian-record purchase includes a 50 per cent share of the Telstra building on George St, a 25 per cent share of the Deutsche Bank building on Phillip St and 100 per cent shares of high-rises on Elizabeth and Market streets and in North Sydney.
Helped by the falling Aussie dollar, the deal is the latest in a growing list of recent local Chinese purchases whose values have reached hundreds of millions of dollars and beyond. A report this month by real estate services giant Cushman & Wakefield found that Sydney was the world’s fourth-most popular city for global investors, behind only London, New York and Paris………………………………………..Full Article: Source

GIC co-invests in a 2.5m sq ft office development in Hyderabad

Posted on 22 October 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC announced Thursday (Oct 22) that it has partnered New York-based real estate company Tishman Speyer to co-own an office development project in Hyderabad, India.
The partnership will be in a form of a 50-50 joint venture. Located near the high-growth financial district employment corridor in the capital of southern India’s Telangana state, the total area of the project will be 2.5 million sq ft upon completion. It will house more than 20,000 professionals………………………………………..Full Article: Source

Japanese real estate investment expected to increase

Posted on 22 October 2015 by VRS  |  Email |Print

The city’s real estate market could see increased investment from Japanese institutional investors, with Japan’s Government Pension Investment Fund (GPIF) – the world’s largest pension fund – expected to increase global real estate investment. The GPIF is anticipated to allocated up to 5 percent of its roughly $1.2 trillion in assets into “alternative investments” that would include real estate, according to a report by commercial brokerage CBRE.
That means the pension fund’s total investments in overseas real estate markets alone over the coming years could reach $1.8 billion – equal to total Japanese outbound real estate investment in 2014, CBRE said………………………………………..Full Article: Source

Norway’s fund to seek approval for top property deals, central bank says

Posted on 22 October 2015 by VRS  |  Email |Print

The board of Norway’s central bank is introducing an extra layer of supervision for the country’s sovereign wealth fund, which will need to seek approval for all property deals over $250 million, the bank said on Tuesday. For the first time, the $860 billion wealth fund, the world’s largest, will need approval for some of its most valuable property deals. Property represents 2.7 percent of its total value, which it wants to increase to five percent.
The fund, which invests Norway’s revenues from oil and gas in stocks, bonds and property, will now need approval from a new investment committee for deals over $250 million. Deals worth more than $1 billion will need the approval of the board of the central bank. Until now, the fund’s management, led by Chief Executive Yngve Slyngstad, decided on its own………………………………………..Full Article: Source

Norway’s central bank ensures sovereign wealth fund seeks approval for large property deals

Posted on 22 October 2015 by VRS  |  Email |Print

The board of Norway’s central bank is introducing an extra layer of supervision for the country’s sovereign wealth fund, which will need to seek approval for all property deals over US$250 million, the bank said on Tuesday. For the first time, the US$860 billion wealth fund, the world’s largest, will need approval for some of its most valuable property deals. Property represents 2.7 percent of its total value, which it wants to increase to five percent.
The fund, which invests Norway’s revenues from oil and gas in stocks, bonds and property, will now need to approval from a new investment committee for deals over US$250 million. Deals worth more than US$1 billion will need the approval of the board of the central bank. Until now, the fund’s management, led by chief executive Yngve Slyngstad, decided on its own………………………………………..Full Article: Source

Norway’s fund to seek approval for top property deals, central bank says

Posted on 21 October 2015 by VRS  |  Email |Print

The board of Norway’s central bank is introducing an extra layer of supervision for the country’s sovereign wealth fund, which will need to seek approval for all property deals over $250 million, the bank said on Tuesday. For the first time, the $860 billion wealth fund, the world’s largest, will need approval for some of its most valuable property deals.
Property represents 2.7 percent of its total value, which it wants to increase to five percent. The fund, which invests Norway’s revenues from oil and gas in stocks, bonds and property, will now need to approval from a new investment committee for deals over $250 million. Deals worth more than $1 billion will need the approval of the board of the central bank. Until now, the fund’s management, led by Chief Executive Yngve Slyngstad, decided on its own………………………………………..Full Article: Source

Schwarzman: SWFs build PE exposure, even after oil price collapse

Posted on 21 October 2015 by VRS  |  Email |Print

Sovereign wealth funds are an increasingly important funding source for Blackstone Group, even those that have been hammered by the collapse of oil prices, Chief Executive Officer Steve Schwarzman said during the firm’s third quarter earnings call last week.
There are two types of sovereign funds — those related to oil proceeds, and “all else,” Schwarzman said. Funds reliant on oil proceeds have not been growing, which creates a situation where fund managers have to compete for dwindling resources from those funds, he said. But that doesn’t mean those types of oil-oriented funds are backing away from private equity. “Some of them, interestingly, are significantly increasing their share of alternatives because of its performance characteristics,” Schwarzman said………………………………………..Full Article: Source

GIC provides $139m loan to realty PE Maya Capital for investments in UK

Posted on 20 October 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund (SWF) GIC has increased its exposure in the UK property market with the grant of a £90-million ($139.1 million) loan to a private equity firm, Maya Capital. Maya Capital, a pan-European realty investment firm and advisory, said that the GIC loan would help fund acquisitions in areas outside London and the London Orbital Motorway (M25) which have seen a resurgence in activity on the back of better economic conditions and employment.
According to a report in UK business publication City A.M., Maya Capital’s ‘regional strategy plan’ is already backed by independent financial firm GWM Capital Advisors, with the firm completing several other transactions in townships surrounding London. According to Maya Capital and GWM, the capital commitment for this initiative is £50 million (US$77.3 million)………………………………………..Full Article: Source

Norway oil fund turning its eyes to Tokyo real estate

Posted on 19 October 2015 by VRS  |  Email |Print

Norway’s Government Pension Fund Global will soon start investing in Japanese office buildings, possibly spending $5 billion to $8 billion over the long term, according to the chief real estate investment officer at Norges Bank Investment Management. Among Asian cities, the world’s largest sovereign wealth fund has set its sights on Tokyo and Singapore, said Karsten Kallevig. Norges Bank Investment Management, which manages the fund, opened an office here in early October for this purpose.
Growth is expected over the long term thanks to the concentration of global businesses, Kallevig said of the Tokyo market. Investment will be limited to the capital, with no plans to expand to Osaka or Nagoya. With the weakening of the yen, some view Japanese real estate as a bargain for overseas investors. But Kallevig said the soft price trend did not factor into the fund’s decision………………………………………..Full Article: Source

Singaporean wealth fund GIC backs property revival in UK regions

Posted on 16 October 2015 by VRS  |  Email |Print

Singaporean sovereign wealth fund GIC has thrown its weight behind a private equity firm that invests in the UK’s regional property market. Maya Capital said it has secured a £90m loan from GIC to help fund acquisitions in areas outside London and the M25 that have enjoyed a resurgence in activity thanks to the improvement economy and a rise in employment.
Its so-called regional strategy plan is already backed by independent financial firm GWM Capital Advisors, and has completed five deals completed to date including five in Cardiff, Newcastle, and Swansea. It also announced a sixth deal yesterday after buying an office block called Highdown House in Worthing for £6.5m at a net initial yield of 10.25 per cent………………………………………..Full Article: Source

REITs: Are Big Backers Like Sovereign Wealth Funds Good Or Bad?

Posted on 15 October 2015 by VRS  |  Email |Print

Some big REIT deals have included well-heeled financial partners like pensions and sovereign wealth funds. That sounds like a good thing. But maybe it’s just allowing more deals to get done at higher cap rates.
The real estate investment trust, or REIT, sector has had a rough year so far share price wise. That said, operationally things appear to be going well for most REITs. One issue that’s popped up more than once, however, is the high price of acquisitions. And the trend toward partnering up with sovereign wealth funds and pensions could be a part of the problem……………………………………….Full Article: Source

Norway Fund Said to Be Preferred Bidder for Singapore Tower

Posted on 14 October 2015 by VRS  |  Email |Print

A consortium of Norway’s sovereign wealth fund and developer CapitaLand Ltd. was chosen as the preferred bidder for a Singapore tower being sold by BlackRock Inc., in what could become the biggest office deal in the city-state, people with knowledge of the matter said.
The bidding group will start exclusive talks with BlackRock about a purchase of Asia Square Tower 1, and could reach an agreement in the next month, according to the people. It beat ARA Asset Management Ltd., which also submitted a final bid for the building, they said, asking not to be identified as the information is private………………………………………..Full Article: Source

Norway SWF Opens Japan Office in Property Push

Posted on 12 October 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund has opened an office in Tokyo as it continues to expand its real estate portfolio. The three-person office was opened in the Japanese capital yesterday (October 8) by the $850 billion Norway Government Pension Fund—Global. It is the fund’s third office in Asia, after Singapore and Shanghai, China.
Karsten Kallevig, CIO for real estate at Norges Bank Investment Management, which runs the fund, said the fund had selected Tokyo and Singapore as the two main locations for its expansion in Asia. “Tokyo is a market that fits well with the rest of our portfolio,” he added………………………………………..Full Article: Source

Nine office towers sell in mega real estate deal

Posted on 09 October 2015 by VRS  |  Email |Print

A Chinese sovereign wealth fund has purchased nine Australian office towers in what is reported to be the biggest-ever direct real estate transaction in Australia’s history. Firms: Allens (Morgan Stanley Real Estate Investing and Investa Property Group); Clayton Utz (China Investment Corporation). Deal: China Investment Corporation purchased nine office towers from Investa Property Group.
Deal significance: Chinese sovereign wealth fund China Investment Corporation outbid multiple global real estate investors to secure nine premium office towers from Investa Property Group; seven in Sydney, one in Brisbane and one in Melbourne………………………………………..Full Article: Source

Norway sovereign wealth fund to invest in prime Tokyo office property -official

Posted on 09 October 2015 by VRS  |  Email |Print

Norway’s Norges Bank Investment Management, which runs the world’s largest sovereign wealth fund, will target prime Tokyo office buildings as it starts to invest in Japan, the fund’s chief investment officer for real estate said on Thursday.
The fund, built on Norway’s oil and gas revenues with $880 billion in assets, will seek local partners to co-invest in Tokyo, said Karsten Kallevig, speaking in an interview as the fund launched operations in Tokyo. The fund’s operational rules were only recently changed to permit property investments outside Europe………………………………………..Full Article: Source

Norway’s oil fund to invest in real estate in Japan

Posted on 08 October 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund will start investing in Japanese real estate, aiming to secure stable returns over the long term, a move that could bring hundreds of billions of yen to the market. The Government Pension Fund Global, the world’s largest sovereign wealth fund, will soon set up an office in Tokyo. It will search for promising commercial properties, mainly office buildings, and make purchases within a year or two.
The fund began investing in real estate in Europe in 2011. Since then, it has added U.S. office buildings and logistics facilities to its portfolio. It intends to increase the weighting of real estate from 2.7% to 5% by also acquiring properties in Tokyo and Singapore………………………………………..Full Article: Source

Norway’s oil fund looking at Tokyo, Singapore for property investments

Posted on 01 October 2015 by VRS  |  Email |Print

Norway’s US$819 billion (S$1.1 trillion) Government Pension Fund, the world’s biggest sovereign wealth fund, is looking to buy properties in Tokyo and Singapore in the coming months, a key executive said on Wednesday.
The fund, built on revenues from the country’s oil and gas production, has previously bought office blocks, shopping malls and other properties in key cities in Europe and North America, and has a stated ambition of expanding its real estate portfolio to Asia………………………………………..Full Article: Source

Azerbaijan’s state oil fund buys landmark retail property in Tokyo

Posted on 30 September 2015 by VRS  |  Email |Print

Azerbaijan’s state oil fund Sofaz has made its first real estate investment in Japan, buying retail property Kirarito Ginza in Tokyo for 52.3 billion yen with Mitsubishi UFJ Trust and Banking Corp, it said on Wednesday. The fund said it bought the property from Elliott Advisors Asia and Orix Corp.
The US$37 billion Sofaz sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects. “We are delighted to have made our first foray into the Japanese real estate market. Our investment rationale for this asset is based on its capital preservation capacity,” said Shahmar Movsumov, the fund’s executive director, adding it saw potential to enhance the property’s return over the medium to long term………………………………………..Full Article: Source

Qatar Wealth Fund Backs Apollo Commercial REIT in U.S. Expansion

Posted on 30 September 2015 by VRS  |  Email |Print

Qatar’s sovereign wealth fund, which plans to invest $35 billion in the U.S. in the next five years, is backing a commercial real estate investment trust run by a subsidiary of Leon Black’s Apollo Global Management LLC.
The Qatar Investment Authority bought 8.82 million common shares of Apollo Commercial Real Estate Finance Inc. on Sept. 18, according to documents filed on Monday with the U.S. Securities and Exchange Commission. The REIT announced on Sept. 21 that it sold these shares at $17 each for a total of $150 million, and that it raised another $198 million from the same unidentified investor through preferred stock sales………………………………………..Full Article: Source

Kuwait Investment Authority eyes $2bn Irish mall

Posted on 30 September 2015 by VRS  |  Email |Print

Kuwait Investment Authority (KIA) is among the final three bidders for an Irish property portfolio valued at an estimated $1.8bn. Project Jewel, a loan portfolio that includes debt secured on Dundrum Town Centre, a 12 ha shopping centre in Dublin, among others, is controlled by Ireland’s National Asset Management Agency (NAMA), the government body that took over the country’s distressed real estate assets during the downturn.
The final bidders for the portfolio have all come from overseas, with KIA lodging a joint bid with US investor Hines. The two other bids have come from US firm Colony Capital and a joint bid by Germany’s Allianz Real Estate and UK property investment giant Hammerson, according to the Irish Independent newspaper………………………………………..Full Article: Source

Norwegian Oil Fund Acquires Shopping Centre in London

Posted on 28 September 2015 by VRS  |  Email |Print

Norges Bank Investment Management (Norwegian Oil Fund) has acquired a 100 percent interest in the West One Shopping Centre and 75 Davies Street, a 90,000 square foot retail and office property located above Bond Street Underground station in London. The agreement was signed and completed 18 September 2015.
Norges Bank Investment Management paid 240 million pounds for the entities that own the 95-year long leasehold interest in the property. The asset is unencumbered by debt, and no financing was involved in the transaction………………………………………..Full Article: Source

Azerbaijan State Oil Fund makes prime acquisition in Ginza, Tokyo

Posted on 25 September 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) and Mitsubishi UFJ Trust and Banking Corporation have jointly acquired landmark retail property Kirarito Ginza in Tokyo, Japan for JPY 52.3 billion. This is Sofaz’s first real estate investment in Japan. The property was purchased from Elliott Advisors Asia Limited and Orix Corporation.
Kirarito Ginza is located in Chou Avenue, Ginza, which is the most prestigious retail location in Japan. The property was built in 2014 and is one of the very few trophy assets recently completed in Ginza area. The gross floor area (GFA) of the property is approximately 15,647 m2. The asset is let to 47 tenants………………………………………..Full Article: Source

Azerbaijan’s SOFAZ makes first real estate investment in Japan

Posted on 24 September 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) and Mitsubishi UFJ Trust and Banking Corporation have jointly acquired landmark retail property Kirarito Ginza in Tokyo, Japan for 52.3 billion Japanese yen (nearly $444.24 million), SOFAZ said in a message Sept. 23. This is SOFAZ’s first real estate investment in Japan. The property was purchased from Elliott Advisors Asia Limited and Orix Corporation.
“Kirarito Ginza is located in Chou Avenue, Ginza, which is the most prestigious retail location in Japan. The property was built in 2014 and is one of the very few trophy assets recently completed in Ginza area,” said the SOFAZ message. The gross floor area (GFA) of the property is approximately 15,647 square meters and the asset is let to 47 tenants………………………………………..Full Article: Source

Ardian set to acquire S$1.4b of private-equity fund stakes from GIC

Posted on 21 September 2015 by VRS  |  Email |Print

Ardian, the French alternative asset manager, agreed to buy a portfolio of private-equity fund stakes worth about US$1 billion (S$1.4 billion) from Singapore sovereign wealth fund GIC, people with knowledge of the matter said.
The private-equity firm made a preemptive offer to GIC at a premium to book value to avoid an auction, said the people, who asked not to be identified because the information is private. Paris-based Ardian and GIC both declined to comment………………………………………..Full Article: Source

Ardian Said to Buy $1 Billion of GIC Private-Equity Fund Stakes

Posted on 18 September 2015 by VRS  |  Email |Print

Ardian, the French alternative asset manager, agreed to buy a portfolio of private-equity fund stakes worth about $1 billion from Singapore sovereign wealth fund GIC Pte, people with knowledge of the matter said. The private-equity firm made a preemptive offer to GIC at a premium to book value to avoid an auction, said the people, who asked not to be identified because the information is private.
A spokeswoman for Paris-based Ardian declined to comment, while a spokeswoman for GIC didn’t respond to e-mail requests for comment. The agreement with GIC comes just weeks after a deal to buy a $1.5 billion portfolio of fund stakes from the Abu Dhabi Investment Council, a government-controlled fund manager, collapsed following valuation concerns………………………………………..Full Article: Source

What Does ARA Asset Management Limited’s Latest Fund Mean for the Company?

Posted on 16 September 2015 by VRS  |  Email |Print

ARA Asset Management Limited, a manager of real estate investment trusts and real estate funds, announced yesterday that it had just raised US$325 million in capital commitments for its private real estate funds division. The company had managed to raise the capital through a new platform which has a “premier Asian-based sovereign wealth fund [SWF]” as its anchor investor.
What might the success of the fund-raising activity showcase about ARA Asset Management’s business? ARA Asset Management’s latest platform is designed to be a closed-end fund with an initial term of 10 years which may be extended. The fund will be investing in properties across Asia, including territories like China, Hong Kong, Singapore, Japan, and even Australia………………………………………..Full Article: Source

Cromwell, Charter Hall circle IOF

Posted on 15 September 2015 by VRS  |  Email |Print

Cromwell Property and Charter Hall are circling the $2.3 billion Investa Office Fund in a move likely to result in the dismemberment of the listed trust’s parent, the Morgan Stanley-backed Investa Property Group. A vote towards a full buyout of the management rights remains the likely option. Such a deal would also deliver control over a $2.45bn portfolio of assets Morgan Stanley recently sold to China’s sovereign wealth fund CIC.
While Cromwell continues to size up its options on IOF, it is understood the group is also considering another tilt for the entire platform. The group waded into the Investa race first time round but was eclipsed by China’s sovereign wealth fund CIC, which offered $2.45bn for a directly-owned portfolio of assets………………………………………..Full Article: Source

Sovereign Wealth Funds Play An Increased Role in Real Estate

Posted on 09 September 2015 by VRS  |  Email |Print

There actually isn’t much known about many SWFs, which generally don’t issue press releases, or in some cases, don’t even have a website. Founded in 2007, the Sovereign Wealth Fund Institute (SWFI) has emerged as a go-to source for hard-to-find SWF information.
“It’s still a very opaque market,” says Michael Maduell, president of the Las Vegas-based organization. “There’s actually more real estate purchases by these funds going on than you think.” The SWFI boasts a ranking of SWFs that includes players from China to Azerbaijan. “There was a saying, ‘The sun never sets on the British Empire,’” Maduell said. “The sun never sets on sovereign wealth.”……………………………………….Full Article: Source

An omen for Australia’s commercial property market?

Posted on 08 September 2015 by VRS  |  Email |Print

Even as global investors queue eagerly to get their hands on Australian real estate, one astute investor, Singapore’s sovereign wealth fund GIC Pte Ltd, has been quietly taking profits and selling down its Australian holdings. GIC has sold its five-star hotels, an industrial portfolio, an office building and a key stake in GPT Group, one of Australia’s largest listed trusts.
A quick tally of GIC transactions since 2013 shows these sales have yielded proceeds totalling about $4 billion. The market wonders why GIC is selling out of Australia. Does it perceive Australia’s fortunes to be on the wane? Sources familiar with the modus operandi of GIC point out that to date GIC has been offloading non-core and secondary assets………………………………………..Full Article: Source

Super fund takes different tack on alternative investments

Posted on 07 September 2015 by VRS  |  Email |Print

Richard Brandweiner, the chief investment officer of the $53 billion First State Super retirement scheme, is clearly cautious about investing his members’ money in infrastructure.The former Perpetual executive is also taking a different tack towards the asset class.
Unlike investments such as bonds and equities, and in contrast to most superannuation funds, First State Super has not set a target for the proportion of the portfolio that is invested in infrastructure, hedge funds and private equity. As interest rates remain low and equity markets lose their shine, sovereign wealth and pension funds globally are being pushed into more illiquid assets such as infrastructure and real estate in an effort to maintain returns………………………………………..Full Article: Source

DLF ends flat on possible stake sale to Singapore’s sovereign wealth fund GIC

Posted on 31 August 2015 by VRS  |  Email |Print

Shares of DLF rallied over 3 per cent in trade today as India’s largest real estate developer is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, two people aware of the deal said. The share ended the session at Rs 115.05, up 0.52 per cent.
The transaction may be valued at Rs 1,500 crore- Rs 2,000 crore. The 25-acre project in the Moti Nagar area of west Delhi, to be called DLF Capital Greens 6, has secured all approvals and is likely to be launched in the next few months………………………………………..Full Article: Source

Swedish Funds Target €4B Real Estate Investment

Posted on 27 August 2015 by VRS  |  Email |Print

Two of Sweden’s national pensions have collaborated with asset manager TIAA-CREF to create a €2.2 billion ($2.5 billion) real estate joint venture. AP1 and AP2—which between them run roughly €57 billion within Sweden’s national pension system—and TIAA-CREF aim to invest a further €2 billion into real estate through the arrangement in the next three years.
The Swedish funds’ expansion of their property investments comes as Norway’s sovereign wealth fund is ploughing 5% of its €724 billion portfolio into real estate. The Government Pension Fund—Global had 2.7% invested in the asset class at the end of June, according to its second quarter report. The allocation posted a 2% return in the second quarter, while the fund’s equity and bond portfolios both lost money………………………………………..Full Article: Source

The Largest Sovereign Wealth Fund Private Equity Investors

Posted on 19 August 2015 by VRS  |  Email |Print

The aggregate dollar amount of sovereign wealth fund capital toward private equity and private markets is expanding rapidly, according to data from the Sovereign Wealth Fund Institute (SWFI). SWFI researchers estimate, as of June 2015, US$ 415.36 billion was allocated to private equity, this includes direct stakes in private companies, not just interests in private equity funds.
By calculating June 2015 total sovereign wealth fund assets, private equity makes up around 5.7% of all SWF assets. Despite falls in oil and commodity prices, sovereign funds continue to grow and build up exposure to private equity assets. Many of these institutional investors are driven by harvesting the illiquidity premium………………………………………..Full Article: Source

Oman fund acquires 90 per cent stake of Mariott Ambassador Paris Hotel

Posted on 18 August 2015 by VRS  |  Email |Print

State General Reserve Fund (SGRF), the Sultanate’s sovereign wealth fund, has acquired a majority stake in Marriott Ambassador Paris Hotel by purchasing 90 per cent of its shares. The transaction was completed through a joint venture with Westmont Hospitality Group (WHG) which will own 10 per cent of the hotel shares and will provide the operational oversight to the hotel, according to a press release.
WHG has significant experience in managing budget to upscale hotels and currently own and/or manage a portfolio of about 350 hotels across North America and Europe under multiple hotel franchise brands………………………………………..Full Article: Source

U.K. Wealth Fund to Target Private Equity, Infrastructure Investment

Posted on 17 August 2015 by VRS  |  Email |Print

London Mayor Boris Johnson’s fledgling British sovereign-wealth fund plans to combine local public pension funds and invest billions of pounds in private equity and infrastructure projects. The plan to develop a so-called citizens’ wealth fund with more than $100 billion is being led by Edmund Truell, a private equity investor and chairman of the London Pensions Fund Authority.
The London Pensions Fund Authority and the Greater Manchester Pension Fund joined forces in January to create a £500 million ($780 million) infrastructure fund. In December, the London fund agreed a separate £10 billion partnership with the Lancashire County Pension Fund……………………………………….Full Article: Source

Temasek Holdings subsidiary subscribes to shares of Oberoi Realty Limited

Posted on 11 August 2015 by VRS  |  Email |Print

Aranda Investments (Mauritius) Pte. Ltd is an indirect wholly-owned subsidiary of Temasek Holdings Pte. Ltd. Oeroi Realty Limited, India (ORL) is a real estate development company, which primarily operates in Mumbai, with a focus on premium developments. It has a diversified portfolio of projects in mixed-use or single-segment developments, which cover the main segments of the real estate market, namely residential, office space, retail, hospitality and social infrastructure.
In a deal that was completed on 17th July 2015, Khaitan & Co. advised Aranda Investments (Mauritius) Pte. Ltd on all legal aspects of the transaction involving the subscription of the shares of ORL. This deal was valued at approximately USD 51 million (INR 3245 million). The firm provided advice to Aranda Investments (Mauritius) Pte. Ltd on its subscription to 3.34% of the post issue paid-up share capital of ORL………………………………………..Full Article: Source

GIC building up its real estate assets for steady returns

Posted on 07 August 2015 by VRS  |  Email |Print

Sovereign wealth fund Government of Singapore Investment Corporation (GIC) has been acquiring more real estate assets in recent years, and is keeping its ear to the ground for more deals, even as competition in the sector intensifies.
Toppish asset prices and lower returns will define the broader investment environment for the next 10 years, but GIC can use its 30 years’ experience in real estate investment to earn steady returns, said group chief investment officer Lim Chow Kiat. “Generally, prices have gone up, so it’s harder to just buy cheap,” he told a media briefing at GIC’s Capital Tower headquarters………………………………………..Full Article: Source

Brigade-GIC buys Nerolac Paints land in Chennai for Rs 550 crore

Posted on 06 August 2015 by VRS  |  Email |Print

Brigade Properties a joint venture between Brigade Enterprises and GIC, Singapore will jointly acquire a 15.86 acres of land parcel from Global paint major KansaiNerolac Paints in Chennai in a deal valued at Rs 550 crore.
The land parcel located on Perungudi on the Old Mahabalipuram Road in Chennai used to house the company’s manufacturing units out of total five such factories across the country. In March, Brigade-GIC acquired a land parcel for Rs 200 crore from Hindustan Unilever to develop a IT Special Economic Zone (SEZ)of over 3 million sq. ft. in Brookefields, Whitefield, Bangalore. In 2014, Brigade Group and GIC also decided to jointly invest up to Rs. 1,500 crores in developments in various cities of South India including Bangalore and Chennai………………………………………..Full Article: Source

Singapore’s GIC tees up $1b real estate secondaries exit: Report

Posted on 05 August 2015 by VRS  |  Email |Print

The Government of Singapore Investment Corporation (GIC) has hired Greenhill Cogent to sell a large portfolio of real estate fund interests, PERE publication Secondaries Investor said in a report. Singapore’s sovereign wealth fund could sell real estate assets to the tune $1 billion, transaction is expected to launch in the fall, the report added, quoting two unnamed executives familiar with the development.
The report further said that both Greenhill Cogent and GIC did not comment on the development. Secondaries Investor also said that as per a recent report from Greenhill Cogent, real estate secondaries volume was about $3 billion, compared with $4 billion for the whole 2014………………………………………..Full Article: Source

GIC builds up real estate assets for steady returns

Posted on 30 July 2015 by VRS  |  Email |Print

Sovereign wealth fund GIC has been acquiring more real estate assets in recent years, and is keeping its ear to the ground for more deals, even as competition in the sector intensifies. Toppish asset prices and lower returns will define the broader investment environment for the next 10 years, but GIC can use its 30 years’ experience in real estate investing to earn steady returns, said group chief investment officer Lim Chow Kiat yesterday.
“Generally, prices have gone up, so it’s harder to just buy cheap,” he told a media briefing at GIC’s Capital Tower headquarters……………………………………….Full Article: Source

Chinese sovereign fund to buy biggest Aussie office assets

Posted on 30 July 2015 by VRS  |  Email |Print

Sovereign fund China Investment Corp (CIC) plans to buy Australia’s biggest office block portfolio from Morgan Stanley for US$1.82 billion (S$2.5 billion), highlighting Beijing’s appetite for stable assets offshore as the mainland economy sputters. CIC, which established its international unit in 2011 to invest in overseas assets, will acquire the nine office buildings, held by Investa Property Trust, from Morgan Stanley Real Estate Investing, the US firm said in a statement on Monday.
Blackstone Group, Brookfield Asset Management and Dexus Property Group were also competing to purchase the Investa property assets, people familiar with the matter had said earlier. ……………………………………….Full Article: Source

Sovereign wealth funds step up property investments in Asia

Posted on 30 July 2015 by VRS  |  Email |Print

Sovereign wealth funds around the world are pouring money into Asian property to diversify their portfolios as real estate prices surge in major Western cities. The looming U.S. interest rate hike has prompted investors to shift from short-term investments in Asia into the region’s real estate.
The Abu Dhabi Investment Authority is one fund investing in real estate aggressively. It is the world’s second-largest sovereign wealth fund, with operating assets of $679 billion. The fund has reportedly invested more than $50 billion, nearly 10% of its asset holdings, in real estate. In May, it acquired three hotels in Hong Kong for $2.4 billion, the largest real estate investment by a sovereign wealth fund in Asia………………………………………..Full Article: Source

QIA JV to build 57-storey residential tower in London

Posted on 30 July 2015 by VRS  |  Email |Print

Canary Wharf Group, a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority , has received planning approval to build a striking residential tower at its New Phase site (formerly known as Wood Wharf).
The 57-storey building will comprise 468 apartments ranging from studios to large three bedroom family units. It will occupy a prominent waterfront location on the edge of South Dock, directly to the east of the existing Canary Wharf estate. Designed by world-renowned Swiss architects Herzog & de Meuron who created the Beijing Olympics’ Bird’s Nest stadium and the Tate Modern, the cylindrical residential tower will form a key part of the new residential offering at Canary Wharf………………………………………..Full Article: Source

Ireland Strategic Investment Fund forms residential lending platform with KKR

Posted on 30 July 2015 by VRS  |  Email |Print

The Ireland Strategic Investment Fund, Dublin, Ireland, formed a €500 million ($549 million) joint venture with KKR Credit, which will lend to Irish residential development projects. The joint venture, Activate Capital, is a lending platform that could finance the construction of more than 11,000 new homes in Ireland. The platform will lend on a commercial basis to projects, providing companies with loans for up to 90% of the total financing needed.
The €7.6 billion ISIF is contributing €325 million toward the joint venture — the biggest single investment yet by the ISIF, it said in a statement on its website. KKR will provide the remaining €175 million. Robert Gallagher, director at KKR responsible for the firm’s investing activities in Ireland, becomes CEO of Activate Capital………………………………………..Full Article: Source

UAE’s ADIA to buy $170m Irish property

Posted on 29 July 2015 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) will purchase a $170m site spanning seven acres in Dublin, Ireland. The site includes two hotels. ADIA will work with Irish developer Chartered Land to buy the two former Jurys and Berkeley Court hotels, located on one of Ireland’s most valuable properties.
Independent.ie reported that under the deal, which is expected to conclude in the following weeks, ADIA will finance the purchase transaction, while Chartered Land will redevelop and manage the site. ……………………………………….Full Article: Source

QIA JV to build 57-storey residential tower in London

Posted on 29 July 2015 by VRS  |  Email |Print

Canary Wharf Group, a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority, has received planning approval to build a striking residential tower at its New Phase site (formerly known as Wood Wharf).
The 57-storey building will comprise 468 apartments ranging from studios to large three bedroom family units. It will occupy a prominent waterfront location on the edge of South Dock, directly to the east of the existing Canary Wharf estate………………………………………..Full Article: Source

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