Sovereign Wealth Funds Briefing - Archive | November, 2010
Posted on 24 November 2010 by VRS | Email |Print
From Miningweekly.com: South Africa’s New Growth Path document released on Tuesday targets 140 000 additional direct mining jobs by 2020, and moots possible sovereign-wealth-fund help for a State mining company that uses the country’s resource base for developmental purposes.
Economic Development Minister Ebrahim Patel, whose long-awaited Economic Development Department (EDD) document has the creation of jobs as its central theme, wants mining to lift direct jobs further to 200 000 by 2030……………………………………….Full Article: Source
Posted on 24 November 2010 by VRS | Email |Print
From Thehindu.com: India made a strong pitch for greater investment from the UAE, asking the oil-rich country to be a part of its growth story, especially in the infrastructure sector. The Abu Dhabi Investment Authority manages one of the largest sovereign funds in the world, financial reserves and investment.
“India is an attractive destination for foreign investment. Therefore, it is only natural that we expect Abu Dhabi… to have a significant presence in the Indian economy,” President Pratibha Patil said, addressing a function organised by the Abu Dhabi Chamber of Commerce and Industry……………………………………….Full Article: Source
Posted on 24 November 2010 by VRS | Email |Print
From Bloomberg: Whitefield Capital Management Pte said it won’t charge investors any fee on investment gains until it doubles the size of its assets. The firm manages money for an Asian sovereign wealth fund.
Government of Singapore Investment Corp.’s Chief Investment Officer Ng Kok Song, then the sovereign fund’s managing director of public markets, said in a speech in 2002 that Whitefield Capital was one of the managers that it had provided “much-needed funds to compile their track records,” according to GIC’s website. ………………………………………Full Article: Source
Posted on 23 November 2010 by VRS | Email |Print
From Bloomberg: Mauritius plans to set up a $500 million sovereign wealth fund, Finance Minister Pravind Jugnauth said in Port Louis today as he presented the annual budget. “To ensure greater stability in the forex market, the government is creating a sovereign wealth fund that will be invested in a range of asset classes abroad,” Jugnauth told parliament.
The Indian Ocean island nation will use $350 million from its foreign currency reserves and $150 million from a Treasury foreign currency fund, which it will close, he said……………………………………….Full Article: Source
Posted on 23 November 2010 by VRS | Email |Print
From Pbn.com: China’s sovereign wealth fund, in a bet that U.S. real estate and retail spending will recover, has acquired a 7.4 percent stake in General Growth Properties Inc., the second-largest U.S. mall owner and the parent company of Providence Place.
China Investment Corp. holds 59.3 million common shares and warrants to buy an additional 14.7 million shares, according to a Form 4 filed on Thursday with the U.S. Securities and Exchange Commission. The Future Fund Board of Guardians, a manager for Australian government pension funds, holds a 6.4 percent stake in Chicago-based General Growth, documents show……………………………………….Full Article: Source
Posted on 23 November 2010 by VRS | Email |Print
From Irishtimes.com: Whereas the Greek rescue saw euro zone countries intervene to save Athens, Ireland’s rescue will go further than that. With the aid of euro zone guarantees, the EU’s €440 billion rescue fund in Luxembourg will tap sovereign wealth funds and other investors in Asia.
Klaus Regling, head of the bailout fund, said at the weekend that he has held discussions with potential investors in Beijing. He declined to say whether China will participate but it seems clear that Ireland will be rescued in the first instance with money from very far afield……………………………………….Full Article: Source
Posted on 23 November 2010 by VRS | Email |Print
From Tradearabia.com: Kuwait Investment Authority (KIA) will not take part in General Motors’ initial public offering (IPO), a source said. The auto giant had raised $20.1 billion from the issue last week.
Earlier this month, KIA’s managing director Bader Al Saad said the fund was considering taking in GM’s IPO if it is feasible, but a person familiar with the matter at KIA said they had decided not to invest due to the increase in the share price……………………………………….Full Article: Source
Posted on 23 November 2010 by VRS | Email |Print
From Tradingmarkets.com: Approval by the Australian Government is needed for the proposed takeover of stock exchange operator ASX by Singapore Exchange. A stake of 23% in the latter is owned by Temasek, the investment arm of the Singaporean Government, and this has sparked concern in Australia over foreign control.
Singaporean Deputy Prime Minister Tao Chee Hean, visiting Australia, has stressed that the Temasek holding is not a voting stake and should not create any barrier for the merger. A motion has been launched by independent MP Bob Katter in the federal parliament that would block any deal for ASX where majority ownership is transferred offshore……………………………………….Full Article: Source
Posted on 22 November 2010 by VRS | Email |Print
From Independent.ie: The oil-rich state of Norway has taken a stake in the soon-to-be merged Greencore and Northern Foods food giant. The country’s €360bn sovereign wealth fund, pumped up by billions in North Sea oil revenues, has revealed that it owns 4.1 million shares in the company or a near 2 per cent stake.
The state fund has also revealed a similar-sized stake in Northern Foods……………………………………….Full Article: Source
Posted on 22 November 2010 by VRS | Email |Print
From Bloomberg: Kuwait Investment Authority, the country’s sovereign wealth fund, decided against buying General Motors Co. shares after the sale price was raised, according to a person familiar with the matter.
GM’s owners, including the U.S. Treasury, sold shares at $33 each in an initial public offering on Nov. 17. The automaker had filed with the Securities and Exchange Commission on Nov. 3 to offer the shares for $26 to $29 each. The company raised more than $20 billion in the IPO, which reduced the U.S. government to a minority shareholder……………………………………….Full Article: Source
Posted on 22 November 2010 by VRS | Email |Print
From Independent. : The Bahraini sovereign wealth fund Mumtalakat owns a 50 per cent stake in the company with the remainder split equally between its chairman Ron Dennis and the Swiss TAG Group.
The owners also provided over £60m of debt to McLaren Automotive in 2009 with its inter-company loans accelerating from £50.6m to £112.7m……………………………………….Full Article: Source
Posted on 22 November 2010 by VRS | Email |Print
From Bloomberg: China Investment Corp. said it owns the equivalent of 74 million shares of Chicago-based General Growth Properties Inc., the second-largest U.S. mall owner.
The sovereign wealth fund holds 59.3 million common shares through a company called Brookfield Retail Holdings III LLC, according to a Form 4 filed with the U.S. Securities and Exchange Commission. China Investment, based in Beijing, also owns warrants on 14.7 million General Growth shares, according to a separate filing……………………………………….Full Article: Source
Posted on 22 November 2010 by VRS | Email |Print
From Arabnews.com: Whether it is in the numerous speeches by the prime minister and his Cabinet, or by the regulatory officials; or in the National Development Plan; or in agreements signed with foreign governments; or in the investment strategies of its two sovereign wealth funds (SWFs).
In Baku in June, Ahmad Husni Hanadzlah, the Second Finance Minister of Malaysia, called on the member countries of the Islamic Development Bank (IDB) to consider establishing “the world’s first supra-sovereign wealth fund (SWF)” to invest in a Shariah-compliant way in Muslim economies on the same returns expectations as for the SWF industry in general……………………………………….Full Article: Source
Posted on 22 November 2010 by VRS | Email |Print
From Delimiter.com.au: Telstra’s shareholders voted overwhelmingly in favour of three resolutions at its annual general meeting on Friday. The only problem? The company’s largest shareholder, the Federal Government’s Future Fund, issued a protest vote against all three.
In a statement issued Friday, the Future Fund — which owns about 10 percent of Telstra, worth several billion dollars — revealed it had voted against the trio of motions, stating that its decision was made based on its voting policy and principles designed to protect and enhance shareholder value……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Reuters: Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, will present its privatisation plan in January, and Kazakh citizens are likely to be the first ones to buy its stakes, a senior Kazakh official said on Thursday.
The fund, which manages $70 billion of assets, told Reuters in July it planned to raise funds in an initial public offering (IPO), which would help it improve corporate governance and become a key player in global markets……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Albawaba.com: Fiat has bought back 5 per cent stake in Ferrari that Abu Dhabi government’s investment arm Mubadala purchased five years ago. Following the deal, Fiat controls 90 per cent of Ferrari. According to the UAE newspaper, The National, the buy-back has cost Fiat US$167 million.
“I can confirm that Fiat has exercised the call option for the purchase of the Ferrari stake held by Mubadala,” said a Fiat spokesman. “We have no further comment to make.”………………………………………Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Domain-b.com: Mubadala Development Co, one of the investment vehicles of Abu Dhabi’s sovereign wealth fund, has sold back its 5 per cent stake in sports-car maker Ferrari SpA to Italian carmaker Fiat Group SpA.
Fiat, which owns a majority stake in Ferrari, exercised an option that gave it the right to buy back the stake that Mubadala had acquired in 2005 from Mediobanca, Italy’s largest investment bank for €114 million……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Alwatan Daily: A US newspaper reported that the Kuwait Investment Authority (KIA) withdrew from taking part in the first public offering (IPO) of General Motors Company (GM) after the company increased its initial public offering for the regular share to reach 32-33 US dollars from $26-$29.
This seems to go hand in hand with the authority’s Managing Director Bader Al-Saad’s statements which he had made earlier, conditioning the authority’s approval in taking part in the offering with the marginal rates and achieving investment feasibility. Al-Saad mentioned that the authority might take part in the GM IPO if the deal was fruitful, and announced that the authority would be interested in acquiring shares if their prices were lower……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Arabianbusiness.com: If General Motors Co shares rise when they begin trading on Thursday, it will be investors in North America who stand to benefit the most, two sources familiar with the situation said.
GM’s initial public offering was upsized primarily on demand from big North American mutual and pension fund investors, the sources said. North American investors will account for more than 90 percent of the IPO, one source said……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Reuters: Bankers kicked off the first meetings with the likes of Singapore-based GIC and Temasek Holdings and investment authorities in Kuwait, Qatar and Dubai in October after the U.S. Treasury signaled it had no objections, according to those involved in the process.
U.S. officials led by Ron Bloom, a former Lazard Freres banker, had been worried about the potential political backlash if a large share of GM stock was placed with foreign governments at the kind of discount — between 10 percent and 20 percent — that is typical for IPOs……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From One.org: Finally, Nigeria, Africa’s largest oil producer, has decided to set up a Sovereign Wealth Fund, safeguarding some of its riches for future generations. Since the discovery of large petroleum deposits in the late 1950s, there have been several attempts to put aside some of the unexpected bounty that comes from rising oil prices.
The most recent version of these initiatives was the aptly named the Excess Crude Account (ECA)……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Asiaone.com: It is easy for Singapore to deal with the large pools of capital flowing in, especially when compared to territories like South Korea and Taiwan, as we have conduits like GIC and Temasek Holdings, which make sizeable investments abroad to deflect the pressure.
Singapore is the fastest-growing economy in the world this year after Qatar, according to calculations by the International Monetary Fund……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Cnbc.com: China Investment Corporation’s Hong Kong chairman Lawrence Lau said China should stop purchasing US Treasuries but should continue to buy US dollar assets and warned of the impact of a simultaneous sell-down of Treasuries by holders such as China, Hong Kong, Japan and Korea.
The challenge for the Chinese is that they have never had to face domestic stimulation on this scale from an outside force……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Theaustralian.com.au: Telstra’s biggest shareholder, the Future Fund, has voted against all resolutions at the telco’s AGM in Melbourne.
Representatives for the Future Fund weren’t immediately available to comment on the decision to vote against all the resolutions at the meeting, including the appointment of new director Nora Scheinkestel, Telstra’s remuneration report and changes to the group’s constitution……………………………………….Full Article: Source
Posted on 19 November 2010 by VRS | Email |Print
From Agmetalminer.com: The Irish state is sitting on a cash pile of $26 billion and a sovereign wealth fund of over $30 billion, and borrowing costs this year were, at 4.7%, pretty much the same as last year.
The mistake Ireland made was guaranteeing its banks’ debts and it’s the size of those debts that are getting bond markets worried and the ECB trying to force funds onto the Irish government……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Arabianbusiness.com: Qatar’s sovereign wealth fund said it will only invest in French nuclear group Areva’s capital increase if it can convert that investment into its mining division, possibly delaying negotiations.
The Qatar Investment Authority, along with French utility EDF and Japanese group Mitsubishi Heavy Industries, is in talks to invest £1.5-3bn ($2.0-4.1bn) in Areva to help it fund international expansion……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Thepeninsulaqatar.com: The country is better known for its investments abroad. Its seven-year-old sovereign wealth fund, the Qatar Investment Authority, may have only about $85bn (Dh312.18bn) - considerably less than its Gulf neighbours have saved - but it has increased its activity in the international markets since 2008.
Credit Suisse, in which Qatar owns a stake, has emerged as the country’s preferred deal maker. Some of Qatar’s recent acquisitions include Raffles Hotel in Singapore, bought for $275m, a $2.5bn stake in Banco Santander Brazil, and the Chancery building in London……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Arabianbusiness.com: Kuwait Investment Authority, the Gulf country’s sovereign wealth fund, may buy a state in General Motors (GM) when the troubled car maker issues its initial public offering later today.
The Gulf state may take a stake of one percent or less, Bloomberg said, citing a person familiar with the deal……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From WSJ: Australia’s Future Fund wants guarantees from European governments if it is to invest in debt issued by the stability facility that could be used to bail out Ireland, Chairman David Murray said.
The remarks from the head of Australia’s sovereign-wealth fund, which manages 69 billion Australian dollars (US$67.4 billion), show Europe has much to do to convince investors that its fractious political base is fully backing the European Financial Stability Facility, set up in May and backed by 16 euro-zone members……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Businessspectator.com.au: Future Fund chairman David Murray says the sovereign wealth fund will not invest in any debt issued to bail out Ireland unless it receives a guarantee from European governments on the stability of such a project.
According to the report, Mr Murray said a show of unity from Europe will be needed to convince him that the deal will be successful……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Pionline.com: Gary Gabriel, head of private markets at Australia’s A$69 billion (US$67.7 billion) Future Fund, Melbourne, is leaving the sovereign wealth fund. It could not be learned where Mr. Gabriel is going, but market observers speculated he may be interested in returning to a more “hands-on” investment role.
A Future Fund spokesman said no decision on a replacement for Mr. Gabriel had yet been made, or an end date for his current role confirmed……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Businessspectator.com.au: China cannot avoid buying assets priced in US dollars but should not increase its holdings of US treasuries, the Hong Kong chairman of China’s sovereign wealth fund said in remarks published on Thursday.
Lawrence Lau, a former Stanford University professor who was recently appointed to run China Investment Corp’s first Hong Kong office, said that since Hong Kong, Japan and South Korea all had sizable holdings of US treasuries, the repercussions of a large sell-off would be inconceivable……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Thestandard.com.hk: China’s yuan is expected to be fully convertible during the next five years at the earliest, Lawrence Lau Juen-yee, chairman of China Investment Corporation’s Hong Kong office, said.
But that does not mean it should have a free-floating exchange rate, the former head of Chinese University of Hong Kong told an economic forum……………………………………….Full Article: Source
Posted on 18 November 2010 by VRS | Email |Print
From Bloomberg: Norway is the world’s seventh-biggest oil exporter and avoids the unpredictable swings that other energy-rich nations suffer by investing oil revenue offshore through its sovereign wealth fund.
The $305 billion mainland economy will grow 3 percent in 2011, the central bank estimates, outpacing expansion rates in Switzerland and Germany. Norway’s budget surplus will stay close to 10 percent of GDP this year and next, according to the government……………………………………….Full Article: Source
Posted on 17 November 2010 by VRS | Email |Print
From Gulf-times.com: The Qatar Investment Authority (QIA) has reportedly invested $5.5bn in the first half of this year, accounting for a quarter of total sovereign wealth funds’ investments, according to Monitor Group, which tracks the sovereign wealth funds (SWFs).
“Among the SWFs, the QIA once again proved the most willing to make large investments. The QIA made 14 publicly reported investments with a value of $5.5bn, the most notable being the Raffles Hotel in Singapore and Harrods, the luxury London department store,” said Monitor Group in its ‘SWF Investment Behaviour Semi-annual Report: January-June 2010’……………………………………….Full Article: Source
Posted on 17 November 2010 by VRS | Email |Print
From Compassnewspaper.com: In what looked like a shocking revelation, the Excess Crude Account was drawn down from N3 trillion (about $20 billion) to N174 billion (about $1.16 billion), within the spate of three years.
The revelation was made at the weekend by the Minister of State for Finance, Yabawa Wabi, who announced the lodgement of some $387.2 million into the Excess Crude Account……………………………………….Full Article: Source
Posted on 17 November 2010 by VRS | Email |Print
From Euractiv.com: Prior to the crisis, Sovereign Wealth Funds had sometimes been seen as the tools of governments acting extraterritorially to further opaque foreign policy aims. But the role of SWFs in recapitalising the financial sector, particularly in emerging economies, has begun to transform this image.
Kazakhstan’s own fund, Samruk-Kazyna, took an 81% stake in the country’s largest bank, BTA, helping it to restructure with the assistance of US and UK advisers. As well as managing the wealth of the country’s vast natural resources, Samruk has a specific mandate to attract investment and drive modernisation within Kazakhstan……………………………………….Full Article: Source
Posted on 17 November 2010 by VRS | Email |Print
From Alternativenews.org: Norway’s Government Pension Fund Global recently divested from two Israeli companies, Africa Israel Investments and Danya Cebus, due to involvement in the construction of Israeli settlements in the West Bank, and leading Norwegian artists and academics have recently launched a petition calling for the cultural and academic boycott of Israel.
Norway responded to Israel’s criticism saying that the Norwegian government supports freedom of expression and will not be intervening in the arts……………………………………….Full Article: Source
Posted on 17 November 2010 by VRS | Email |Print
From Businessweek.com: The Reserve Fund, one of the country’s two sovereign wealth funds, shrank 31 percent in dollar terms this year to $41.8 billion as the government tapped the stockpile to finance Russia’s second deficit since 1999.
Russia is scaling back borrowing as yields on its ruble-denominated debt head for their biggest monthly increase since April and the government turns to a sovereign wealth fund to finance the budget……………………………………….Full Article: Source
Posted on 17 November 2010 by VRS | Email |Print
From Reuters: Property group Lend Lease and Singapore sovereign wealth fund GIC were behind an informal approach for about A$17 billion ($16.6 billion) of assets owned by Centro and its affiliate Centro Retail Group. Centro has not commented on the report.
Centro nearly collapsed under the weight of its debts in 2007 at the height of the global financial crisis, but won multiple reprieves from its lenders……………………………………….Full Article: Source
Posted on 17 November 2010 by VRS | Email |Print
From Smh.com.au: NSW public sector superannuation fund First State Super and Victoria’s Health Super have agreed to merge to create a fund worth more than $28 billion. Due diligence is under way after the two funds signed a heads of agreement, with a targeted merge date of June next year.
If successful, the merger will see the creation of a fund with more than $28 billion in funds under management and about 750,000 members, making it one of the five largest super funds in Australia……………………………………….Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Indiatimes.com: Sovereign wealth funds from Norway to Abu Dhabi are increasing bets on India by buying into Coal India and Power Grid issues as they increase their share of emerging market assets when the West is grappling with shaky sovereign ratings and tepid growth.
Norway’s Norges Bank Investment Management, the world’s second-biggest sovereign wealth fund built on revenues from oil and gas, was among the top bidders for Power Grid shares last week. GIC of Singapore, which owns stake in ICICI Bank , bid for $500 million worth shares in Coal India, said two people familiar with the bids. Mubadala, the world’s wealthiest fund from oil-rich emirate Abu Dhabi, also bid, they said………………………………………Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Brisbanetimes.com.au: Abu Dhabi state investment firm Mubadala Development Co said on Sunday it’s selling back its five per cent stake in Ferrari but hopes to continue working with the high-powered Italian automaker.
The investment fund is a sponsor of Ferrari’s Formula 1 team and has helped boost the high-end racing brand’s profile in the wealthy Emirati capital. It confirmed the plans following a local media report as the season-ending Abu Dhabi Grand Prix was getting under way in the Emirati capital……………………………………….Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Gulfnews.com: Abu Dhabi-based government investment companies Aabar Investments and Mubadala Development Company are thought to have made a smart move in selling their stakes in two Europe-listed companies at a profit at a time when the market conditions are growing volatile, market analysts told Gulf News yesterday.
“Selling stakes at a profit when the market conditions are still good is a wise move. There are still a lot of uncertainties in the global economy,” said Chahir Hosni, sales manager with EFG-Hermes……………………………………….Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Arabianbusiness.com: Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, is in talks to increase its London portfolio with a $1.6bn bid to buy the hotel group behind The Connaught, The Berkeley and Claridge’s, it has been reported.
Qatar Holding, which in May paid $2.5bn for London department store Harrods, is understood to be in early negotiations with the Maybourne Hotel Group……………………………………….Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Channelnewsasia.com: Singapore’s Temasek Holdings reportedly invested about US$106 million in Brazil’s Petrobras during the last quarter. That is according to a report by Reuters, citing a filing with the U.S. Securities and Exchange Commission (SEC).
It said that Temasek bought 3.2 million American Depository Receipts (ADRs), of Petrobras……………………………………….Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From WSJ: China’s sovereign-wealth fund bought 20% of GCL-Poly for $710 million. Today, China makes about a quarter of the world’s polysilicon and controls roughly half the global market for finished solar-power equipment.
Western anger with China has focused on Beijing’s cheap-currency policy; President Obama blasted the practice at the G-20 summit in Seoul last weekend. Mr. Zhu’s sprint to the top points to a deeper issue: China’s national economic strategy is detailed and multifaceted, and it is challenging the U.S. and other powers on a number of fronts……………………………………….Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Bloomberg: SouthGobi Resources Ltd., a coal producer backed by China’s sovereign wealth fund, may post a profit next year as increased output boosts sales by two-thirds, Chief Executive Officer Alexander Molyneux said.
The Toronto and Hong Kong-listed coal producer may expand sales to 4.5 million metric tons in 2011 from about 2.7 million tons this year, Molyneux said………………………………………Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Telegraph: The State Bank of China and Eximbank lent $10bn to Kazakh sovereign wealth fund Samruk Kazyna during the depths of the financial crisis in 2008, allowing it to continue funding key projects.
Grigori Marchenko, the head of Kazakhstan’s National Bank, said Kazakhstan was considering further major infrastructure projects, which could also be funded by the Chinese. “If there are projects, there is definitely money in China which could be invested in Kazakhstan,” he said……………………………………….Full Article: Source
Posted on 16 November 2010 by VRS | Email |Print
From Pionline.com: Norway Government Pension Fund-Global, Oslo, made its first real estate investment, paying £448 million ($720 million) for a 25% stake in the U.K. Crown Estate’s Regent Street properties in London.
The 2.9 trillion Norwegian kroner ($498 billion) fund was given the green light on March 1 by the Norway Finance Ministry, which must approve the fund’s investment allocations, to make property investments. Until now, the fund could invest only in stocks and bonds……………………………………….Full Article: Source
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