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Sovereign Wealth Funds Briefing 06.Jul 2011

Posted on 06 July 2011 by VRS |  Email |Print

In a deal that demonstrates Norway’s intention to continue investing in European real estate, the $584 billion Norwegian sovereign-wealth fund has closed its second major European property deal within a year with the purchase of a stake in seven French office properties valued at €1.4 billion ($2.04 billion).
Norges Bank Investment Management said it agreed to pay €702.5 million for a 50% stake in seven properties, including office buildings in the upscale Champs-Elysees district and La Defense, a growing business district on the edge of Paris……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Norway’s sovereign wealth fund agreed to buy 50 percent in seven properties in Paris for 702 million euros ($1 billion) from Axa SA, as part of a plan to add at least $25 billion in real estate assets to boost returns.
The $570 billion Government Pension Fund Global will form a joint venture with Axa Real Estate, a unit of the Paris-based insurance company, to own 156,000 square meters (1.68 million square feet) of mainly office properties, the Oslo-based investor said today. The fund expects the transaction to close in the third quarter………………………………………Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Norway’s sovereign wealth fund, which announced its second real-estate purchase, will add to its investments in Paris and London and has started to look for targets in Germany’s largest cities.
“We’re not done with London and Paris,” Karsten Kallevig, head of real estate at Norges Bank Investment Management, which oversees the fund, said in an interview in the French capital……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

The Accountant General’s Office implemented a $400 million, one-year, private offering to one of the world’s largest Asian government funds. “The current offering was implemented at the request of the Asian investor, who is considered a strategic global investor in capital markets. This will be its first investment in Israeli government bonds,” the Ministry of Finance’s announcement said.
China’s sovereign investment fund, CIC, and Singapore’s sovereign investment fund, Temasek, are among Asia’s leading government funds……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Temasek Holdings Pte’s assets probably reached a new peak after making “trailblazing” bets in emerging markets that outperformed global equities for a second year.
The Singapore state investment company may say the value of its assets rose to about S$200 billion ($163 billion) when it reports results for the 12 months to March 31, surpassing the S$186 billion record a year earlier, according to Victoria Barbary at Monitor Group and Song Seng Wun at CIMB Research Pte……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

The Singapore investment company sells $2.4 billion worth of shares in Bank of China and $1.2 billion of shares in China Construction Bank through two block trades arranged by Morgan Stanley.
Temasek Holdings last night raised $3.6 billion by selling part of its stake in Bank of China and China Construction Bank — the largest sell-down by the Singapore investment company in either bank to date and its biggest divestment in any sector so far this year……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, raised HK$28.2 billion ($3.63 billion) selling stakes in China Construction Bank Corp. and Bank of China Ltd., two of the mainland’s three biggest banks.
Temasek sold about HK$18.8 billion of shares in Bank of China and about HK$9.4 billion in an offering of China Construction Bank stock, according to data compiled by Bloomberg……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC), one of the world’s largest sovereign wealth funds, has appointed Chia Tai Tee as chief risk officer.
Chia, currently deputy chief risk officer and director of the risk and performance department, replaced incumbent, Sung Cheng Chih, on July 1. Pang Wai Yin, currently deputy director of the risk and performance department, was promoted to head that department on the same day. There will be no immediate replacement for the role of deputy chief risk officer……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Taiwan’s foreign exchange reserves climbed above US$400 billion at June’s end as the U.S. dollar depreciated against the euro and other major currencies, the Central Bank of the Republic of China (Taiwan) announced Thursday.
Taiwan’s foreign exchange reserves had increased by US$1.64 billion to reach US$400.33 billion at the end of June, the fourth largest in the world behind China, Japan and Russia……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Al Sayed Afi Al Kaaz, chairman of board of the directors of Johan Lang Lasal Turkish company (JLLC), which specialises in the real estate services in Turkey, has confirmed that Qatar Investment Authority (QIA) is ready to invest in the Turkish real estate market.
Al Kaaz said in a statement quoted by Turkish daily Hurriat, that QIA are planning investments in housing, hotels and marketing centers in Turkey……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

The DIFC note suggests that increasingly the region’s sovereign wealth funds (SWFs) are investing their resources into domestic infrastructure developments.
Preqin, a consultancy, in its 2011 Sovereign Wealth Fund Review, revealed that the proportion of SWFs investing in infrastructure has risen from 47 per cent in 2010 to 61 per cent at the beginning of 2011, while real estate and private equity have risen from 51 per cent to 56 per cent and from 55 per cent to 59 per cent respectively, over the same time period……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Another $6 billion of the outstanding total represents holding company level debt of the Investment Corporation of Dubai (ICD) (i.e. this excludes borrowings by any of ICD’s subsidiaries or other group companies currently estimated at around $12 billion). Of the $6 billion owed by the government, $4 billion was due this year, the Samba report said.
However, agreement has just been reached to refinance $2.8 billion over 5 years, with ICD repaying the remaining $1.2 billion……………………………………….Full Article: Source

Posted on 06 July 2011 by VRS |  Email |Print

Sovereign Wealth Funds (SWFs) are state-owned or affiliated funds. The first type (by far the biggest) invests foreign exchange reserves, driven by trade surpluses and exports of natural resources.
Most are from Asia, and especially from the Middle-East. The biggest is from the United Arab Emirates, with $875bn under management. SWFs from Kuwait, Singapore, China, and Russia are also among the largest. The second type, also called Sovereign Pension Funds, explicitly invests money to provide pensions for ageing populations, notably in the U.S. and Japan……………………………………….Full Article: Source

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