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Sovereign Wealth Funds Briefing 12.Feb 2013

Posted on 12 February 2013 by VRS |  Email |Print

Norway’s Government Pension Fund, the world’s largest sovereign wealth fund, has entered the US real estate market by investing $600m (¤448m) in five office properties. The fund bought a 49.9 percent stake in five office buildings in Washington DC, New York and Boston after forming a joint venture with the seller, TIAA-CREF, a pension fund.The US fund will retain a 50.1 percent holding and will be responsible for managing the properties, it said.
“As the world’s largest real estate market, the US will be an important part of the fund’s long-term property portfolio,” said Karsten Kallevig, chief investment officer for real estate at the Norwegian central bank unit responsible for managing the fund’s assets………………………………………..Full Article: Source

Posted on 12 February 2013 by VRS |  Email |Print

TIAA-CREF plans to follow its sale of stakes in five U.S. office properties to Norway’s sovereign- wealth fund with joint investments in more U.S. real estate, an executive of the New York-based retirement account manager said.
The Norwegian fund was “interested in coming into the United States with an office mandate, targeting certain gateway cities which are very high on our target-market list,” Suzan Amato, managing director and head of TIAA-CREF’s global real estate joint ventures, said in a telephone interview. “So we started with these five buildings, but we plan to go shopping together with them immediately.”……………………………………….Full Article: Source

Posted on 12 February 2013 by VRS |  Email |Print

Talks are at an early stage and more detail is expected to emerge in the coming weeks about how the Investment Corporation of Dubai (ICD) plans to handle the loan’s maturity. The loan is the second tranche of a $6 billion facility that the ICD raised in September 2008.
Unfavourable market conditions meant that the ICD did not take up a refinancing package for the previous $4 billion, opting instead to repay the full amount, but bankers believe that improved sentiment towards Dubai as a borrower will make the pricing more attractive and a new loan more likely this time………………………………………..Full Article: Source

Posted on 12 February 2013 by VRS |  Email |Print

In recent years, Qatar Holding has emerged as one of the world’s most dynamic sovereign wealth funds, buying trophy assets such as Harrods in London and more recently playing kingmaker in the vast merger of Xstrata and Glencore.
While the government and members of the ruling family have invested through different vehicles, Qatar Holding has made the lion’s share of publicly-disclosed investments. Acting more like a hedge fund than the traditional perception of a sovereign wealth fund, bankers familiar with Qatar Holding say that the state-backed fund does few deals without a loan to pay for the acquisition………………………………………..Full Article: Source

Posted on 12 February 2013 by VRS |  Email |Print

The assets of Kazakhstan national fund exceeded 10 trillion tenge ($67 billion) by the end of 2012, Tengrinews.kz reports citing Finance Minister Bolat Zhamishev as saying at the expanded meeting of Finance Ministry attended by Prime-Minister Serik Akhmetov.
“As of the end of 2012 the funds of the National Fund were over 10 trillion tenge ($67 billion) net of investment profits. The share of undrawn balance in the overall expenses made 0.7 percent or 41.6 billion tenge ($277 million), which is 0.1 percent less than in 2011,” Bolat Zhamishev said………………………………………..Full Article: Source

Posted on 12 February 2013 by VRS |  Email |Print

Georgia aims to double foreign direct investments to $2 billion this year, helped by a new sovereign wealth fund it is hiring international banks to promote, the fund’s chief executive said.
The vehicle will succeed the state-owned Partnership Fund, created in 2011 to attract investments from abroad, and focus on co-financing projects in the energy agriculture, real estate and industrial sectors. Involving international banks as advisers will help it meet ‘best practice’ investor guidelines, Irakly Kovzanadze – who also runs the Partnership Fund – told Reuters on Monday in an interview………………………………………..Full Article: Source

Posted on 12 February 2013 by VRS |  Email |Print

The Government’s multi-billion dollar Future Fund has revealed it increased its shareholding in tobacco companies in the lead-up to last year’s announcement that it was reviewing its investment strategy.
Figures provided to a Senate committee show the fund had $231.7 million tied up in tobacco company shares as at October 16 last year, up more than $6 million from February………………………………………..Full Article: Source

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