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Sovereign Wealth Funds Briefing 13.Jun 2013

Posted on 13 June 2013 by VRS |  Email |Print

Qatar, the natural-gas-rich nation that’s Dubai’s neighbour to the west, has focused on domestic projects and foreign investments in cities like London rather than developments on its doorstep. Qatari Diar Real Estate Investment Co, part of the country’s sovereign-wealth fund, helped build London’s Shard skyscraper and formed a partnership with Canary Wharf Group Plc to redevelop the Shell Centre near the London Eye Ferris wheel into a complex of offices and apartments.
Abu Dhabi Investment Authority, among the world’s biggest sovereign-wealth funds, has a maximum allocation of 10 per cent for real estate investments, according to its website. The fund, backed by the emirate’s oil revenue, only invests outside the UAE………………………………………..Full Article: Source

Posted on 13 June 2013 by VRS |  Email |Print

The Finance Minister today held a meeting with several officials in the Department of Economic Affairs (DEA) and will announce measures for arresting the rupee fall. The government is thinking of ways to incentivise sovereign wealth funds (SWF), especially those in the Middle East which have large amounts of money to come and invest in Indian debt and equity markets. In Indian debt market, one of the ways to incentivise them that is being considered is to allow them to rollover funds once maturity is reached.
Typically, now the SWF will once again have to bid for bonds. If rollover funds are allowed, then transaction cost for them will reduce and it will facilitate them to once again invest their money because these funds are for the long haul………………………………………..Full Article: Source

Posted on 13 June 2013 by VRS |  Email |Print

Analysts at Goodbody Stockbrokers do not believe AIB will repay €3.5bn owed to the National Pension Reserve Fund but instead think the State’s investment arm will convert the debt into more shares in the bank that is already more than 99pc state owned.
In a note to investors, Eamonn Hughes of Goodbody said he thinks AIB’s €3.5bn of “preference shares”, which are held by the National Pension Reserve Fund on behalf of the State, will convert to equity in the bank. A decision on how and when that will happen will be made before May 2014, he said………………………………………..Full Article: Source

Posted on 13 June 2013 by VRS |  Email |Print

LondonMetric Property Plc, a real estate investment trust, has recently completed the sale of its stake in a large distribution portfolio to a joint venture between U.S.-based Prologis’ European branch and Norges Bank Investment Management. The JV purchased the eleven industrial properties that comprise the portfolio for a fee of around $380 million, reflecting a net initial yield of 6.25 percent.
The industrial portfolio totals 2.4 million square feet of space, with 10 of the properties being held by LondonMetric in a 50 percent joint venture with Green Park Investments. The remaining Focus Distribution Centre at Tamworth, was wholly owned by the British REIT. According to a press release, after repayment of debt and fees, LondonMetric made a $105 million profit………………………………………..Full Article: Source

Posted on 13 June 2013 by VRS |  Email |Print

Norway’s $700 billion sovereign wealth fund last year stepped up its no-deforestation policy, asking portfolio companies to disclose their impacts on tropical forests as part of the fund’s risk management strategy related to climate change. It divested from 23 palm oil companies found to be non-compliant with its policy.
Now the Norwegian Parliament is calling for stricter criteria, including a provision that tree plantations should not count as regrowth of natural forest………………………………………..Full Article: Source

Posted on 13 June 2013 by VRS |  Email |Print

Severn Trent Plc (SVT) slumped the most in more than six years in London as Borealis Infrastructure Management Inc. and its Kuwaiti-British partners abandoned a 5.3 billion-pound ($8 billion) plan to take over the water utility.
Severn Trent fell 8.9 percent, the biggest drop since Oct. 9, 2006, on six times the average daily volume of the past three months. Bidders including Kuwait’s sovereign wealth fund said they decided against increasing their proposal after failing to get “meaningful engagement” from the U.K.’s second-largest publicly traded water company………………………………………..Full Article: Source

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