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Sovereign Wealth Funds Briefing 14.Nov 2013

Posted on 14 November 2013 by VRS |  Email |Print

GIC Pte, Singapore’s sovereign wealth fund, is part of a group that’s buying the headquarters of Time Warner Inc. in New York City, according to a person with direct knowledge of the transaction.
The person asked not to be named because the deal is private. Located at Columbus Circle in Manhattan, the property is a 2.8 million-square-foot (260,000-square-meter) twin-tower development that includes offices, restaurants and the Mandarin Oriental hotel, according to the Time Warner Center website. The building adjacent to Central Park was opened in 2004 and attracts more than 16 million visitors a year………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

Abu Dhabi and Singapore’s sovereign wealth funds will join developer Related Companies to acquire the Manhattan headquarters of media group Time Warner, the latest large property deal to be struck by foreign investors in New York.
Time Warner is selling its trophy 1.1m square foot offices at its namesake complex at Columbus Circle for $1.3bn as it seeks to move to a new skyscraper planned on the city’s far west side……………………………………….Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

A Russian investment corporation said Wednesday that it will launch a US$500 million “joint investment platform” with South Korea’s sovereign wealth fund in a move to facilitate trade and investment cooperation between the two countries.
The deal was reached between the Russian Direct Investment Fund (RDIF) and the Korea Investment Corporation (KIC). It was announced in time for the summit talks between South Korean President Park Geun-hye and Russian President Vladimir Putin in Seoul………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

Norway, as the owner of an $800 billion sovereign wealth fund – the world’s largest – has made great efforts over the years to be an ethical investor. But it’s not always been easy.
The most recent reminder came last week when politicians in Norway called for the Government Pension Fund, which is based on excess petroleum revenues, to pull out of coal company investments abroad – a conundrum given that the country itself produces coal via a Norwegian state-owned company up in the northern territory of Svalbard………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

The House of Representatives in Nigeria has launched a probe into the appointment of foreign portfolio managers for the nation’s Sovereign Wealth Fund. The probe is to look at the possible risks the country faces with the appointments of foreign financial institutions – UBS and Goldman Sachs – to manage the fund.
Femi Gbajabiamila, who is the house minority leader, argued that “allowing foreign financial institutions to manage the fund amounts to putting Nigeria’s economic sovereignty and security in foreign hands”………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

The Angolan government appointed Deloitte consulting company as the independent auditor of the Angola Sovereign Wealth Fund (FSDEA), aimed to ensure the highest level of transparency in all areas that the wealth fund operates.
“The nomination of independent auditors represents an important landmark in the development of the fund and it reinforces its responsibility in face of state and civil society. Through the construction of solid foundations, FSDEA shall fully play its role in the socioeconomic development of the country”, reads the note from the wealth fund that reached Angop on Tuesday………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

The new head of Angola’s $5 billion sovereign wealth fund (FSDEA) said on Tuesday his appointment by his father, President Jose Eduardo dos Santos, was not part of a campaign to groom him for the presidency.
Jose Filomeno dos Santos, who was appointed to head the fund’s board in June, said he had long been in the financial sector, dismissing speculation that his 71-year-old father might try to forge a dynasty in Africa’s second biggest oil producer………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

Khazanah Nasional Bhd., the investment arm of the Malaysian government, said Wednesday its insurance holding company has completed the $252 million stake acquisition in Turkish insurer Acıbadem Sağlık ve Hayat Sigorta A.Ş.
Avicennia Capital Sdn. Bhd. acquired a 90% stake in Acibadem Sigorta from Mehmet Ali Aydinlar and family and Dubai-based private-equity firm, The Abraaj Group. Mr. Aydinlar will continue to hold a 10% stake in Acibadem Sigorta, Khazanah said in a statement………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

China Investment Corporation is laying the groundwork for acquisition of 32-acre Chiswick Park, one of London’s largest office developments.
The Financial Times says it would be the highest value real estate purchase made by Beijing’s investment arm in Europe. CIC is reportedly in exclusive negotiations with Blackstone to purchase the property in west London. The Times say the deal could close toward the end of November………………………………………..Full Article: Source

Posted on 14 November 2013 by VRS |  Email |Print

Laguna Bay Pastoral Company has sealed a deal with Singaporean-listed commodity trader Olam International – backed by sovereign wealth fund Temasek Holdings – to purchase and lease back 12,000 hectares of almond groves in Victoria for more than $200 million.
Olam bought the groves in 2009 from the failed managed investment scheme company, Timbercorp, for $128 million cash, in what was regarded then as a fire sale. Laguna Bay Pastoral’s joint chief executive Tim McGavin confirmed the deal, which was released to the Singapore Exchange on Wednesday night, The Australian Financial Review reports………………………………………..Full Article: Source

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