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Sovereign Wealth Funds Briefing 04.Dec 2013

Posted on 04 December 2013 by VRS |  Email |Print

Norway’s $815 billion sovereign wealth fund purchased a 25 percent stake in Regent Street’s 270,000 square feet Quadrant 3 building in London’s West End from The Crown Estate for 97.5 million pounds, it said on Tuesday.
The Crown Estate retained a 75 percent interest in the property and will continue to manage the asset on behalf of the partnership, it added. The fund, commonly known as the oil fund, aims to hold 5 percent of its portfolio in real estate over time but the level is currently around 1 percent, indicating more purchases in the near term………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

The Fund’s London property acquisition continues with a 25 per cent interest in Regent Street’s Quadrant 3 building in London’s West End, Norges Bank reports. The buy-in for GBP 97.5 million values the entire building at GBP 390 million, total, according to the statement.
The Crown Estate retains its 75 per cent stake in the property. It will continue to manage the asset on behalf of the joint partnership with the Norwegian Sovereign Wealth Fund (Government Pension Fund Global/GPFG). The statement also says the Quadrant 3 building gives 270,000 square feet of office, retail and restaurant space on nine floors. This is located over basement, ground and seven upper floors………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Norway’s sovereign wealth fund (SWF) has taken a further chunk of London’s premier shopping area, while PensionDanmark has announced the purchase of wind farms in the UK. Norges Bank Investment Management, which oversees the assets of the world’s largest SWF, today said it had bought a 25% stake in a building named Quadrant 3 from the Crown Estate, the organisation that looks after property owned by the UK sovereign.
The deal marks a further acquisition in the London’s Regent Street area for the SWF, which made its first purchase in 2011, and more generally a deeper move into prime commercial real estate. The fund has a stake in Sheffield shopping centre Meadowhall and took a substantial holding in central Paris earlier this year………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

The Norwegian Government Pension Fund Global, also known as the National Oil Fund has now reached the value of NOK 5000 billion, or USD 818 billion. This was announced Monday, 17 years after the Finance Department deposited the first NOK two billion in the Fund in 1996.
The Fund’s value passed NOK 2000 billion in October 2007 and NOK 3000 billion in 2010. The value passed NOK 4000 billion in February this year. Norges Bank Investment Management (NBIM) manages the Norwegian Government Pension Fund Global………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Governors of the 36 states of the federation, vowed to expose how the Federal Government had continued to deplete funds accruing from the proceeds of crude oil sales, petroleum profit tax and oil royalties, otherwise classified as excess crude proceeds.
This was even as a seven-man panel of the Supreme Court, yesterday, fixed March 24 to commence hearing on a suit seeking to stop the Federal Government from transferring $1 billion from the Excess Crude Account, to a new account to be known as “Sovereign Wealth Fund,” SWF………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Versace’s valuation looks as aggressive as its outfits. The Italian fashion house, which is sizing up buyout firms and sovereign wealth funds to finance a capital increase, believes it is worth more than 1 billion euros, or $1.36 billion, and could triple in value in three years. There is real potential, because Versace has fallen behind industry trends
It has been a nasty few years for the influential label. After its founder, Gianni Versace, was shot dead in 1997, control passed to his niece Allegra, sister Donatella and brother, Santo………………………………………..Full Article: Source

Posted on 04 December 2013 by VRS |  Email |Print

Following the inability of the federal government and states to amicably resolve the dispute arising from the creation of the Excess Crude Account (ECA) and the Sovereign Wealth Fund (SWF), the Supreme Court Monday fixed March 24, 2014 for the hearing of the suit filed by the states against the federal government.
The parties, for over a year, have tried to reach an out-of-court settlement over what the states termed the illegal diversion of funds meant for the federation to the ECA and SWF, but a middle-of-the-road solution to the dispute has been impossible to reach. As a result, the two parties resumed their legal battle Monday before a full panel of seven justices of the Supreme Court presided over by Justice Walter Samuel Nkanu Onnoghen………………………………………..Full Article: Source

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