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Sovereign Wealth Funds Briefing 30.Dec 2013

Posted on 30 December 2013 by VRS |  Email |Print

Norway’s $815bn oil fund faces a crucial year with several big decisions expected on its strategy as a debate rages over whether the world’s largest sovereign wealth fund has become too big.
The oil fund will provide its new strategy for the next three years in the coming weeks. Then the new centre-right government in Norway will have its first chance to put its own stamp on the fund’s operation while the finance ministry will decide whether the fund should manage its money in a more active manner………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Norway’s $812-billion sovereign wealth fund, the world’s largest, has agreed to buy a 45-percent stake in a portfolio of U.S. warehouses valued at $1 billion from U.S.-based Prologis as the fund builds up its still-small property assets.
The fund will pay $450 million for the stake, leaving Prologis with 55 percent to manage the assets. The deal involves forming a joint-venture between the two organizations, the second between the two. Last year the fund agreed to buy from Prologis a 50-percent stake in a portfolio of European warehouses for 1.2 billion euros………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Norway’s new Prime Minister, Erna Solberg of the Conservative Party, who entered into office on 16 October, may at first instance appear less occupied by global issues like climate change than her predecessor Jens Stoltenberg of the Labour party.
But on a few critical climate issues she looks like more of a reformer than Mr Stoltenberg, in particular when it comes to what role Norway’s enormous Sovereign Wealth Fund could play in financing the transition to a low-carbon economy………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

One of the first commercial real estate investments Norges Bank Investment Management made in the US, one year ago, was in the Washington DC area. Since then the sovereign wealth fund has been snapping up properties around the country and per its new agreement with Prologis, will clearly continue.
The question for the local CRE community is when will the love return for DC? On one hand the Prologis JV holds out hope. As we reported yesterday, Prologis and Norges signed a $1 billion agreement to extend its European partnership into the US. The venture will acquire a $1 billion stabilized portfolio of 66 logistics facilities totaling approximately 12.8 million square feet across the U.S. ……………………………………….Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Kazkommertsbank and Kazakh businessman Kenes Rakishev may buy equal stakes in BTA Bank, acquiring control over Kazakhstan’s third-largest lender, Kazakh sovereign wealth fund Samruk-Kazyna said on Monday.
Samruk-Kazyna will retain a minority stake in BTA Bank, the fund said after reaching what it called a preliminary and non-binding deal with the investors………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

KazMunaiGas National Oil and Gas Company plans to invest a total of $4.5 billion into geological exploration in 2014-2019, Tengrinews.kz reports, citing Samruk-Kazyna Sovereign Wealth Fund Managing Director Malik Salimgiriyev.
According to the Company’s Strategy, by 2022 the Company’s proven recoverable reserves of oil and condensed gas should make up 1.413 billion tons as compared to 789.6 million tons as of the end of 2013. To this end, in the following 5 years a total of about $4.5 billion will be invested into geological exploration both on land and in offshore zones, Mr. Salimgiriyev said………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

GIC Pte bought Blackstone Group LP’s 50 percent stake in London’s Broadgate office complex in the latest overseas acquisition for the Singapore sovereign wealth fund as it seeks stable returns from real estate.
GIC purchased the cluster of 17 office buildings, shops and restaurants, which spans 4.7 million square feet in the City of London’s financial district, according to a statement by GIC and Blackstone today. New York-based Blackstone agreed to sell the stake for more than 1.7 billion pounds ($2.8 billion), Bloomberg News reported on Aug. 20………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Property development and investment firm British Land Company PLC Tuesday said it has entered a joint venture with GIC - Singapore’s sovereign wealth fund - for a top office complex in the City of London.
The joint venture follows GIC’s recent agreement to acquire a 50% stake in Broadgate, built around Liverpool Street Station. The stake had been previously owned by Blackstone Real Estate Partners Europe III and Blackstone Real Estate Partners VI………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Qatar Investment Authority (QIA), the sovereign wealth fund of the gas-rich Gulf emirate, is in talks to invest $200 million in residential property in India, a source with direct knowledge of the matter told Reuters.
QIA is holding “conversations” with Kotak Realty Fund, run by Kotak Mahindra Bank, which would manage the investments on behalf of the fund, said the source, who asked not to be named because the deal has not been finalised. Kotak would also make a small investment and plans to focus on residential property developments in major cities across Asia’s third-largest economy for QIA, the source said………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Global mining companies which are projected to face challenging market conditions in 2014, are looking for GCC Sovereign Wealth Fund, including from Qatar. Deolitte, leading consulting and financial advisory firm that tracked top mining trends for 2014, said the Middle East is a significant source of potential wealth for the mining companies.
“Although these investors have not yet committed, funding from countries like Qatar, Abu Dhabi and Saudi Arabia may not be far off,” Deloitte’s “Tracking the Trends 2014” report said………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

A volatile rupee, the lack of any specific tax advantage and unattractive interest rates have ensured that not even one issue has been subscribed by these wealth funds. Sovereign wealth funds have shunned tax-free bonds issued by state-run Indian companies and financial institutions despite the government’s attempts to woo these foreign funds in the numerous overseas road shows by finance minister P. Chidambaram.
A volatile rupee, the lack of any specific tax advantage and unattractive interest rates have ensured that not even one issue has been subscribed by these wealth funds, according to officials from these financial institutions and merchant bankers………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Superannuation giant AustralianSuper has spent $494 million to acquire a half stake in London’s The Centre: MK Mall, blazing the trail for homegrown superannuation funds to invest in offshore property.
In its first direct property investment, the $65 billion fund acquired 50 per cent of the 400,000sq m centre with Hermes Real Estate Investment Management, which acted on behalf of the BT Pension Scheme. AustralianSuper’s head of property Jack McGougan said the asset had huge growth potential………………………………………..Full Article: Source

Posted on 30 December 2013 by VRS |  Email |Print

Barely two hours after she laid the 2014 budget proposals to the National Assembly, queries about the propriety of the Sovereign Wealth Fund (SWF), were on Thursday thrown at the Coordinating Minister of the Economy (CME), Dr Ngozi Okonjo-Iweala by the chairman of the House committee on finance, Dr Abdulmumini Jibrin.
The queries about the SWF were part of 50 questions the committee chairman had prepared for the minister. Titled: “State of the Economy”, part of the preamble to the committee’s questions by Jibrin was: “you will recall that the Committee on Finance had invited you to appear and make a comprehensive presentation on the state of the economy.”……………………………………….Full Article: Source

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