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Sovereign Wealth Funds Briefing 08.Jan 2014

Posted on 08 January 2014 by VRS |  Email |Print

Temasek Holdings, Singapore state investor, is examining ways of selling its highly sought-after bonds to Singapore retail investors, the investment agency said on Tuesday.
Stephen Forshaw, Temasek’s managing director of corporate affairs, said it is looking at how to make it “practical and efficient” for the firm to offer bonds to such investors………………………………………..Full Article: Source

Posted on 08 January 2014 by VRS |  Email |Print

The Unite Group, a developer and manager of student accommodation, has secured £226 million in debt financing for one of its joint ventures. The money will refinance Unite Capital Cities (UCC), a joint venture between Unite and the real estate investment arm of the Government of Singapore Investment Corporation (GIC). UCC holds a portfolio of 14 student properties, valued at £385 million, in which Unite holds a 30% stake and GIC the remainder.
The funding was completed on 19 December in two separate facilities: a £149 million, nine-year loan from Legal & General, and a £77 million, five-year loan from Royal Bank of Scotland. The transaction will reduce UCC’s cost of finance from 5.5% to 4%, creating annual savings of around £3.5 million………………………………………..Full Article: Source

Posted on 08 January 2014 by VRS |  Email |Print

Employees Provident Fund, Malaysia’s sovereign wealth fund, has acquired a 50% stake in Arena Trust, which owns three Tesco anchored retail parks, for £156.5m from Aviva Investors, reflecting a net initial yield of 5.4%.
Deutsche Asset and Wealth Management (DeAWM) acquired the 50% stake in the three-strong supermarket and retail warehouse for EPF ahead of competition from near 10 international investors in a two-stage bidding process, dubbed Project Apple………………………………………..Full Article: Source

Posted on 08 January 2014 by VRS |  Email |Print

China Investment Corporation (CIC), China’s largest sovereign wealth fund, has completed its acquisition of Chiswick Park in west London from Blackstone for around £780m.
Blackstone entered talks to sell the office park to CIC last year after completing a “cash-out” refinancing of the campus in the May. At that point Chiswick Park was valued at £780m………………………………………..Full Article: Source

Posted on 08 January 2014 by VRS |  Email |Print

Bethesda-based Marriott International Inc. is selling three Edition hotels to companies owned by the Abu Dhabi Investment Authority.
Marriott has already closed on the sale of its London Edition hotel and says it has binding sales agreements on Edition hotels in Miami Beach and Manhattan, both of which are still under construction. Marriott will get a total of $815 million for the properties, roughly equal to total development costs of all three hotels, it says………………………………………..Full Article: Source

Posted on 08 January 2014 by VRS |  Email |Print

Similarly, I don’t see the appeal of a sovereign wealth fund for the U.S. We’re already sort of in this business: state and local pension funds are like mini-sovereign wealth funds. The investment sides of those operations are mostly pretty satisfactory, but problems arise when governments count on high expected returns on equity as a justification to incur fixed multi-year obligations.
I see lots of risks from the federal government getting into this game (what promises might it make on the back of expected stock returns?) and few benefits. I think Barro’s analysis here is lacking. First, the appeal of a sovereign wealth fund is pretty straightforward. It is a way for the state to passively capture capital income and spread it out to the public as a whole………………………………………..Full Article: Source

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