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Sovereign Wealth Funds Briefing 03.Sep 2014

Posted on 03 September 2014 by VRS |  Email |Print

Norges Bank Investment Management, which manages the world’s biggest sovereign wealth fund, bought a portfolio of real estate in Madrid and Barcelona through a joint venture with Prologis Inc. (PLD). Prologis European Logistics Partners Sarl bought more than 1.6 million square feet of logistics facilities and development land in the two Spanish cities from SABA Parques Logisticos, Prologis said.
“Demand for logistics infrastructure in Spain is rising while construction of new facilities is at an historic low,” Philip Dunne, president of Prologis Europe, said in the statement. “We are pleased to acquire this well-located portfolio at a discount to replacement costs.”……………………………………….Full Article: Source

Posted on 03 September 2014 by VRS |  Email |Print

Norway’s sovereign wealth fund has acquired a 50 percent stake in a series of Spanish logistics properties for 242 million euros ($317.6 mln) through its joint venture with Prologis, the fund said on Tuesday.
The deal includes eight buildings with a total leasable area in excess of 150,000 square meters and two land parcels totaling 14.9 hectares in Madrid and Barcelona, it added. Prologis will perform the asset management……………………………………….Full Article: Source

Posted on 03 September 2014 by VRS |  Email |Print

Russia’s two oil revenue-funded sovereign wealth funds swelled by 353.3 billion rubles ($9.4 billion) last month to reach combined reserves of 6.54 trillion rubles ($177 billion), boosting the state’s financial firepower as the West applies the economic screws on Russia over the Ukraine crisis.
Russia’s Reserve Fund, which hoards U.S. dollars, euros and pounds sterling to insulate Russia against falling oil and gas prices, had assets worth 3.4 trillion ($91.7 billion) on Sept. 1, up 292 billion rubles, or 9.4 percent, from the start of August, according to the Finance Ministry………………………………………..Full Article: Source

Posted on 03 September 2014 by VRS |  Email |Print

The $10 billion Russian Direct Investment Fund (RDIF) could be transferred from state ownership to the country’s central bank to avoid economic sanctions that may be applied over the Ukraine conflict.
The fund’s array of Asian, European, Middle Eastern, and North American co-investors are concerned its ability to invest might be stifled should global security organisations agree limits on its finances, Bloomberg reported………………………………………..Full Article: Source

Posted on 03 September 2014 by VRS |  Email |Print

Many of the “priority investors” in Royal Mail, brought in supposedly to remain long term, stable holders of the privatised service, quietly sold millions of their shares over the summer. The Independent’s analysis of share trading data shows priority firms JPMorgan, Schroders and Abu Dhabi’s sovereign wealth fund also slashed their holdings in recent months. The Kuwait Investment Authority, another sovereign wealth fund, sold more than £8m of shares. It remains a major investor.
JPMorgan sold £1.3m of shares last month, taking its holding down to one million shares, the Abu Dhabi sovereign wealth fund sold nearly half of its one million shares and Schroders sold more than 40 per cent of its holding for more than £2.1m – a sale likely to have profited it to the tune of more than £500,000………………………………………..Full Article: Source

Posted on 03 September 2014 by VRS |  Email |Print

Ghana’s Petroleum Revenue Management Act was passed more than a year after the first oil was pumped from the country’s Jubilee Field. The law outlines clear mechanisms for collecting and distributing petroleum revenue. It specifies what percentage should help fund the annual budget, what should be set aside for future generations and what should be invested for a rainy day.
Petroleum revenue contributed 4 per cent of the government’s total capital spending in 2011. The funds went mainly to investments in road infrastructure, but also to building the capacity of the oil and gas sector, repaying loans and strengthening agriculture, most notably for fertilizer subsidies. Proposals for investing the Petroleum Funds, comprising Stabilisation and Heritage Funds, have raised divergent views from civil society groups and government………………………………………..Full Article: Source

Posted on 03 September 2014 by VRS |  Email |Print

Khazanah Nasional’s recovery plan for Malaysia Airlines (MAS) may be the start of the new beginning for the airline, says RHB Research. It said on Tuesday the plan raised key concerns which had always weighed on MAS’ performance while showing the commitment of the related parties to revive the airline.
“Effective execution is key. We advise minority shareholders to accept the 27 sen offer price from Khazanah. Maintain Neutral,” said the research house. Khazanah’s revamp plan for MAS involved a RM4.6bil capital injection (after privatisation), ii) a 30% cut in workforce, and iii) review of routes and renegotiation of supply contracts………………………………………..Full Article: Source

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