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Sovereign Wealth Funds Briefing 20.Feb 2015

Posted on 20 February 2015 by VRS |  Email |Print

The Abu Dhabi Investment Authority, the sovereign wealth fund of the oil-rich emirate, is buying the upcoming Edition hotel at Madison Square Park, seller Marriott International announced. Marriott and hotelier Ian Schrager launched the Edition brand in 2008. The property, located at 5 Madison Avenue, is expected to wrap up construction by the end of the first quarter. An Edition in Times Square is also in the cards for 2017.
The Abu Dhabi Investment Authority, which bought the London Edition hotel last year, closed today on the purchase of the Miami Beach Edition in South Florida for $230 million. The New York deal is slated to close in the first quarter of 2015 at a yet-undisclosed price………………………………………..Full Article: Source

Posted on 20 February 2015 by VRS |  Email |Print

Marriott International has sold the Miami Beach Edition hotel for $230 million to the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Emirate of Abu Dhabi. The Maryland-based company announced Thursday that the property at 2901 Collins Avenue in Miami Beach is one of three Edition properties being sold to ADIA. The first was the London Edition sold in January 2014 and Marriott expects to sell the third Edition hotel, New York Edition, in the first quarter of 2015.
Marriott is currently developing Florida’s first AC Hotel nearby at 2912 Collins Avenue in Miami Beach with Robert Finvarb Companies, which is set to open in April. As previously reported, the Miami Beach hotel opened in November and doubled its budgeted profitability during the first two months of operations, said Ian Schrager who worked with Marriott to build the property………………………………………..Full Article: Source

Posted on 20 February 2015 by VRS |  Email |Print

Fallout from Banco Espírito Santo SA’s August collapse hit New Zealand on Thursday, as the country’s state retirement fund said it lost $150 million and is suing Portugal’s central bank over an investment linked to the Portuguese lender. The New Zealand Superannuation Fund in July invested $150 million in notes issued by Oak Finance Luxembourg SA, a vehicle arranged by Goldman Sachs Group Inc. to make an $835 million loan to Banco Espírito Santo.
When Banco Espírito Santo failed a month later, the Oak Finance loan was placed in a successor bank, called Novo Banco, that kept the collapsed lender’s good assets and continues to operate. But in December, the loan was moved by the Bank of Portugal to the “bad bank” of the lender, which holds assets to be liquidated and where the loan has virtually no chance of being repaid………………………………………..Full Article: Source

Posted on 20 February 2015 by VRS |  Email |Print

Malaysia’s 1MDB said it may sell assets and its real estate projects will sell land development rights and could enter into profit-sharing joint ventures, as the state fund seeks to cut down on its massive debt burden. Announcing the completion of a strategic review that begun last month, the fund also said it will meet maturing debt by refinancing from “best available sources” or repay it through the sale of land development rights.
1MDB has racked up debt of 41.9 billion ringgit ($11.6 billion) in a major spending spree to build up a portfolio of power plants. It confirmed that it plans to list its power assets this year. 1MDB’s debt woes have weighed on the ringgit in recent months. The ringgit was up 0.2 percent against the dollar after the announcement………………………………………..Full Article: Source

Posted on 20 February 2015 by VRS |  Email |Print

1MDB belongs to the people, said veteran journalist Datuk A Kadir Jasin, who argued that the troubled sovereign wealth fund cannot hide behind a technicality to justify its secret business dealings.
The former New Straits Times (NST) group editor-in-chief said 1MDB was a government-owned company that is answerable to the people and so far, many of its replies to issues raised by politicians and the media were inadequate. “1MDB is more than a listed company. It is a government-owned company and is, therefore, answerable to the people,” Kadir wrote in his latest blog posting……………………………………….Full Article: Source

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