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Sovereign Wealth Funds Briefing 20.Jul 2016

Posted on 20 July 2016 by VRS |  Email |Print

Ireland’s €7.9bn sovereign wealth fund will be asked to step in and take on construction risk as the country’s government attempts to ramp up the size of its house-building programme.
The Ireland Strategic Investment Fund’s (ISIF) role was confirmed as Simon Coveney, minister for housing and planning, launched the government’s Action Plan for Housing, which seeks to build 47,000 new homes with the help of €5.3bn in state assistance………………………………………..Full Article: Source

Posted on 20 July 2016 by VRS |  Email |Print

Norway’s sovereign wealth fund has acquired a prime London asset, capitalising on liquidity pressures facing open-ended property funds in the UK. Aberdeen Asset Management has sold a 59,000sqft retail and office building on Oxford Street from a fund that was recently closed to redemptions.
Norges Bank Real Estate Investment Management paid £124m (€149m) for 355-361 Oxford Street, known as Sedley Place, in London’s West End………………………………………..Full Article: Source

Posted on 20 July 2016 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 19. As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………..Full Article: Source

Posted on 20 July 2016 by VRS |  Email |Print

Three days after SMRT Corp unveiled the long-awaited details of a new rail plan that will turn it into an asset-light operator, its majority owner Temasek Holdings is doing the math for a possible takeover of the transport firm.
Sources say Temasek, which owns 54 per cent of SMRT, is mulling taking the company private. Speculation - as it remains so for now - pushed the rumour mill into overdrive on Monday………………………………………..Full Article: Source

Posted on 20 July 2016 by VRS |  Email |Print

Global investors are on the hunt for U.K. property bargains, expecting that Brexit-fueled economic turmoil could weaken real-estate values. The drop in the value of sterling has only increased the appeal.
Norway’s sovereign wealth fund announced it bought a retail and office property on Oxford Street, one of London’s main shopping destinations from Aberdeen Asset Management for £124 million ($164.3 million). Aberdeen, which resumed trading in its U.K. property fund last week, declined to comment………………………………………..Full Article: Source

Posted on 20 July 2016 by VRS |  Email |Print

Canada’s Sun Life Financial Inc. and Malaysian sovereign-wealth fund Khazanah Nasional Bhd. are in discussions to buy majority stakes in two Malaysian life insurers in a deal worth around 3.2 billion ringgit ($800 million), people with knowledge of the deal said.
The companies are in negotiations with Hong Leong Financial Group Bhd. to buy its 70% stake in Hong Leong Assurance Bhd. and 65% stake in Hong Leong MSIG Takaful Bhd., the people said. Japan’s Mitsui Sumitomo Insurance Co. owns the remaining stake in both companies………………………………………..Full Article: Source

Posted on 20 July 2016 by VRS |  Email |Print

French investment bank Societe Generale on Monday asked for an adjournment to push back the date of a trial in a long-running dispute with Libya’s US$67 billion sovereign wealth fund over a series of trades entered into between 2007 and 2009.
At London’s High Court, Adrian Beltrami, a lawyer acting for SocGen, requested an adjournment, citing the amount of work that still needed to be done before the three-month trial is scheduled to start on January 23, 2017. The Libyan Investment Authority (LIA) is pursuing the French bank for some US$2.1 billion in relation to the disputed trades………………………………………..Full Article: Source

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