Real Estate

Friday SWFI News Roundup, October 31, 2014

Friday Roundups – Halloween Edition In London: We had over US$ 2.7 trillion in public asset owner capital in the audience. Photo: Gerard Lyons addressing delegates of asset managers, sovereign wealth funds, pensions and policymakers. Harrods Pays £118 Million Dividend to Qatar Holding Harrods, a luxury department business, paid a £118 million dividend to its [...]


ALMOST FLAT: Norway SWF Posts 0.1% for 3rd Quarter of 2014

Norway’s Government Pension Fund Global (GPFG) posted a 0.1% return for the third quarter of 2014. Equity investments posted -0.5% for the period, while fixed income posted 0.9%. Real estate investments for the period returned 1.5%. In a press release, Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM), stated, “Two quarters of strong returns [...]


Norway Sovereign Wealth Fund Acquires Pricey DC Real Estate

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, acquired a 49.9% stake in a Washington, DC office property for US$ 195.6 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Qatar Sovereign Wealth Fund May Be the Next Owner of HSBC Tower

The Qatar Investment Authority (QIA) is still pursuing real estate assets across Europe. The sovereign wealth fund holds interests in many notable UK companies and assets such as Sainsbury’s, Harrods, London Stock Exchange and the Shard. The QIA has made a £1.1 billion offer for the HSBC tower in London’s Canary Wharf at 8 Canada [...]


Kai Yuan Holdings Finalizes Paris RE Transaction From ADIA

Asian investors have a growing interest in European gateway cities like Paris, particularly in core real estate. Hong Kong-based Kai Yuan Holdings has closed on its acquisition on a Paris hotel from Luxembourg-based Tamweelview European Holdings SA, a sovereign wealth enterprise (SWE) of the Abu Dhabi Investment Authority (ADIA). [ Content protected for Sovereign Wealth [...]


Friday SWFI News Roundup, October 24, 2014

RDIF and Co-Investors Move Capital Toward Russian Logistics The Russian Direct Investment Fund (RDIF), along with some Middle Eastern funds and Development Group 19 are moving forward on creating a joint venture to develop and invest in Class A logistics in Russia. Development Group 19 is a real estate developer. The investor group plans to [...]


VRS Committed $700 Million to 3 Alternative Managers

The US$ 65.2 billion Virginia Retirement System (VRS) committed US$ 500 million to two private equity funds and US$ 200 million to a real estate venture. VRS committed US$ 300 million to Hellman & Friedman Capital Partners VIII, a buyout fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Norway Sovereign Wealth Fund Acquires 2 Buildings in Munich

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has acquired two office buildings in Munich in the Lenbach Gärten quarter. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Eastern Ties: Russian Funds Partner with Chinese Government on High-Tech Parks

The Russian Direct Investment Fund (RDIF), the Russia-China Investment Fund (RCIF), the Skolkovo Fund and the People’s Government of Shaanxi Province (China) have reached an agreement to co-develop high-technology parks in both Russia and China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWF to SWF: NBIM Buys Bank of America Merrill Lynch Financial Centre

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has acquired a 585,000 square foot office complex in London. NBIM paid £582.5 million (US$ 944.5 million) for a 100% interest for the Bank of America Merrill Lynch Financial Centre from Singapore’s GIC Private Limited. [ Content protected for Sovereign Wealth Fund Institute [...]


NBIM Invests in Enfield Logistics Property

Norges Bank Investment Management (NBIM), manager of Norway’s sovereign wealth fund, has acquired a 50% interest in a logistics property through its joint venture with Prologis. NBIM paid £55 million for the stake and did not use any debt financing. The property is a building in Enfield, close to London. It has a total leasable [...]


Real Estate: A Powerful Sovereign Wealth Fund Investment Trend

In September this year, Norway’s sovereign wealth fund, in one giant swoop paid US$ 1.5 billion for minority interests in two Boston properties and the former Citigroup Center in Manhattan. The amount of capital floating en route for core real estate is astonishing, more and more sovereign funds are allocating toward properties. In fact, for [...]


Singapore Sovereign Wealth Fund Centers on Italian Shopping Centre

Singapore’s GIC Private Limited owned 50% of RomaEst Shopping Centre through a sovereign wealth enterprise (SWE). The sovereign wealth fund has acquired the other 50% from a fund managed by CBRE Global Investors for an approximate amount of €200 million. The GIC is keen on prime regional centers. Asian institutional investors are grasping for a [...]


Friday SWFI News Roundup, October 3, 2014

NantHealth Raises Series B from Strategic Investors NantHealth, a NantWorks company, raised US$ 320 million in Series B financing. The Kuwait Investment Authority (KIA) invested US$ 250 million in the series B round. The KIA had already invested in a previous round – committing US$ 100 million. Other investors are Celgene, Blackberry and the Blackstone [...]


GIC Invests in Spanish Real Estate Group Gmp

A sovereign wealth unit of Singapore’s GIC Private Limited and Spanish real estate group Gmp reached a deal in which the sovereign wealth fund will acquire an approximate 30% stake in Gmp. The GIC is purchasing the stake for more than €200 million. Founded in 1979, Gmp is a large investor in office and business [...]


OTPP in Investor Group to Acquire Cassidy Turley

Founded in Baltimore, Cassidy Turley, a commercial real estate firm, is being bought out by Texas-based TPG Capital, PAG Asia Capital and the Ontario Teachers’ Pension Plan (OTPP). The investor group plans to merge Cassidy Turley with Chicago-based DTZ, a property services company. DTZ Investment Holdings, backed by the investor group, will acquire Cassidy Turley. [...]


Yngve Slyngstad

Looming Issues: NBIM Ponders Appropriate Benchmarks

Norges Bank Investment Management CEO Yngve Slyngstad gave some remarks on benchmarking at Norway’s Ministry of Finance, poking holes at current indexes. Norway’s Government Pension Fund Global derives its wealth from oil. The fund expanded into public equities in 1998 and in recent years institutional real estate. Norway’s sovereign wealth fund has added overseas real [...]


Texas Permanent School Fund Approves $900 Million in Active Quantitative EM Equities

Mandates on emerging market equities continue to proliferate among U.S. public funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, September 19, 2014

Scotland Votes “No” for Independence According to the BBC, results for Scottish independence from the United Kingdom show that 55.3% of the people voted “NO”. 44.7% of people voted “YES” for Scottish independence. The question remains if there will ever be a Scottish sovereign wealth fund. Institutional Capital Moves into Mexico for Energy Sierra Oil [...]


Norway Sovereign Wealth Fund Spends $1.5 Billion on NY and Boston Properties

Norges Bank Investment Management (NBIM), which manages the sovereign wealth of Norway, has inked a deal to acquire a 45% interest in 601 Lexington Avenue (formerly Citigroup Center), in addition to equal shares in two Boston properties for US$ 1.5 billion in cash. This puts the aggregate value of the properties at around US$ 4.06 [...]