Real Estate

Friday SWFI News Roundup, March 27, 2015

TRS Delivers 8.51% for 2014 Return The Teacher Retirement System of Texas posted an 8.51% return for 2014, beating its policy index by 0.04%. The highest performing asset class for the pension system was stable value which posted 21.4%. Real return asset class posted 10.2%, followed by risk parity at 8.1% in return. Directional hedge [...]

Norway’s Sovereign Wealth Fund Invests in Google DC Property

Norges Bank Investment Management (NBIM), the manager of Norway’s massive sovereign wealth fund, invested with TIAA-CREF in a Washington D.C. office property. The deal values the property at US$ 307 million. NBIM bought a 49.9% stake in the building which touts Google as a key tenant for US$ 60.8 million. The property asset is encumbered [...]

India deals

Sovereign Fund-Backed Indian Real Estate JV Buys Brooke Bond

Major Indian property developer Brigade Group announced the 100% purchase of Brooke Bond Real Estate Private Limited, through Brigade Properties Private Limited, its 2014 joint venture with Singapore’s GIC Private Limited. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Exeter Property Group and GIC Form European Logistics Partnership

Singapore’s GIC Private Limited, one of the country’s sovereign wealth funds, entered into a partnership with Exeter Property Group. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

AustralianSuper Buys Stake in Biggest Open-Air Mall

Arising from Chapter 11 bankruptcy nearly five years ago, General Growth Properties Inc., a major player in the realm of mall asset management, sold a 25% interest in Honolulu’s Ala Moana Center for US$ 1.37 billion to AustralianSuper, a massive superannuation institutional investor. The deal values Ala Moana Center at approximately US$ 5.5 billion. General [...]

ICD and Brookfield to Construct $1 Billion Financial Center Project in Dubai

Increasingly, European and Asian financial institutions have a desire to get access to the economic growth story in Africa and the Gulf region. Some of the largest Gulf cities have formed special zones to lure investors and businesses. Jumping on the newly-found demand trend are Jumping on the trend are real estate developers and institutional [...]


ADIA Throws Hat Into Maybourne Hotel Group

Abu Dhabi Investment Authority (ADIA), a major sovereign wealth fund institutional investor in hotels globally, is gunning for a £1.6 billion acquisition of Maybourne Hotel Group which is owned by holding company Coroin Ltd. Maybourne Hotel Group owns luxury hotels Claridge’s, the Berkeley and the Connaught in London. ADIA currently owns the 5-star hotel The [...]

Korea’s NPS to Allocate 2 Plus Billion into Hedge Funds

After carefully studying hedge funds, Korea’s National Pension Service (NPS) plans to allocate 2.5 trillion won (US$ 2.27 billion) into the asset class. Hedge funds are looking more offshore to raise money, as a number of large U.S. pensions and European pensions have rebuffed them. The allocations will most likely occur near the end of [...]

Qatar Sovereign Fund Moves in on Milan Business District

Sovereign wealth funds are breathing life into Italy – at least into office real estate. Hines Italia SGR, part of Houston-based Hines, announced that Qatar Investment Authority (QIA), through Qatar Holding LLC, has taken a 100% interest in the Porta Nuova district in Milan. The QIA had a 40% stake in the massive mixed-use development [...]

SWFI Real Estate Roundabout – February 26, 2015

Malaysia’s Employees Provident Fund (EPF), also known as KWSP, has allocated capital to Japanese logistics – following the path of several asset owners such as Singapore’s GIC Private Limited. KWSP acquired 5 properties from Mitsubishi Corporation for ¥14 billion (US$ 117.8 million). Mitsubishi Corporation will manage the property for KWSP under its Diamond Realty Management [...]

India deals

JTC and Temasek to Move Forward on Merging RE Units

Singapore’s Temasek Holdings and Singapore-based JTC Corporation, whose parent is Singapore’s Ministry of Trade and Industry, have agreed to merger four of their real estate units. JTC Corporation was formerly the Jurong Town Corporation. The reasoning for the S$5 billion merger is to achieve economies of scale and be able to move faster to take [...]

Abu Dhabi Investment Authority Deploys Capital to European Real Estate

Seeking higher investment yields in recent times, Abu Dhabi Investment Authority (ADIA) has largely bypassed London properties to focus more on Continental European opportunities. The Gulf-based sovereign wealth fund invests in both developed properties and in construction projects – unafraid of developmental risks. For example, a sovereign wealth enterprise of ADIA is backing a project [...]

Malaysian Pension Giant Buys Espace Lumière

Increasingly Asian institutional investors such as sovereign wealth funds and large pensions are making inroads into Parisian office real estate. Malaysia’s Employees’ Provident Fund (EPF), through Invesco Real Estate, has acquired a Paris office property called Espace Lumière. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Khazanah Signs Resort Development Agreement with Thailand Hotel Group

Malaysia’s Khazanah Nasional, through its sovereign wealth enterprise Destination Resorts & Hotels Sdn Bhd, has signed a deal to partner with Bangkok-based Minor Hotel Group Ltd (MHG) to build an Anantara resort in Malaysia. The resort and residences-for-sale will be developed with the Anantara brand, a suitable location for the development is in the works. [...]

REVEALED: Virginia Retirement System Allocates Almost $2 Billion to Managers

Virginia Retirement System (VRS) has allocated capital to a number of firms. A massive mandate went to Chicago-based LSV Asset Management for US$ 830 million. LSV will manage a global equities mandate, beating out other candidates. US$ 200 million was allocated to Boston-based Windham Capital Management, LLC to run a risk-based multi-asset class portfolio. With [...]

New-York sovereign wealth fund

Norway Sovereign Fund Acquires Interest of 11 Times Square Property

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has purchased a 45% interest in 11 Times Square. Founded in 1981, SJP Properties was founded by Steven J. Pozycki. The 45% interest was acquired from Prudential Real Estate Investors and SJP Properties, who will together remain as majority owners. The deal was [...]

CIC and LaSalle Investment Acquire Meguro Gajoen Complex

High-end Tokyo properties has attracted long-term institutional investors such as sovereign wealth funds, life insurance companies, pensions and real estate fund managers. A falling yen has made Japanese properties look inexpensive for foreign institutional investors. China Investment Corporation (CIC) and LaSalle Investment Management, through a joint venture, acquired the Meguro Gajoen complex in Tokyo for [...]

sovereign wealth deal

O’Connor Capital Partners and Westfield Form a $925 Million Mall Joint Venture

Westfield Corporation, a shopping center developer, has entered in a deal with New York City-based O’Connor Capital Partners to form a US$ 925 million joint venture with three of its regional shopping centers in the United States. O’Connor Capital has a 47.4% interest in the joint venture that is made up of Westfield Palm Desert, [...]

OVERHEARD: Korea’s National Pension Service Eyes 11 Madison Park

Korea’s National Pension Service (KNPS) is in talks with being in a group to acquire the U.S. headquarters of investment bank giant Credit Suisse. This is being reported by the Korea Economic Daily. Other building tenants include WPP Plc, William Morris Endeavor, Enfatico, Sprout Group, Millard Brown, Yelp and Sony Corporation of America. In 2014, [...]

FULL CIRCLE: CalPERS Has a New Face in Real Estate

The California Public Employees’ Retirement System (CalPERS) has found a replacement for Ted Eliopoulos who was promoted to chief investment officer. Paul Mouchakkaa was named senior investment officer for real assets. Mouchakkaa will start on March 2, 2015. CalPERS has a US$ 29.6 billion real assets portfolio. The real assets portfolio oversees real estate, forestland [...]