Real Estate

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 [...]


credit funds

CalPERS Gives Out $2.65 Billion to Real Estate and Credit Managers

The California Public Employees’ Retirement System (CalPERS) committed US$ 600 million toward two real estate partnerships. CalPERS added US$ 200 million to Palo Alto-based Pacific Urban Residential, a joint venture partner to the multi-family real estate partnership called Pacific Multifamily Investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Friday SWFI News Roundup, September 12, 2014

Emaar Malls Group Seeks to IPO Emaar Properties is trying to have an initial public offering for its mall unit Emaar Malls Group. The IPO is targeted to raise approximately US$ 1.44 billion for Emaar Properties. The Emirates Investment Authority (EIA) reserves the right to purchase 5% of the transaction. The UAE federal sovereign wealth [...]


NBIM and TIAA-CREF Finalizes San Francisco Office Property Purchase

Norway’s sovereign wealth fund has made another investment with regard to its joint venture with New York-based TIAA-CREF. Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, and TIAA-CREF purchased a San Francisco office property for US$ 390 million. The sellers are GE Real Estate and Langley Investment Partners. [ Content protected [...]


NBIM and Prologis JV Acquire Spanish Logistics Portfolio

Norges Bank Investment Management (NBIM), the manager of Norway’s elephantine sovereign wealth fund, and San Francisco-based Prologis Inc, through their joint venture, acquired a portfolio of industrial real estate in Barcelona and Madrid.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Cityhold Buys Hamburg Atlantic Haus Building

Stockholm-based Cityhold Property AB has acquired a Hamburg office property in the city’s Harbour Business District. Hamburg is the second largest city in Germany. Built in 2007, the Atlantic Haus office stands 88 meters tall. Atlantic Haus is comprised of approximately 32,000 square meters of gross rental area. A UBS fund sold the property and [...]


Boustead Projects Partners with Gulf Sovereign Wealth Fund

Singapore-based Boustead Singapore Limited, through its subsidiary, Boustead Projects Pte Ltd, has formed a co-investment partnership with a sovereign wealth fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


BIG WIN: LaSalle Gets UK Real Estate Mandate From Manchester Pension

More and more public pensions and U.S.-based sovereign funds are outsourcing U.K. real estate management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Take Two: GIC Bids for $1.6 Billion Tokyo Office Tower

Singapore’s sovereign wealth fund, GIC Private Limited, is in key negotiations to acquire a prized Tokyo office tower for approximately 170 billion yen (US$ 1.6 billion). Built in 2001, the 32-story Pacific Century Place Marunouchi is being sold by Secured Capital Investment Management Co., Ltd., part of Asian private equity firm PAG. The property lies [...]


2 Trends That Will Shake the Asset Management Industry

2013 and 2014 have been positive years for the asset management industry, as asset growth resumes, mostly contributed by market appreciation. In addition, on average, asset management firms have maintained operating margins at pre-crisis levels. Large U.S. banks, like Wells Fargo, are channeling company resources more toward institutional and wealth money management. 1. Investment Managers [...]


Norway Sovereign Wealth Fund Approaching $900 Billion

For the second quarter of 2014, Norway’s Government Pension Fund Global (GPFG) returned 3.3%. For that time period, equity investments returned 4.01%, fixed income 2.04% and real estate 3.04%. 61.3% of the sovereign fund is invested in equities, 37.6% in fixed income and 1.2% in real estate. Norges Bank Investment Management (NBIM) has split up [...]


Asian Sovereign Wealth Fund Gets Access to Bristol Shopping Centre

After a long process, it seems that an Asian sovereign wealth investor is making a major move on a UK shopping centre. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


AIMCo Buys Mortgage Portfolio from OMERS

The Alberta Investment Management Corporation (AIMCo) has acquired a mortgage portfolio from the Ontario Municipal Employees’ Retirement System (OMERS). The transaction value was C$ 520 million (US$ 477 million). Most of the 50 mortgages were in high-quality and geographically scattered Canadian mortgages. OMERS has C$ 1.127 billion in mortgage investments. AIMCo has US$ 3 billion [...]


New-York sovereign wealth fund

UPDATE: Indian Tycoon Roy Looks to Sell $2.2 Billion in Properties

August 19 – UPDATE: According to a recent CNBC update, a spokesman for the Sultan of Brunei has dismissed news that they have made a bid for New York’s Plaza Hotel, Dream Hotel and London’s Grosvenor House hotel. “Neither His Majesty, the Brunei Investment Agency, nor the government of Brunei are involved in any way [...]


Temasek Poised to Acquire MidCity Place

Singapore’s Temasek Holdings is in the lead to acquire a 50% interest for £175 million in MidCity Place, an EC1 office in London. The property is located near Chancery Lane and Holborn Underground Stations. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


The Crown Estate and China’s FX Investor Buy Leicester Mall

Already in August, The Crown Estate has partnered with two major sovereign wealth funds from the countries of Norway and China. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CPPIB’s Massive Expansion into US Multifamily Developments

The Canada Pension Plan Investment Board (CPPIB) has grown its exposure in U.S. multifamily real estate, starting investment activity in the sector in 2011. Currently, the CPPIB has US$ 1.3 billion in equity commitments to this sector – showing a gross asset value of US$ 4.5 billion, when at full ownership. CPPIB has exposure in [...]


Norway’s Sovereign Wealth Fund and Crown Estate Acquire Pollen Estate

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, has acquired a 57.8% interest in Mayfair’s Pollen Estate for £343 million. The property is a 730,000 square feet estate over 4 acres in London’s West End. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. [...]


Friday SWFI News Roundup, August 8, 2014

Nigeria Sovereign Investment Authority to Manage US$ 350 Million for NBET On July 24, the Nigeria Sovereign Investment Authority (NSIA) and Nigerian Bulk Electricity Trading Plc (NBET) signed a funds management agreement. US$ 350 million is being allocated to the NBET from the US$ 1 billion Eurobond issued by the Nigerian government in July 2013. [...]


Constellation Hotel Holdings Acquires InterContinental Paris – Le Grand

Gulf sovereign wealth funds continue to purchase hotel properties across Europe. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]