Real Estate

Ireland’s SDSWF Forms €500 Million Joint Venture with KKR

Ireland’s Strategic Investment Fund (ISIF), the former National Pensions Reserve Fund, has partnered with private equity firm KKR Capital to form a €500 million residential property joint venture. ISIF is a strategic development sovereign wealth fund (SDSWF). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Chinese Sovereign Fund to Become Major Landlord in Sydney Office Market

Globally, record low interest rates have intensified sovereign wealth funds thirst for yield. The China Investment Corporation (CIC), through its unit CIC International, has won the bidding for Investa Property Group’s portfolio of nine office towers known as Investa Property Trust. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Ireland

Ulster Bank Prefers Chartered Land and SWF Team for Ballsbridge Site

Dublin-based Chartered Land Limited, an Irish real estate developer, and the Abu Dhabi Investment Authority (ADIA) are in close negotiations on acquiring a land parcel in Dublin suited for development. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


NBIM Completes Logistic Portfolio Purchase from Prologis

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, acquired a 50% stake in a logistics portfolio through their joint venture with Prologis. The seller was Prologis who owned 100% of the portfolio. The portfolio is comprised of eight properties located in the United Kingdom, Poland and France with a total volume [...]


private equity

Global Logistic Properties Bets Big on Chinese Logistics Demand

Global Logistic Properties Ltd. (GLP) is forming a massive US$ 7 billion fund that will target China-based logistics. The fund is more than double the size of its previous China fund, CLF I. The Singapore-listed company operates warehouses in China, Japan, Brazil and the United States. GLP partnered on a huge deal with Singapore’s GIC, [...]


Foreign Asset Owners Invest in Brazilian Malls

Singapore’s GIC Private Limited is paying 132.4 million reals (US$ 41.89 million) for a 35% minority stake in Via Parque Shopping from Brazil-based Aliansce Shopping Centers S.A. The mall property is controlled by developer and operator Aliansce Shopping Centers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. [...]


CalPERS Generates 2.4% Return for FY 2015

California Public Employees’ Retirement System (CalPERS) returned 2.4% in fiscal year 2015 – ended June 30th, 2015. This was CalPERS’ worst performance since 2012 when it generated a 1% return. Listed equities were a major drag on performance, along with private equity. The pension giant had an internal goal of 2.5%, far below its targeted [...]


CapitaLand and Qatar Investment Authority Form JV Residence Fund

Singapore-based CapitaLand through its serviced residence business unit, The Ascott Ltd., entered into a 50:50 joint venture called Ascott Serviced Residence (Global) Fund Pte. Ltd. with the Qatar Investment Authority (QIA) to form a US$ 600 million serviced residence fund. Ascott Limited is one of the largest serviced residence owner-operators outside of the United States. [...]


SWFI – Movers and Shakers – July 7, 2015

John McCarthy Rejoins Starwood from Abu Dhabi Investment Authority John McCarthy is coming back to Starwood Capital Group as managing director, global capital raising. From 2009 to 2012, he was global head of asset management at Starwood Capital Group. Before rejoining the Greenwich-based company, McCarthy was a Senior Portfolio Manager and Deputy Head of Europe [...]


CPPIB Makes First Direct Investment in Canadian Multi-Family

Canada Pension Plan Investment Board (CPPIB) acquired a 60% interest in Minto High Park Village, a multifamily rental property, from Minto Properties Inc. for approximately C$105 million. Minto will own the remaining 40% of the property and provide management and leasing services. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


Friday SWFI News Roundup, July 3, 2015

NEST Has a New CEO The UK’s National Employment Savings Trust (NEST) has named Helen Dean as CEO. She is replacing Tim Jones who left in February 2015. Currently, Dean serves as NEST’s executive director for product and marketing. She joined NEST from the Department for Work and Pensions (DWP) in 2014 Ivanhoé Cambridge Allocates [...]


ADIA and Lend Lease Move Forward with $1.49 Billion Syndication

Development giant Lend Lease and the Abu Dhabi Investment Authority (ADIA), through its subsidiary HIP, are going forward to raise a S$2 billion (US$ 1.49 billion) loan into syndication. They have hired Sumitomo Mitsui Banking Corporation (SMBC), Oversea-Chinese Banking Corporation Limited (OCBC) and DBS to assist. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


Qatar Investment Authority Acquires Stake in Tallest Barangaroo Tower

Lend Lease has spun-off Tower 1 at Barangaroo South, the largest commercial tower in the group, into a separate wholesale fund that is backed by the Qatar Investment Authority (QIA) and Australian Prime Property Fund Commercial, a Lend Lease-managed fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


Manulife Financial Woos Asian Investors, Plans to IPO REIT in Singapore

Manulife Financial Corporation is moving forward on having an initial public offering of Manulife Asset Management’s real estate investment portfolio holdings. The mega Canadian insurer is taking orders from investors to raise up to US$ 450 million. The offering is being structured as a real estate investment trust (REIT). What is interesting is that the [...]


ADIA and NYSTRS Put Atlanta Office Complex on the Market

The Abu Dhabi Investment Authority (ADIA) and New York State Teachers’ Retirement System (NYSTRS) are putting a large Atlanta office complex on the market. Eastil Secured is representing the sellers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Ivanhoé Cambridge and APG Drop $920 Million on Chongbang Group

Ivanhoé Cambridge, the real estate unit of Caisse de Depot et Placement du Quebec (CDPQ), and APG Asset Management N.V. together invested US$ 920 million in Chinese retail property firm Chongbang Group. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


India deals

CPPIB Indian Property Venture Acquires SP Infocity IT Park

Canada Pension Plan Investment Board (CPPIB) and Mumbai-based Shapoorji Pallonji Group, through their joint investment unit SPREP Pte Ltd. (CPPIB owns 80% of the unit), is making its first investment acquiring 100% of the securities of Faery Estates Private Limited. India-based Faery Estates owns, operates and manages SP Infocity IT Park in Chennai, India. The [...]


AustralianSuper Completes Mega DC Property Portfolio Deal

AustralianSuper, Australia’s biggest superannuation fund, finalized its US$ 1.32 billion transaction to purchase a 49% interest in a portfolio of DC office properties controlled by Brookfield Property Partners. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Friday SWFI News Roundup, June 19, 2015

RISK: Norway’s Sovereign Fund CEO Questions China Sell-Off Recent volatility in mainland Chinese equity markets are posing signals to large institutional investors about potential fundamental issues occurring in Asia’s giant. NBIM CEO Yngve Slyngstad in a Bloomberg interview, after giving a speech in Oslo, commented, “You have to spend time thinking about both the valuation [...]


Public Investors Sell Bentall Kennedy to Sun Life Financial

Sun Life Financial is buying real estate investment manager Bentall Kennedy Group for C$ 560 million. U.K.-based Sun Life, owned by AXA Group, is looking to grow its exposure to property investments and investors in real estate. Increasingly, institutional investors such as pensions and wealth funds are allocating higher percentages of capital toward real estate. [...]