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Asian Sovereign Wealth Centers on Continental Euro Properties

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UPDATE: June 17, 2015
The CIC has won the bid, putting out €1.3 billion for the property portfolio.

Asian sovereign wealth funds are looking across the channel into France, Belgium, Germany and Spain for high-quality real estate properties. Stunned by the expensive prices of London core properties, many sovereign funds and Canadian pensions have set their sights toward other world cities in Europe, often partnering with European real estate experts like AXA Real Estate, Hines and Pramerica Real Estate Investors. However, the Chinese sovereign funds are a bit late to the property game, as the Gulf sovereign funds like the Qatar Investment Authority (QIA) have been swooping up investing in hotel properties across France and office real estate in Italy. For example, the QIA through its Constellation unit bought the Le Grand hotel in Paris from InterContinental Hotels Group. The QIA also invested heavily into the mixed-use Porta Nuova development in Milan.

Some of the portfolio includes properties such as Marques Avenue in Troyes and La Vache Noire in Arcueil.

Bidders for CBRE Global Investors’ Mega Portfolio

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Saudi Arabia Sends Second Installment of Aid to Pakistan

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On December 14, 2018, Pakistan received its second installment of the US$ 3 billion in aid promised from Saudi Arabia on October 23, 2018. The US$ 1 billion given on December 14th boosted the foreign reserves of the State Bank of Pakistan, which went from US$ 7.2 billion to US$ 8.2 billion. The first installment was given on November 23, 2018. The last installment is expected to occur in January 2019.

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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