Friday SWFI News Roundup, August 1, 2014
NBIM Buys Le Madeleine from BlackRock Fund
Norges Bank Investment Management (NBIM) has bought a 100% interest in Le Madeleine. Le Madeleine is a 31,500 square meter mixed-use property on Boulevard de la Madeleine in Paris. The deal was signed on May 22, 2014 and closed on July 31, 2014. NBIM paid €425.6 million euro, with zero debt financing. BlackRock Europe Property Fund III, a closed-end fund, sold the property. AXA Real Estate will be the manager of the property.
Going East: SOFAZ Seeks Diversification
The State Oil Fund of Azerbaijan (SOFAZ) has requested approval from the People’s Bank of China to have access to indirect renminbi investments in mainland China. SOFAZ has taken steps to diversify its portfolio, including investing in overseas real estate, allocating to gold and investing in China. Gradually, SOFAZ wants to move capital toward Chinese government debt securities.
Temasek-Backed Firms Consider U.S. IPOs
Reebonz Pte, an online retailer of affordable luxury goods, is seeking to go public and list on NASDAQ. Razer Inc, a company that develops computer hardware for video game fans, is planning to go public and is working with Credit Suisse. Both firms are backed by Singapore’s Temasek Holdings.
Societe Generale SA Postpones Islamic Bond Offering
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