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How Hurricane Harvey Will Impact Sovereign Funds?

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As of August 30, 2017, more than 30,000 Americans remain homeless from the disastrous effects of Hurricane Harvey. An estimated 100,000 homes are thought to have been destroyed or severely damaged by the hurricane and floods. The City of Houston and outlying towns remain impacted, while Texas Governor Greg Abbott commented that the disaster was “far larger” than Hurricane Katrina and Hurricane Sandy. One Moody’s analyst projected the total economic cost to be up to US$ 75 billion – a preliminary figure.

Sovereign wealth funds with exposures to the insurance sector and insurance-related assets are likely to be affected. Sovereign funds have public equity exposure to reinsurance companies. For example, Norway’s Government Pension Fund Global (GPFG) has owns 0.85% of Swiss Re at the end of December 2016. The Norwegian wealth fund also has exposure to logistics properties in Houston with its partnership with Prologis. These properties are: 14931 North Freeway, Houston, TX 77090, 9020 Jackrabbit Rd, Houston, TX 77095, and 9010 W Little York Rd, Houston, TX 77040.

Other investors in Houston real estate include Canada Pension Plan Investment Board (CPPIB). In late June, CPPIB closed a major deal to acquire 100% of Parkway, Inc., a Houston-based real estate investment trust, for US$ 1.2 billion.

Oil Prices

A significant portion of sovereign wealth capital is derived from fossil fuels, thus the price of oil has a direct impact on the growth of sovereign wealth assets. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

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Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway SWF Adds to Existing Investment in Central London

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On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Crown Property Bureau Moves Assets to Thailand King Under 2017 Law

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In December 2016, Crown Prince Maha Vajiralongkorn became King of Thailand, succeeding his father King Bhumibol Adulyadej who passed away in October 2016. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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