Real Estate Investments, More Attractive for Sovereign Wealth Funds
Data: Nov 2014, Sovereign Wealth Fund Transaction Database
According to data from the Sovereign Wealth Fund Transaction Database, sovereign wealth funds in total invested US$ 17.5 billion for the first 3 quarters of 2014 versus US$ 12.95 billion for the first 3 quarters of 2013 in direct real estate, a whopping 35.1% increase. The competition for core real estate assets is mounting in cities like New York, London, Paris and San Francisco.
Core, Industrials, Development
For example, the Alaska Permanent Fund Corporation (APFC) recently acquired a 50% interest in two shopping centers in Spain and Portugal in a €280 million transaction with Immochan. Across the Atlantic, Singapore’s GIC is leading an investor group to acquire Chicago-based IndCor Properties Inc from the Blackstone Group.
Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.
Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.
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