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The Abu Dhabi Investment Authority is a Buyer of Hotels

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Michael Maduell, President - Sovereign Wealth Fund Institute

Michael Maduell, President – Sovereign Wealth Fund Institute

The Abu Dhabi Investment Authority (ADIA) is a major purchaser of U.S. institutional real estate through various sub-entities. It often buys partial interest ownerships with leading real estate managers. Gulf sovereign wealth investors are keen to hotels, especially in gateway cities. By interpreting data through the Sovereign Wealth Fund Institute’s transaction database, ADIA has been a direct investor in hotels for quite some time. For example, ADIA through a subsidiary was the majority owner of the 1,190-room Hilton San Diego Bayfront which they sold for $475 million to Sunstone Hotel Investors in mid-April 2011.

“In the range of $500 to $650 billion of sovereign wealth fund assets are allocated to real estate investments, excluding publicly-traded real estate securities,” commented Michael Maduell, President of the Sovereign Wealth Fund Institute. “According to our research and sovereign wealth fund transaction data, hotels are a strategic real estate investment for many Gulf sovereign investors.”

Australian Hotel Real Estate
The demand of Australian hotel real estate has exceeded supply as large foreign buyers seek to acquire assets near business hubs. Due in part to competition between ADIA, local investors, Asian investors and Canadian pension funds, hotel transactions have greatly increased in Australia in the past three years. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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