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TOP 10 Direct Sovereign Wealth Fund Real Estate Deals of 2014

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9 out of the top 10 sovereign wealth funds ranked by assets under management have an allocation to institutional real estate. Increasingly, cash-rich sovereign wealth funds and large pensions such as CPPIB are vying for institutional real estate, creating competition for life insurance companies, developers, real estate managers and real estate investment trusts. For example, the Qatar Investment Authority (QIA) and real estate manager Brookfield embarked on aggressive attempts to acquire Songbird Estates. The Songbird Estates’ board rejected the December 4th joint bid. High-quality real estate provides stability and diversification for these intergenerational institutional investors.

sovereign wealth fund

The SWFI research team compiled a list of the top 10 direct real estate transactions by sovereign wealth funds for 2014. This proprietary data comes from SWFI’s Sovereign Wealth Fund Transaction Database. The database also tracks other public investors such as pensions. Some deals in the ranking include Abu Dhabi Investment Authority’s acquisition of State Tower Namsan in Seoul and Qatar Investment Authority’s purchase of HSBC Tower in London.

TOP 10 Direct Sovereign Wealth Fund Real Estate Deals of 2014

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Source: SWFI – Sovereign Wealth Fund Transaction Database – www.swftransaction.com, December 16, 2014
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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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