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http://www.businesstimes.com.sg/real-est...perty-firm
GIC takes 20% stake in Turkish property firm
31 Oct5:50 AM
Singapore
SINGAPORE sovereign wealth fund GIC will inject 250 million euros (S$405 million) to acquire a strategic stake in Turkey's leading commercial real estate developer Ronesans Gayrimenkul Yatirim (RGY), both firms said on Thursday. GIC will acquire "above 20 per cent shareholding
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GIC enters New Zealand market in joint venture with Goodman
BEN WILMOT THE AUSTRALIAN NOVEMBER 04, 2014 12:00AM
SINGAPORE’S sovereign wealth fund GIC has forged into New Zealand’s real estate market by striking up a joint venture with the NZ-listed Goodman Property Trust under which the Asian fund will back up to $NZ500 million ($444m) of projects in that market.
The Goodman Group-managed trust yesterday unveiled GIC as a new capital partner in an expanded joint venture that would invest in Auckland’s Viaduct Quarter.
The pair will co-invest in Viaduct Quarter and their venture, which includes GMT’s existing Viaduct property interests, has a mandate to grow to $NZ500m over time.
The partnership will initially own assets valued at $NZ313m. Under the deal, GIC will acquire a 49 per cent interest in the assets while GMT will retain a 51 per cent share. Goodman Group already counts GIC as an investor in Australia and Europe.
Chief executive Greg Goodman said: “We are pleased to be partnering with GIC, one of the world’s largest investment funds, and look forward to extending our involvement in the regeneration of Auckland’s Viaduct Quarter.”
GIC Real Estate president Goh Kok Huat said: “As a long-term investor, GIC looks to establish strategic partnerships with leading market players. Goodman has strong asset management expertise and has a good pulse on the New Zealand market.”
GIC has been named as a potential investor in Scentre Group’s $3bn New Zealand shopping centre empire but that deal is yet to consummated.
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November 3, 2014 4:24 pm
Singapore leads the pack in sovereign wealth deals
Jeremy Grant in Singapore
A Temasek Holdings Pte employee walks past the company's signage in their office in Singapore, on Monday, June 11, 2012. Temasek Holdings Pte said the turmoil in Europe may result in a market slump rivaling the 2008 global financial crisis, creating opportunities for the Singapore state-owned investment company to make deals. Photographer: Munshi Ahmed/Bloomberg©Bloomberg
Singapore’s two state-backed investors, Temasek and GIC, together accounted for 60 per cent of the $23bn in cross-border deals by the world’s sovereign wealth funds in the first half of this year as they made bets in sectors ignored by their rivals.
The findings, in a quarterly survey by the Sovereign Wealth Centre, highlight how Singapore is emerging as one of the boldest investors with increased direct investments in key sectors, while Asian rivals have pulled back from doing big strategic equity deals.
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GIC and Temasek made 61 direct investments abroad with a total value of almost $14bn, with an emphasis on consumer industries, emerging market technology – including e-commerce and business services.
The funds, respectively the world’s sixth and ninth largest state investors by assets, also accounted for about 60 per cent of transactions by number of deals.
“They [the Singapore funds] are ahead of the game in spotting undervalued niches and trends”, said Victoria Barbary, director of the London-based Sovereign Wealth Centre, which tracks state-backed investment activity.
“Since 2012 both have sought acquisitions in which they can benefit from rising discretionary incomes in emerging markets as the world’s middle class grows.”
That was highlighted in April when Temasek paid $5.7bn for an almost 25 per cent stake in AS Watson, the drugstore arm of Hong Kong-based Hutchison Whampoa, the conglomerate controlled by Hong Kong billionaire Li Ka-shing.
The next month saw a rush of deals with both GIC and Temasek jointly investing in a $170m fundraising by São Paulo-based online sports apparel retailer Netshoes.
Singapore SWF investments
Temasek in the first quarter built up a $523m stake in Gilead Sciences, a California-based biotechnology company, as well as $50m in Jasper Inc, a US cloud technology company. Temasek also in May bought a stake in China’s JD.com, an Amazon-like ecommerce site that competes head-to-head with Alibaba.
GIC’s biggest bet in the first half was a $700m investment in bonds issued by Lenovo, the computer maker, and an $375m equity investment in Kronos, a US company specialising in payroll software.
Established 40 years ago, Temasek manages mostly equities investments on behalf of Singapore’s finance ministry in a portfolio that was valued at S$223bn ($173bn) as at Temasek’s last financial year-end on March 31.
About 70 per cent of that is in listed securities, with the rest stakes in private companies, sometimes ahead of initial public offerings.
GIC, founded in 1981, is Singapore’s sovereign wealth fund and manages the city-state’s foreign exchange reserves and invests in equities, fixed income, property and private equity. It had a portfolio worth more than S$100bn as of March 31.
SWF investments in real estate
The flurry of deals by Singapore in the first half came in spite of the difficulty many sovereign wealth funds were having at the start of the year competing for targets with industry buyers amid a surge in merger and acquisition activity.
“This glut of industry buyers crowded out financial investors including sovereign funds, and not just by sheer volume,” the centre said.
However by the second quarter total sovereign wealth fund acquisition volume rebounded strongly to $16.7bn as funds “developed strategies to navigate high valuations”.
Funds started focusing on undervalued sectors, with GIC and the Qatar Investment Authority (QIA) buying into European listed property companies. Both funds helped raise capital for Inmobiliaria Colonial, a Barcelona-based company that owns and operates rental properties across Spain.
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The Qatari fund also took a 13.6 per cent stake in Paris-based commercial property owner Société Foncière Lyonnaise alongside DIC Holding, an investment vehicle owned by Qatar’s royal family, which acquired an 8.6 per cent share.
Luxury hotels were a focus for the Abu Dhabi Investment Authority and QIA, which made combined purchases in the first half of about $3bn, the centre said.
The latest property deal by Singapore came on Monday when GIC took a 49 per cent stake in a Auckland’s Viaduct Quarter, a residential and commercial development that is the Singapore fund’s first foray into New Zealand.
However, the value of deals closed in property in the first half by all sovereign wealth funds was still 43 per cent lower than the previous period at $5.9bn.
“Sovereign wealth funds are buying less real estate because they face stiffer competition for so-called core properties – office buildings with secure rental incomes in major cities – which have long formed the mainstay of their real estate portfolios,” the centre said.
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04-11-2014, 11:15 PM
(This post was last modified: 04-11-2014, 11:16 PM by CY09.)
The stand out point of this article is the vast portfolio size of the two. They total 325 billion!. Assuming they are able to return 4% dividend while maintaing its size. That's 13 BILLION. this amount is sufficient to support funds helping the needy families to level up or support the transport ministry's annual budget.
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Singapore’s GIC Leads $8 Billion Bid for Blackstone’s IndCor
Singapore Sovereign-Wealth Fund GIC Is Leading a Consortium to Buy IndCor Properties From Blackstone
Y
By PR VENKAT, GILLIAN TAN and RICK CAREW
Updated Nov. 4, 2014 11:44 a.m. ET
Singapore’s state investment firms are raiding the global initial-public-offering pipeline as they step up their hunt for yield.
In the past six months, the Southeast Asian country’s government investment firms have agreed to or started talks to spend $17 billion to acquire three companies that were preparing for IPOs. The moves mark a shift of strategy for GIC Pte. Ltd. and Temasek Holdings Pte. Ltd., which usually buy stakes in companies, often during IPOs.
On Tuesday, people familiar with the matter said GIC was negotiating a deal to pay more than $8 billion, including debt, for a U.S. warehouse operator.
Both GIC and Temasek have, in recent years, aggressively looked to shore up investments overseas as a way to pump up returns.
Now, with interest rates stubbornly low, they are seeking out high-cash-flow assets internationally such as commercial real estate and supermarkets, and forking out billions of dollars.
GIC, for instance, is leading a consortium that is in early-stage talks to buy U.S. warehouse operator IndCor Properties, which is owned by private-equity firm Blackstone LP. Just a couple of months ago, IndCor Properties was preparing for a $1 billion initial public offering, people with knowledge of the matter said earlier.
If successful, the IndCor deal would be one of the biggest U.S. investments involving a Singapore state investment firm since a consortium including GIC invested $9.5 billion in Citigroup Inc. in 2009 in the wake of the financial crisis, according to data from Dealogic. GIC’s latest planned deal comes on the heels of two other multibillion-dollar transactions—one in Hong Kong and the other in the U.K.—that scuttled planned IPOs.
In March, state investment company Temasek paid $5.7 billion for a quarter of Hong Kong tycoon Li Ka-shing’s A.S. Watson Co., causing the retailer to drop IPO plans. Watson had been working on a joint London-Hong Kong listing.
In September, GIC bought a majority stake in British roadside-assistance provider RAC from Carlyle Group LP. The GIC deal valued RAC, which had been planning to list in the U.K., at more than $3.3 billion.
In going for these IPO candidates, GIC and Temasek have also expanded beyond merely being the key stop on the global circuit for pre-IPO financing, often as cornerstone investors to pave the way for smooth public listings of companies in Hong Kong.
GIC’s comments last month after it paid $1.7 billion for office space in central Tokyo offer some insight into the Singapore sovereign-wealth fund’s rationale for its deals. The deal gave GIC “a combination of stable income and the potential for capital appreciation over the long term,” it said.
GIC says it oversees more than $100 billion in assets—but analysts say that the figure is closer to $300 billion—and it appears to favor steadier cash-flow assets like fixed-income, property and infrastructure.
Temasek, the single-largest shareholder in emerging-markets-focused bank Standard Chartered PLC with an 18% stake, stepped up its overseas investments in the fiscal year ended March 31, spending $19.2 billion on companies, the most since its 2008 fiscal year when it bought stakes in then Merrill Lynch. Temasek, with a portfolio of $179 billion, also is a major shareholder in companies like Singapore Airlines Ltd. and PSA, one of the world’s biggest port operators.
The talks to buy IndCor Properties, the owner of a portfolio of warehouses and industrial properties in the U.S., from private-equity firm Blackstone Group LP are at an early stage, one of the people said. At a valuation of over $8 billion, the deal would be one of Asia’s biggest acquisitions overseas this year.
Blackstone, which formed IndCor in 2010, had been planning a potential $1 billion initial public offering of the firm in the U.S. this year, according to other people familiar with the matter in August.
The IPO would have valued IndCor at over $8 billion, including debt and equity. IndCor could move forward with an IPO if deal talks collapse, one of the people said Tuesday.
Bloomberg reported the planned sale of IndCor to a group led by GIC earlier.
IndCor’s holdings include a portfolio of 95 industrial properties in California, Texas, Arizona and other states known as CalWest. Blackstone gained control of the CalWest properties in 2012.
Write to PR Venkat at venkat.pr@wsj.com, Gillian Tan at gillian.tan@wsj.com and Rick Carew at rick.carew@gmail.com
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Singapore's GIC selling Sunway stake worth more than $120 mln - term sheet
KUALA LUMPUR Tue Nov 4, 2014 5:01am EST
Nov 4 (Reuters) - Singapore's sovereign wealth fund, GIC Pte Ltd, is selling a stake worth more than 400 million ringgit ($120 million) in Malaysia's property-to-construction conglomerate Sunway Bhd, according to a term sheet seen by Reuters on Tuesday.
The shares are being priced in a range between 3.20 and 3.30 ringgit each, the term sheet showed, representing a discount of 1.5 percent to 4.5 percent to Tuesday's closing price of 3.35 ringgit.
Sunway officials were not immediately available for comment.
Sunway, controlled by Malaysian tycoon Jeffrey Cheah, in September announced plans to re-list its construction business by the second quarter of 2015, a move analysts said would further unclock value and reward Sunway shareholders in the form of cash dividends.
GIC would cease to be a substantial shareholder in Sunway. GIC holds a stake of 8.72 percent in the company, according to Thomson Reuters data, and it is selling a stake of 7.26 percent with an upsize option to sell the rest, according to the sheet.
CIMB and JP Morgan are the joint bookrunner on the sale, the term sheet showed. ($1=3.3280 Malaysian ringgit) (Reporting by Yantoultra Ngui and Fiona Lau of IFR; Editing by Clarence Fernandez)
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http://online.wsj.com/articles/rrj-capit...1415715352
RRJ Capital and Temasek Buy $1 Billion in Cheniere Energy Convertible Bonds
Proceeds to Fund Portion of Corpus Christi Liquefaction Project
By RICK CAREW
Nov. 11, 2014 9:15 a.m. ET
HONG KONG—Singapore state investment firm Temasek Holdings Pte Ltd and RRJ Capital are teaming up to purchase $1 billion of convertible notes issued by Houston-based Cheniere Energy Inc., according to the companies.
The proceeds from the convertible notes issued by Cheniere will be used to fund a portion of the Corpus Christi liquefaction project in Texas, the companies said in a statement viewed by The Wall Street Journal.
Asian private-equity firm RRJ Capital and Temasek have both made previous investments in Cheniere Energy, which is focused on developing liquefied natural gas that can be exported from the U.S.
The deal is expected to close on Nov. 28, the parties said. Under the terms of the deal, RRJ Capital will have a right to transfer a portion of the convertible notes to Temasek.
Write to Rick Carew at rick.carew@gmail.com
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(15-11-2014, 07:12 PM)Behappyalways Wrote: CPF: Lost over $100b?
http://leongszehian.com/?p=10608 Buddy,
I have long given up wanting to know the truth, cause sometimes the truth cannot be easily comprehend. In this case, I rather concentrate on growing my own nest egg amidst all this rising bad sentiments "noise". This I think is something we can manage and take care of.
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