Sealing Big Deals: Sovereign Wealth Funds’ Past Half Decade in Real Estate

July 22, 2014 by Loch Adamson

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FOR THE PAST HALF DECADE, sovereign wealth funds have hungered for real estate investments. Allocations to the asset class rose sevenfold as funds scoured the market for top-quality properties. In 2010 sovereign funds allocated $2.7 billion to direct real estate investments abroad, roughly 8 percent of their total annual foreign direct expenditure. By 2013 this allocation had climbed to $21.5 billion, or 58 percent of the total annual deal value of their combined direct investment overseas. Sovereign wealth funds have invested in real estate since the mid-1970s — the Abu Dhabi Investment Authority (ADIA) and the Kuwait Investment Authority made their first major property purchases in London in 1974 — but over the past four-plus years many sovereign wealth funds have chosen to ramp up their allocations to direct real estate abroad. Some sovereign wealth funds, including the world’s largest, Norway’s Government Pension Fund Global (GPFG), have also…

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