Liquid real estate Issue 06
Sovereign wealth funds and real estate: The sovereigns are coming
Loving London
Sizing up sovereign investment: Forecasts for sovereign wealth funds’ investments in real estate
Sovereign wealth funds have made headlines coming to the rescue of investment banks damaged by bad real estate bets in the sub-prime mortgage market. Now these same funds are targeting real estate directly. Just as they have propped up Merrill Lynch, Citi, UBS and others, there are hopes that the funds will do the same for the battered commercial real estate sector.
Cash-rich sovereign wealth funds have trillions stashed away from surplus revenues generated, in most cases, by oil sales. Even if only a small proportion of this wealth is directed to real estate, it could mean $80 billion to $120 billion annually, according to research from Eurohypo (see Sizing up sovereign investment).
The perception that there is now value in the sector is behind a number of recent deals. However, attractive valuations in...
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