TOP 10 Direct Sovereign Wealth Fund Real Estate Deals for 2022
Posted on 12/28/2022
Global sovereign wealth funds slowed down direct investments in the real estate sector in 2022 versus 2021. Interestingly, Singapore’s GIC Private Limited went on a buying spree for listed real estate investment trusts (REITs). This top 10 ranking leaves out platform and fund investments in the real estate sector. For example, these direct deals leave off joint ventures such as the Abu Dhabi Investment Authority (ADIA) tying up with Landmark Properties on U.S. student housing or ADIA’s JV with Rockpoint Group, L.L.C. on industrial U.S. properties. In addition, SWFI staff attempted to peel out other buyers in some deals to get the true SWF exposure on each direct real estate sector transaction.
Direct Investments by Sovereign Wealth Funds in the Real Estate Sector
| Rank | NAME | BUYER ENTITY | SELLER ENTITY | AMOUNT (USD) | CLOSED AT |
|---|---|---|---|---|---|
| 1 | STORE Capital Corporation | GIC Private Limited | $7,000,000,000 | 9/15/2022 | |
| 2 | Summit Industrial Income REIT | GIC Private Limited, (Dream Industrial REIT) | $4,383,228,000 | 11/7/2022 | |
| 3 | Student Roost | GIC Private Limited | Brookfield Asset Management | $2,083,009,500 | 12/23/2022 |
| 4 | Sani Ikos Group | GIC Private Limited | $1,500,000,000 | 9/22/2022 | |
| 5 | Southern Cross complex, Melbourne | GIC Private Limited, (Charter Hall Group) | Blackstone Group LP and Brookfield Asset Management | $1,499,607,900 | 4/28/2022 |
| 6 | Seibu Holdings Japan Hotel and Leisure business portfolio | GIC Private Limited | Seibu Holdings | $1,300,000,000 | 2/10/2022 |
| 7 | 58-property, Southeastern US industrial portfolio | GIC Private Limited | MDH Partners | $1,260,000,000 | 6/29/2022 |
| 8 | Aman Group Sarl | Public Investment Fund (Cain International) | $900,000,000 | 8/15/2022 | |
| 9 | Paddington Central assets | GIC Private Limited | British Land | $890,457,520 | 4/25/2022 |
| 10 | 7 Apartments, Copenhagen and Aarhus | GIC Private Limited | NREP AB | $748,321,000 | 6/1/2022 |
Source: Sovereign Wealth Fund Institute (SWFI.com) (SWFI Global Asset Owner Database).
GIC made a concerted effort in direct real estate deals targeting markets such as Japan, Australia, U.S., and Europe. A notable deal to highlight is GIC’s investment in 76 assets of the hotel and leisure business of Seibu Holdings Inc.
Other honorable mentions include Norway Government Pension Fund Global purchasing a 50% stake in Berlin’s Sony Center for 677 million euros. The Sony Center is a Sony-sponsored complex of eight buildings located at the Potsdamer Platz in Berlin, Germany designed by Helmut Jahn. ADIA made an investment in Mindspace Business Parks REIT.