Search
 

Wealth Funds Due for Image Polishing

NEW YORK CITY-There's an awareness gap between the US and other nations when it comes to sovereign wealth funds, yet real estate is a prime opportunity.

By Paul Bubny | Updated on May 27, 2010

NEW YORK CITY-Commercial real estate tops the list of industries in which US decision makers would like to see sovereign wealth funds invest, yet at the same time those decision makers take a less favorable view of the funds in the current downturn. That’s one of the findings of a global survey conducted by Hill & Knowlton among “elites” in seven markets, and the company’s Jim Cox tells GlobeSt.com that the wealth funds may need to do some image-polishing.

“US awareness tends to be fairly low, especially as compared to some of the developing countries,” says Cox, VP of Hill & Knowlton’s corporate practice. “So this is a sort of a missed opportunity for people who hold the properties and are looking for buyers.”

Additionally, Cox says, “we found that depending on who the buyer was—which sovereign wealth fund and what part of the world they’re from—the attitude varied considerably from ‘fine, bring them on in’ to skepticism.” Norway’s sovereign fund, for example, rates a warmer welcome than those of Algeria, Nigeria and Botswana. There’s also a tendency to be suspicious of the political motives of sovereign funds in Russia or China, the survey found.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.