The large sovereign funds worldwide invested 2.9 billion euros in Spanish companies during 2022 and the first quarter of this year. Total, Names such as the Singapore fund GIC or Mudabala, from the Emirate of Abu Dhabi, executed a total of eleven operations, at maximums that equal data from 2014 and in terms of volume are comparable to 2009 when IPIC (now renamed Mubadala) bought a first block of shares for 37.5% of the capital of the oil company Cepsa.
Logically, these figures do not include the operation announced two weeks ago by STC, the public teleoperator in the hands of the sovereign fund of Saudi Arabia, which directly and indirectly acquired 9.9% of Telefónica’s capital. still pending approval by the Government as it is a strategic company. The investment, made at an average price of 3.68 euros, reached a market value of 2,095 million euros.
“The real estate sector, both residential and logistics, and the technological sector attracted most of the operations,” according to the Sovereign Funds Report 2023, prepared by the Center for the Governance of Change of IE University with the collaboration of ICEX-Invest in Spain. Specifically, the largest operation was the one carried out the Singapore sovereign wealth fund (GIC) with the investment of 1.5 billion euros, together with other co-investors, in the construction of a portfolio of homes for rental in collaboration with Azora. It is, the report points out, “the most relevant investment by a foreign investor in this type of asset” in history. The portfolio will be distributed in cities such as Madrid, Barcelona, Seville, Malaga, Palma de Mallorca and Valencia.
Another of the operations highlighted in the report is the one carried out by Mubadala, the Emirati fund, which is the largest shareholder of Cepsa and is also present in the shareholding of Enagás. According to the document, At the end of 2021, the Abu Dhabi investment vehicle acquired 49.38% of the capital of a REIT specialized in the management of nursing homes, hospitals and clinics Healthcare Assets. Firms such as the Dutch insurer Nationale-Nederlanden and the CBRE fund specialized in real estate They are part of a project that aims to reach assets worth 1.5 billion euros in four years.
Singapore sovereign wealth fund GIC has also participated in the financing round of the Unicorn Spanish Factorial, specialized in human resources, which exceeds a valuation of 1,000 million euros. The firm achieved 200% growth in the last three years and was founded in 2016.