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POPSOil Trophy, Abu Dhabi To Buy The Chrysler Building Boston Properties closed on its purchase of the GM Building on Monday with investment partners Kuwait and Qatar, and will complete the purchase of three other former Macklowe properties over the next few months. Developer Harry Macklowe was forced to sell the assets after taking a personal loan on the GM Building and other family assets to raise nearly $7 billion to buy a city package of former Equity Office buildings. The credit markets tanked right after completing that deal in July and Macklowe was unable to refinance the short-term debt causing him to sell the four buildings to Boston Properties and return the Equity portfolio to lender Deutsche Bank.
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POPSUS, Abu Dhabi, Singapore Agree Sovereign Wealth Fund The agreements governing sovereign wealth funds were released by the Treasury after Paulson met Singapore's finance minister Tharman Shanmugaratnam, government of Abu Dhabi executive council member Hamad Al Hurr Al Suwaidi and other officials at the Treasury. The International Monetary Fund and Organization for Economic Cooperation and Development were seeking standards for sovereign wealth funds, whose value is expected to swell to 10 trillion dollars in five years.
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