All Office Coverage – Page 171
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BA Pensions teams up with Columbus on City office buy
UK – The British Airways Pension Fund has entered into a 50/50 joint venture with the Columbus UK Real Estate Fund to acquire London City office Austin Friars House for £25m (€30.6m).
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Pension schemes shifting toward city centres, says Cushman & Wakefield
EUROPE – European pension schemes are diverting their retail exposure away from shopping centres toward city-centre high streets in search of higher yields generated by active management.
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AFIAA shuns London for Scottish investment
UK – AFIAA, the global property investor owned by 18 Swiss pension funds, has made its second acquisition in the UK, having bought a new mixed-use development in Edinburgh.
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Standard Life Investments makes pair of direct buys in Brazil
GLOBAL – Standard Life Investments (SLI) has built up its global fund's exposure to the Brazilian office sector with two direct acquisitions.
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Union Investment sells prime UK office building after 12 months
UK – Union Investment has sold a prime London City office building to Hammerson and the Canada Pension Plan Investment Board (CPPIB) after buying it only 12 months ago, netting more than £34m (€41m) in capital appreciation in the process.
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Oklahoma Teachers to invest $425m in core strategy
GLOBAL – The Teacher Retirement System of Oklahoma is planning to invest $425m (€324.1m) into a core, open-ended commingled fund strategy.
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Spain's BBVA offloads second round of bank branches
EUROPE – Banco Bilbao Vizcaya Argentaria (BBVA) has offloaded a second tranche of property assets to the group of RREEF Europe, Area Property Partners and Europa Capital for €364m.
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European office fundamentals remain strong, says Jones Lang LaSalle
EUROPE – Take-up of office space in Europe increased marginally in the second quarter despite growing economic uncertainty over austerity measures and concerns surrounding sovereign debt, according to Jones Lang LaSalle (JLL).
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Brookfield Properties reinvents self, invests $1.4bn in offices
GLOBAL – Brookfield Properties is planning to invest more than $1.4bn (£885m) in 16 offices across Australia held by Brookfield Asset Management and reposition itself into a "global, pure-play office property company".
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European occupancy markets dragged down by austerity measures
GLOBAL – While occupier demand is rising in the majority of countries across the globe, austerity measures to reduce fiscal deficits are causing a drag on euro-zone and UK real estate markets, according to the latest global report from the Royal Institute of Chartered Surveyors (RICS).
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Valad takes over management of €480m Swedish portfolio
SWEDEN – Valad Europe, the pan-European, multi-let real estate investment management business of Valad Property Group, has been appointed to take over the investment management of a €480m property portfolio in Sweden.
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BT and Royal Mail pension JV sells Brindleyplace assets
UK – A joint venture between the BT and Royal Mail pension funds, developer Argent and fund manager Tritax has sold five office buildings in Birmingham for £190m (€225m).
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Rothschild makes first investment in New York office market
GLOBAL – Rothschild Realty Managers has made its first-ever investment in the New York office market with a $150m (€116m) investment in RXR Realty.
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Warburg-Henderson launches follow-up Austrian fund
AUSTRIA – Warburg-Henderson, the German business of Henderson Global Investors, is seeking to raise capital from German, Austrian and Swiss institutional investors for its second Austria-focused real estate fund.
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Carlyle Group snaps up six landmark assets in UK
UK – Private equity firm The Carlyle Group has acquired six landmark central London office properties – formerly part of the portfolio of assets linked to the troubled White Tower 2006-3 commercial mortgage-backed securitisation (CMBS) – for £671m (€802m).
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Denmark's AP Pension targets UK through Rockspring
EUROPE – Denmark's AP Pension has invested in Rockspring Property Investment Managers' new UK real estate fund.
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Mass PRIM issues request for core separate account manager
GLOBAL – Massachusetts Pension Reserves Investment Management (Mass PRIM) has issued a Request for Proposal for a core, separate account real estate manager.
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PwC survey reveals pressure on London office fundamentals
UK – Activity in the UK financial services in the last three months was lower than expected, despite increasing at the fastest rate since the onset of the credit crunch, prompting concerns over the outlook for the London office market.
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Hermes Real Estate acquires core London office
UK – Hermes Real Estate, the property fund manager owned by the £35.3bn (€42.5bn) BT pension scheme, has acquired an office asset on the outskirts of London for £58m.
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Munich office outlook maintains focus on prime
GERMANY – Munich office rental will pick up slowly in 2010 even if there is a speedy recovery, according to a report published this week by Knight Frank.
