All Residential Coverage – Page 154
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KBC Pensioenfonds shifts real estate for LDI
BELGIUM – KBC Pensioenfonds has significantly diversified its real estate allocation within the last eight months, in a bid to match the scheme's liability-driven investment (LDI) strategy.
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Credit crunch cost $3-4trn – JP Morgan
GLOBAL – JP Morgan officials say investment market turbulence sparked by the US subprime housing crisis may already have cost in excess of $3trn (€2.04trn) in lost credit and warn there could be more to come under tightened credit pricing.
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ING Clarion targets $5bn in 2008
UNITED STATES - ING Clarion is expecting to invest $5bn (€3.44bn) in real estate in the United States and Mexico in 2008 - equal to its accomplishments in 2007 despite the recent market downturn.
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Nevada PERS strengthens ‘all-cash’ core status
UNITED STATES - Nevada Public Employees Retirement System has decided to grow its real estate portfolio through the acquisition of core assets adopting all-cash purchases.
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NYSTRS buys $250m in fresh real estate
UNITED STATES - New York State Teachers Retirement System has added a mix of international, opportunistic and structured finance funds to its real estate portfolio totaling up to $250m (€171.1m).
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Ohio Police & Fire shifts direct property into core fund
UNITED STATES - Ohio Police & Fire Pension Fund has made a $200m (€135.4m) investment with Invesco, as part of a deal which sees some of its properties move into its core real estate fund.
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LACERA commits to pan-European fund
UNITED STATES - Los Angeles County Employees Retirement Association has approved a $25m (€16.9m) commitment into the Europa fund III commingled fund, which is also expected to contribute to Nordic and Swiss property deals.
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JP Morgan creates $726m apartment JV
UNITED STATES - JP Morgan Asset Management has setup a $726m (€498.6m) joint venture with Apartment Investment and Management Company to gain a co-ownership of three apartment complexes in West Los Angeles.
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PGGM extends US apartments
UNITED STATES - PGGM has decided to expand its investment in US residential property with Behringer Harvard by as much as an additional $200m (€136.3m).
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CBRE "confident" on Ireland, bar housing
IRELAND - Activity in the Irish residential market will stagnate in 2008 as economic growth drives up office, retail and industrial, suggests a market report published by CB Richard Ellis.
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Core gains momentum in State of Connecticut
UNITED STATES - State of Connecticut Trust Funds has added to its core real estate portfolio by making a $75m (€51.2m) commitment to the Cornerstone Patriot Fund.
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Indiana moves into real estate
UNITED STATES - Indiana Public Employees Retirement Fund has approved $300m (€205.7m) worth of real estate investments as it moves into the asset class for the first time.
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Iowa PERS will only buy post-sale
UNITED STATES - Iowa Public Employees Retirement System has decided the only way it will be investing in real estate in 2008 is through reinvesting the sales proceeds from properties sold over the next 12 months.
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US pension funds putting capital in core strategy
UNITED STATES - Pension funds in the United States are still choosing to invest in core strategy real estate, despite evidence over recent months suggesting many funds are turning to wider diversification.
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Student firm offloads assets worth €307m
UK - Unite, the UK student accommodation firm 4.5% owned by Dutch civil service scheme ABP, last week sold £220.3m (€308m) of assets to the UK Student Accommodation Fund (USAF), in a move designed to fund its growth.
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Oregon PERF investment sees new forays
UNITED STATES - Oregon Public Employees Retirement Fund has agreed to invest $150m (€102.6m) into commingled funds focused on Asia and urban strategies.
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Philips scheme dismantles real estate portfolio
NETHERLANDS – The besieged €14.6bn pension scheme of Dutch electronics major Philips has sold around 15% of its real estate holdings to Dutch real estate investment fund Vesteda.
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CalSTRS and ING Clarion set up value-added JV
UNITED STATES - California State Teachers Retirement System and ING Clarion Partners have created a value-added investment joint venture called INGCal Tactical.
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US pensions scrutinise apartments
UNITED STATES - Pension funds in the United States are going to be taking a closer look at placing some capital into apartments as officials believe there will be stronger renter demand for apartments in the near-term.
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MacFarlane raises $1bn for urban investment
UNITED STATES - MacFarlane Partners has raised $1bn (€683.6m) for Urban Real Estate Fund II, making this one of the largest urban commingled funds ever to be created in the United States.
