All Americas articles – Page 156
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News
Sovereign wealth funds hit by US property tax
GLOBAL - Sovereign wealth funds (SWFs) have been dealt “a significant blow” by changes to the US tax regime, according to Steve Renna, president of the National Association of Real Estate Investment Managers (NAREIM).
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Sacramento County votes against fund extension
UNITED STATES – The Sacramento County Employees’ Retirement System has said it will not support proposals to extend the investment period of the Hines US Office Value Added Fund II commingled fund.
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Return targets are aimed too high, say real estate experts
US/UK – Return expectations for opportunistic real estate strategies targeting the UK and US may be too high, experts have warned.
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Rothschild and Shaner to hotel loans REIT
UNITED STATES - Rothschild Realty and Shaner Hotel Group have formed a new investment entity called Shaner Mortgage REIT, which will invest $200m (€135.1m) in the purchase of whole loans secured by US hotel properties.
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Invesco eyes slush fund over real estate distributions
UNITED STATES - Invesco Real Estate may cease issuing quarterly distributions to investors in its Invesco Core Real Estate Fund during the third quarter, in favour of building additional cash reserves for the fund.
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MagazineGlimmers in the gloom
There is not much good news around unless you are cash rich. Opportunities are ripening but many buyers are waiting for distress to worsen as Stephanie Schwartz-Driver reports
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CalSTRS in European move
UNITED STATES - California State Teachers Retirement System (CalSTRS) has made one new real estate investment and transferred one existing asset to a different manager during the second quarter of 2009.
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AXA REIM appoints new CIO
GLOBAL – AXA Real Estate Investment Managers (AXA REIM) has appointed Dennis Lopez as global chief investment officer.
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Pension funds write off investments in NYC apartment complex
UNITED STATES - At least two pension funds in the US have suffered major losses on their investments in the Stuyvestant Town and Peter Cooper Village apartment complex in Manhattan.
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Texas Employees plans major push to private real estate
UNITED STATES – The Employees Retirement System of Texas is preparing to make commitments to private real estate totalling $2.1bn (€1.5bn) over the next five years with almost half coming in 2010 and 2011.
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Ohio Police and Fire to allocate $260m over next several years
UNITED STATES- Ohio Police and Fire Pension Fund is to invest $260m (€183m) in real estate over the next three years, with $50m of that amount to be invested between now and the end of 2009.
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Real estate equities bear market over – Cohen & Steers
GLOBAL - “In contrast to the direct property market it is our strong view that real estate stocks have made their lows for this cycle and that the REIT bear market ended in March this year,” said Cohen and Steers co-chair and co-CEO Robert Steers.
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Transaction levels turn the corner
GLOBAL – Real estate transaction levels around the world rose for the first time in 18 months and Real Capital Analytics (RCA) predicts this will transpire to be a sustainable trend.
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State of Florida shifts remaining MS account to Pramerica
UNITED STATES – The Florida State Board of Administration has appointed Pramerica Real Estate Investors to manage the last 15% of a separate account previously managed by Morgan Stanley Real Estate.
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NYSTRS adds to mortgage portfolio
UNITED STATES - New York State Teachers Retirement System has expanded its mortgage portfolio with two recent transactions totaling $130m (€90.6m).
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Illinois Teachers allocates money to cover debt issues
UNITED STATES - The Teachers Retirement System of the State of Illinois has become one of the first pension funds in the United States to allocate funds to a separate account manager to cover possible debt issues.
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Mass PRIM cuts real estate to grow timber
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has decided to lower its allocation to real estate from 11% to 10% and double the size of its allocation to timber from 2% to 4%.
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High risk real estate is too much for Quebec
CANADA – The Caisse de dépôt et placement du Québec has revealed the value of its real estate portfolio had fallen by C$4bn (€2.57bn) by the end of June 2009, and it is no longer investing higher risk real estate debt.
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CPPIB and GIC turn to Brazilian real estate
AMERICAS – The Canada Pension Plan Investment Board (CPPIB), investment manager of the $105bn (€73.9bn) Canada Pension Plan, has entered into a joint venture with Brazilian property developer Cyrela Commercial Properties (CPP) to invest in commercial real estate in Brazil.
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CalSTRS eyes increase to real estate allocation
UNITED STATES - California State Teachers Retirement System is thinking of approving a new long-term allocation to real estate.
