Americas – Page 177
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CPP to invest in real estate through bonds issuance
CANADA - The Canada Pension Plan Investment (CPPIB) Board is planning to issue up to C$5bn (€3bn) in fixed income paper over the next two years to help the pension fund invest in real estate and infrastructure.
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Dallas Police & Fire strengthen infrastructure
US –The Dallas Police and Fire Pension System has invested in a $4bn (€3.01bn) state of the art highway infrastructure system in Dallas, bolstering domestic investments.
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New York PF hedges its bets on real estate
US – The New York State Common Retirement Fund (CRF) announced on Friday it closed $238.2m (€178.8m) of real estate hedge fund transactions last month.
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San Diego City plans tactical moves in real estate
UNITED STATES - San Diego City Employees’ Retirement System is planning to take advantage of tactical investment opportunities in the second half of this year in certain property types.
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TriCon comes up short on capital raising
UNITED STATES - TriCon Capital was only able to attract $350m (€257.6m) for its latest commingled fund, TriCon IX – just over 40% shy of its $600m target.
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CalPERS sees demand for member mortgages triple
US – California Public Employees’ Retirement System’s (CalPERS’) Member Home Loan Programme has tripled in size over the last year thanks to its conservative mortgage practices, according to CalPERS’ Investment Committee.
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Mexican pensions to focus on home properties
MEXICO – Mexican pension funds have agreed to only invest in domestic investments this year and will focus on investing in real estate to help boost the struggling Mexican economy.
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SanFran PF sees real estate portfolio fall 5.6%
UNITED STATES - San Francisco City and County Employees’ Retirement System saw real estate portfolio fall by 5.6% during the fourth quarter of 2008 alone.
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Contra Costa reviews Morgan Stanley deal
UNITED STATES - Contra Costa County Employees’ Retirement Association has decided to reconsider its earlier $75m (€57.9m) commitment to the Morgan Stanley Real Estate Fund VII Global.
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Risk in the US may be worth buying - RREEF
US – North American real estate markets are expected to offer high-risk investors “highly attractive” opportunities in 2009, suggests research from RREEF Alternative Investments.
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Industrial potential shifts to South America
EUROPE – Industrial commercial property markets in Central and Eastern Europe (CEE) and South America were the best performing worldwide in 2008 and are likely to continue doing well, according to research from Cushman & Wakefield.
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New York CRF takes a dip in Lake fund
US - The New York State Common Retirement Fund (NYSCRF) has committed $300m (€239m) to the Lake Montauk Real Estate Fund, a fund of fund managed by Franklin Templeton Real Estate Advisors.
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CBRE buys on Broadway
US – CB Richard Ellis Investors, the international real estate investment management firm, has purchased a 44-storey office building in New York for a partnership of institutional investors, making it the largest transaction in the state this year.
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Illinois State pursues FoF strategy
UNITED STATES - State Universities Retirement System of Illinois has approved a $75m (€60m) commitment to AVP Advisors for a fund-of-funds real estate investment strategy.
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Kansas PERS commits to debt fund
UNITED STATES - Kansas Public Employees Retirement System has approved a $25m (€19.5m) commitment to the Square Mile Partners III structured finance commingled fund.
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Recession pressures force HSH to downsize
GERMANY – HSH Nordbank is to dismantle its real estate business in the United States and later Western Europe as part of its plans to downsize and cope with the tough economic climate.
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US pension funds stick with Westbrook
UNITED STATES - Three pension funds in the United States have decided to keep their original commitments in the Westbrook Real Estate Fund VIII, despite being given the option to reduce their holdings.
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CalSTRS signed just one deal in Q4
UNITED STATES - California State Teachers Retirement System significantly slowed its real estate investing during the last quarter of 2008 and added just one small investment to its portfolio.
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Quebec loses a fifth on real estate
CANADA – The Caisse de dépôt et placement du Québec’s real estate portfolio declined by 21.9% in 2008, contributing to a loss worth a quarter of the firm’s total value.
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Real estate holding lessened pain for OMERS
CANADA – The Ontario Municipal Employees Retirement System (OMERS) suffered an overall net loss of $8bn (€6.25bn) in 2008, although its real estate investments performed relatively well despite the financial downturn.
