All Real Assets articles in August 2008 (Online)
View all stories from this issue.
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News
Talking Point: Moving into the distressed debt gap
News has slowly emerged over recent months of plans by US pension funds in particular to allocate some of their real estate assets to distressed debt opportunities, in light of the credit crunch. But just open is the market to new investors, and are there the opportunities.
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Cost of fraud triples for Philips fund
NETHERLANDS – The €13.4bn Dutch pension fund of electronics major Philips has executed several sequestrations in relation to its involvement in the recent property fraud, which is now estimated to have cost the fund €150m.
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Real estate teams sign expertise
EUROPE – Asset managers Prupim and First State Investments have made changes to their real estate teams which they hope will improve their positions in the retail and infrastructure markets.
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European focus shifts to air and rail operators
EUROPE – Infrastructure asset managers say new investment opportunities could be emerging for institutional investors as a flurry of new deals are expected to come to the market in the management of air and rail operators.
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European office still seen as positive space
EUROPE - Rents will fall but much of the European office market is likely to remain positive in the near future, even though at least 20% of the tenant base in major cities is in financial services, suggests Pramerica.
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PBGC eyes move into real estate
UNITED STATES – The Pension Benefit Guaranty Corporation (PBGC) is looking at investing in real estate for the first time and is therefore seeking strategic partnerships so it may allocate up to $2.5bn (€1.6bn) in the sector.
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Contra Costa County sees a debt opportunity
UNITED STATES- Contra Costa County Employees’ Retirement Association has approved a $75m (€48.6m) commitment into the ING Clarion Debt Opportunity Fund II – its first investment in a debt fund focused on real estate.
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Ohio School Employees commits to office fund
UNITED STATES - School Employees Retirement System of Ohio has approved a commitment of $50m (€32.1m) into the Beacon Capital Strategic Partners VI commingled fund.
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NYSTRS provides the finance for real estate mortgages
UNITED STATES - New York State Teachers Retirement System has expanded its real estate portfolio with a commitment to several mortgaged transactions and a commingled fund.
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Indiana PERF seeks real estate consultant
UNITED STATES - Indiana Public Employees Retirement Fund is now in the process of looking to hire its first ever real estate consultant.
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Ohio Police and Fire up real estate allocation by 50%
UNITED STATES - Ohio Police and Fire Pension Fund have increased its real estate allocation from 8% to 12%.
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Deka’s Westinvest eyes bargains in Lithuania
LITHUANIA – Deka Immobilien, the German asset manager, has shown renewed interest in the Lithuanian retail property market despite inflation pressures on the local economy, by purchasing the Akropolis shopping centre in Vilnius.
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Mass PRIM turns to in-house expertise
UNITED STATES – The Massachusettes Pension Reserves Investment Board (Mass PRIM) has appointed an in-house expert to manage over $6bn (€5.5bn) of its assets in real estate and timber.
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Schroders seeks growth on agricultural land
GLOBAL – Schroders, the asset manager, is hoping to tap into growing global demand for food production by investing in agricultural land.
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Marcus regenerates the development chair
UK - Ian Marcus, chairman of the European Real Estate Investment Banking at Credit Suisse, is extending his duties in the real estate market and moving into the chairmanship of The Prince’s Regeneration Trust.
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Quebec extends its Brazilian shopping space
CANADA/BRAZIL – Ivanhoe Investments, the real estate management subsidiary of Canada’s largest pension fund, has boosted its position in Brazil with the purchase of four shopping centres and more than doubled its stake in a local property partner.
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TIAA-CREF hunts real estate via London office
US/UK – The New York-based Teachers Insurance and Annuities Association-College Retirement Equities Fund (TIAA-CREF), the second largest retirement plan in the US with assets of $420bn (€281bn), has launched its first overseas office in London.
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Revalued property drags ING figures down
NETHERLANDS - A revaluation of its Summit portfolio in Canada was the main contributor to an €180m after-tax loss for ING’s property investments in the second quarter of this year, the Dutch bancassurer has revealed
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US giant huddles up to London
UK – Mark Wood, managing director of US pension fund giant TIAA-CREF’s global real estate business, has revealed the newly-launched London office is an attempt to “make sure we are as close to the market as we can be.”
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Illinois Teachers targets emerging managers real estate programme
UNITED STATES – The Teachers’ Retirement System of the State of Illinois is planning to create an emerging manager programme as part of its future real estate investment programme.
