Capital Raising News – Page 162
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Connecticut scheme seeks separate account manager
GLOBAL – The Connecticut Retirement Plans and Trust Funds issued a Request for Proposal (RFP) for a separate account real estate manager at its December 2010 board meeting.
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Kansas PERS makes $75m commitment to UBS Trumbull
GLOBAL – The Kansas Public Employees Retirement System has signed a contract to allocate $75m (€58.1m) to the UBS Trumbull Property fund, managed by UBS Realty Investors.
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CalPERS transfers National Office Partners portfolio to CommonWealth
GLOBAL – The California Public Employees Retirement System (CalPERS) has transferred its National Office Partners real estate portfolio from Hines to CommonWealth Partners.
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APG makes joint bid for ING's €1.9bn Australian property fund
NETHERLANDS – The €266bn Dutch asset manager APG is part of a syndicate bidding for a €1.9bn ING property fund.
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LACERA receives 28 responses to debt manager search
GLOBAL - Los Angeles County Employees Retirement Association has received 28 responses to its search for real estate debt managers.
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Less than a third of funds report TER, INREV finds
EUROPE – Less than a third of European non-listed real estate funds report total expense ratios (TER) to their investors, according to industry body INREV.
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CalPERS combines property, infrastructure and forestry in allocation overhaul
UNITED STATES – The California Public Employees’ Retirement System (CalPERS) has placed real estate, infrastructure and forestry in a ‘real’ assets bucket as part of an overhaul of its asset allocation strategy.
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INREV: Positive capital growth returns to continental Europe
EUROPE – The European Association for Investors in Non-listed Real Estate Vehicles (INREV) has measured positive capital growth across the continental European property markets for the first time since 2007.
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South Carolina Employees to establish real estate strategy
GLOBAL - South Carolina Retirement System is planning to establish its first formal real estate investment strategy.
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Morgan Stanley opportunity fund extends debt lifeline to hotel owner
EUROPE – A global opportunity fund run by Morgan Stanley Real Estate Investing has provided €150m in mezzanine financing to BRE/Hospitality Europe Holding, an owner of a European hotel portfolio.
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AREA Property Partners buys Chicago area hotels for $51m
GLOBAL – AREA Property Partners has closed on its first hotel purchases of the year with the acquisition of three Chicago area properties for $51m (€38.6m).
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Lend Lease provides PGGM with direct infrastructure exposure
EUROPE – Dutch pension fund asset manager PGGM has committed £220m (€262m) in capital to become the principal investor in a joint venture with Lend Lease targeting social infrastructure in the UK.
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AP1 real estate company to invest €770m in property
SWEDEN – Första AP-fonden (AP1), Sweden's first national buffer fund, has created a new real estate company and will acquire more than SEK7bn (€767m) in domestic property assets.
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Invesco begins US acquisition trail for German investors
GLOBAL – Invesco Real Estate has made its first acquisitions in the US for German institutional investors in its MEAG US Immobilien Fonds IV.
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Rothschild Realty Managers invests $200m in Welsh Property Trust
GLOBAL – Rothschild Realty Managers has invested $200m (€149.4m) into Welsh Property Trust, made through Rothschild's commingled fund, Five Arrows Realty Securities V.
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Fund managers ‘failing to withstand investor pressure’
GLOBAL – A director of one of Europe’s major real estate fund management houses has warned that managers risk investor rebellion if they fail to resist attempts by large pension funds to seize control of multi-investor pooled funds.
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Prime property, listed securities to dominate new allocations
GLOBAL – Pension funds will increase their allocations to real estate, focusing on prime assets and listed investments as they seek ways to anticipate global property markets, according to ING Real Estate Investment Management.
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Chinese investors avoid spotlight in global expansion
GLOBAL – Chinese investors are targeting real estate funds as they switch their attention from domestic urban residential investments to strategic assets in advanced economies.
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USS adds Savoy House to burgeoning UK portfolio
UK – The Universities Superannuation Scheme (USS) has resumed its acquisition programme in the UK with the purchase of Savoy Court in the West End of London for £45.5m (€53.9m).
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Ohio Police & Fire approves $30m commitment to opportunity fund
GLOBAL – The Ohio Police & Fire Pension Fund has approved a $30m (€23.1m) commitment into the Savanna Real Estate Fund II.
