Capital Raising News – Page 173
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Florida pension fund dips into real estate
UNITED STATES – The City of Lakeland (Florida) Employees’ Pension and Retirement System is planning to invest in real estate for the first time.
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Secondary real estate trading dried up - INREV
EUROPE – Most European real estate fund of funds (FoF) managers turned their backs on the practice of trading secondary fund interests in 2009, as the number of transactions has dropped from 50 in 2008 to just five deals so far this year.
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FirstProperty to target UK pension funds
EUROPE – First Property is aiming to move back into the UK commercial real estate market, after concentrating for several years on Central and Eastern Europe (CEE), with the launch of a new vehicle for pension funds.
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Market downturn holds back funds growth
GLOBAL – More than 200 new unlisted real estate funds are estimated to have come to the market in 2009, but this represents a 73% reduction in the number of funds launched globally since the height of the market in 2007.
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SanFran C&C switches CMBS managers
UNITED STATES - San Francisco City and County Employees’ Retirement System has fired Brookfield Investment Management as one of its high-yield commercial mortgage-backed security managers, and handed the account to its other existing high-yield CMBS manager, Pyramis Global Advisors.
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Swedish pensions break into secure locations
SWEDEN – A consortium of Swedish pension funds has purchased two ongoing real estate projects from developer Skanksa, which specialise in crime prevention.
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CalPERS endures fresh $4.2bn real estate hit
UNITED STATES – The California Public Employees Retirement System has revealed it suffered a $4.2bn (€2.82bn) loss on its real estate portfolio during the second quarter of 2009.
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Germany revisits real estate redemptions pressure
GERMANY – Redemption freezes have been reinstated on a number of German open-ended funds (GEOFs), including Aberdeen Immobilien Kapitalanlagegesellschaft’s (formerly DEGI) and the DEGI Europa and DEGI International funds, which both include institutional money.
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Cornerstone moves into Europe via Protego
GLOBAL – Protego Real Estate Investors has been bought by Cornerstone Real Estate Advisers, a wholly-owned subsidiary of the Massachusetts Mutual Life Insurance Company (MassMutual).
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Gellatly's FoFs follow to Aviva
EUROPE – Aviva Investors has taken over the management of BlackRock’s European fund of funds vehicles following fund manager John Gellatly’s move from the latter to the former in September 2009.
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Pension funds buy up retail targets
UK – LaSalle Investment Management has purchased a shopping centre in the UK on behalf of one pension fund client and secured new tenant leases for two others.
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NYSTRS extends separate account contracts
UNITED STATES - New York State Teachers Retirement System has agreed to extend the manager contracts with three separate account managers for a non-US REIT investment strategy.
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CBRE takes over Merseyside contract
UK – The Merseyside Pension Fund has appointed CB Richard Ellis Real Estate Finance as its strategic property adviser, replacing Savills , following a detailed tendering exercise.
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CalSTRS takes first step in real estate shift
UNITED STATES – California State Teachers Retirement System (CalSTRS) is in the process of making some changes to its real estate investment policy which could reduce its investment in core strategies, in favour of higher-returning investments.
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SRI real estate fund gains positive pensions start
UK – Local authority pension funds have given their financial backing to a new socially-responsible real estate fund based in the UK and launched by Bridges Ventures.
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Orange County targets core and debt strategies
UNITED STATES - Orange County Employees Retirement System and its consultant, Callan Associates, have determined that core and distressed debt opportunities will offer the most compelling investment possibilities in the near future real estate market.
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Unite signs real estate deal with popular M&G fund
UK – Student housing specialist manager Unite has agreed to a sale-and-leaseback arrangement for one of its flagship assets in Bristol with the M&G Secured Property Income Fund for a total cash consideration of £21.5m (€24m).
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Avon pension fund to invest in secondary real estate
UK – The Avon Pension Fund will invest through the secondary market to gain access to real estate funds via its recently-appointed global property investment manager.
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US pension funds warned of prolonged property dislocation
US – There are concerns in the US that pension fund allocations to real estate could suffer as a result of prolonged dislocation and modest performance in the coming years, the latest report by PricewaterhouseCoopers and ULI has revealed.
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Korea’s NPS moves into London offices
UK/South Korea – Rockspring Property Investment Managers has acquired the first two UK real estate assets for the National Pension Service (NPS) of South Korea, after being appointed to target prime central London assets.
