Capital Raising News – Page 177
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And the winners of the IPE Real Estate Awards 2009 are…
EUROPE - Ärzteversorgung Westfalen-Lippe was crowned Best European Institutional Investor last night at a glittering event in Amsterdam to celebrate this year’s IPE Real Estate Awards 2009.
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UK property sees resurgence of interest
UK – Henderson Global Investors is the latest in a succession of managers to launch or close funds in the last two weeks targeting UK real estate.
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Wellcome Trust raises the bar on property
GLOBAL - The Wellcome Trust will exercise extreme caution before making any new investments in real estate because of the unattractiveness of property relative to other asset classes and concerns about alignment of interest, according to its CIO Peter Pereira-Gray.
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F&C Reit sees opportunity in distress
GLOBAL - F&C REIT Asset Management has launched its first fund, an opportunistic institutional vehicle targeting distressed situations in the UK and with an internal rate of return (IRR) of more than 20%.
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Do your ‘debt’ due diligence - Partners Group (amended)
GLOBAL - Debt is the new investment buzzword but a warning has been sounded about the critical importance of performing thorough due diligence on real estate debt products.
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AEW widens its logistical holdings
EUROPE - AEW Europe has made a number of logistics investments across Europe for two of its closed-ended funds.
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Rockwood Capital hits fundraising target
UNITED STATES - Rockwood Capital has closed the money raising on its Rockwood Capital Real Estate Partners Fund VIII just shy of its target, at $964m (€720.6m).
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Big fish seek smaller ponds
GLOBAL - Large institutional investors are looking to invest with smaller, more intimate groups of ‘like-minded’ investors, according to pension fund-related investors, as concerns have arisen about commingled funds with large, often anonymous, investor bases.
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Sustainability catches eye of pension funds
UNITED STATES - The Bond Companies has pending investments from two pension funds for its sustainability fund as the Los Angeles Department of Water and Power Pension Fund and the Teacher Retirement System for the State of Illinois have both allocated $20m (€15.3m).
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Diversity widened performance of non-listed funds
EUROPE - Differences in geography and leverage levels, as well as currency movements, meant European non-listed real estate funds experienced a wide range of performance levels in 2008, according to International Property Databank (IPD).
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Illinois State Universities to build infrastructure
UNITED STATES – The State Universities Retirement System of Illinois has issued its first Request for Proposal (RFP) for infrastructure managers.
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INREV uncovers worries over LTV covenants
EUROPE – Many institutional investors are concerned that their non-listed real estate funds may breach loan-to-value (LTV) covenants, but they are often reluctant to inject fresh equity into vehicles, according to an INREV survey.
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Texas School Fund allocates to real estate
UNITED STATES - The Texas Permanent School Fund has established a 6% targeted allocation to real estate, making this its foray into the asset class.
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Texas Teachers to invest $475m in LLPs
UNITED STATES - Teacher Retirement System of Texas is in the process of setting up two limited partnership funds with assets of $475m (€358.1m) which could make it the only pension fund investor.
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Maine adds to infrastructure portfolio
UNITED STATES - Maine Public Employees Retirement System is now moving ahead with plans to hold up to 5% of its assets infrastructure, and has made a further investment which could eventually lead the fund to invest up to $400m (€301.8m) in the asset class.
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LA Fire and Police burns Adelante deal
UNITED STATES - Los Angeles Fire and Police Pensions has ended its relationship with Adelante Capital Management as a REIT manager after the firm massively underperformed its benchmark.
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Pension funds under pressure to get involved
GLOBAL - Institutional investors are coming under pressure to become more actively involved in the management of their commingled real estate funds as managers struggle with the effects of the downturn.
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PERE funds struggle to close
GLOBAL – Private equity real estate funds are finding it tough to reaching closing fund-raising positions and almost as many as last year have already abandoned the task, according to research conducted by Preqin.
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ING narrows focus in 'back to basics' shift
GLOBAL – ING, the Netherlands-headquartered banking and insurance group, is forming a single global investment management business and consolidating its operations to in future focus on retail banking and the retirement market.
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Swiss pension funds buy Schroders lease
SWITZERLAND/UK – AFIAA, the Swiss real estate investment adviser for state pension funds, has purchased the long leasehold on Schroders’ London headquarters for £70m (€76.5m).
