Capital Raising News – Page 182
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EDHEC launches French index
FRANCE – French business school EDHEC has launched a monthly index for commercial property in France with the help of the Institut de l'Epargne Immobilière et Foncière (IEIF), an independent French real estate research institute.
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UniCredit sells Italian bank assets to new fund
ITALY – Italian bank UniCredit has sold 72 commercial properties worth approximately €800m to a real estate investment fund run by Italian fund manager Fondi Immobiliari Italian (Fimit).
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CalSTRS joint venture gains new financing
US – First Industrial, the North American Real Estate Investment Trust (REIT), has arranged a new $110m (€78.6m) debt facility for its ventures with the California State Teachers’ Retirement System (CalSTRS).
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ProLogis steps up to support European Properties
US – ProLogis, the international logistics developer, has stepped in to help ProLogis European Properties (PEPR) by buying a 20% interest in the ProLogis European Properties Fund II (PEPF II).
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CPPIB buys into Turkish retail
CANADA - The Canada Pension Plan Investment Board (CPPIB) has invested €250m of equity in a Turkish retail fund.
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Fees transparency is improving - INREV
GLOBAL– European non-listed real estate funds are rapidly making their fee structures more transparent for investors and fund managers, according to the latest research by the European Association for Investors in Non-listed Real Estate (INREV).
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Investment options widened by CalPERS
UNITED STATES - California Public Employees Retirement System has approved a temporary new allocation range for real estate, and selected consultants for both timberland and infrastructure investing.
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Iowa PERS withholds new capital
UNITED STATES - Iowa Public Employees Retirement System has decided not to allocate any new capital for real estate investing into the 2009 calendar year.
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UBS halts property fund redemptions
SWITZERLAND – Swiss bank UBS has frozen its $6bn (€4.4bn) global property fund because it could no longer handle the high number of redemption requests.
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MPL taps buy-to-let repossessions
UK – Managing Partners Limited's British Property Opportunities Fund is expecting to return over 10% in its first year by snapping up bargain repossessed UK properties from banks at 30%-discounted prices.
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Protego concludes merger into Threadneedle PUT
UK – Protego Real Estate Investors and Threadneedle Asset Management have completed the merger of their respective UK property funds, the Protego UK Property Fund and the Threadneedle Property Unit Trust.
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Morgan Stanley exits separate accounts
UNITED STATES - Morgan Stanley Real Estate is pulling out of the separate account business.
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Chicago Teachers to redeem commingled real estate
UNITED STATES - Public School Teachers’ Pension and Retirement Fund of Chicago is issuing redemption queues on all of its open-ended commingled funds.
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E&Y and Henderson to deliver Spezialfonds
GERMANY - Ernst & Young Real Estate and Warburg–Henderson have joined forces to offer what they describe as an outsourcing service for institutional investors which allows them to transfer their directly-held real estate portfolios into a Speziafonds property fund
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Real estate returns add to Harvard woes
US - Harvard University’s endowment has lost $8bn (€6.3bn) of investments in the first four months of the university’s fiscal year and is expected to deliver the worst annual returns in 40 years, officials have announced.
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CalSTRS awards capital to existing managers
UNITED STATES - California State Teachers Retirement System has bucked the trend and issued new capital to real estate managers, to could be used for potential investment in 2009.
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Diebold’s pension moves into real estate
UNITED STATES - Diebold Corporation’s $450m (€356.5m) defined benefit pension fund has made its first move into real estate investment and made a $10m commitment to JP Morgan’s open-ended Strategic property fund.
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Pension funds scramble to fly UK airport bids
CANADA/UK - Ontario Teachers’ Pension Fund is working with 3i’s infrastructure fund on a potential bid to buy Gatwick Airport in a deal which could be worth more than £1.5bn (€1.8bn), but other pension funds are thought to be considering deals too.
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Invista reveals pressures as dividends halted
UK/EUROPE - Invista European Real Estate Trust SICAF is suspending dividend payments in a bid to conserve cash and to deleverage the company.
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Texas Teachers considers mezzanine debt
UNITED STATES - Teacher Retirement System of Texas may be one the of few US pension funds to make a major investment this as officials are thinking of investing $150m (€116.9m) in mezzanine debt.
