Capital Raising News – Page 184
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Co-investment an outmoded misconception, claims industry veteran
GLOBAL – The effectiveness of co-investment by real estate fund managers to align interests was seriously questioned at this year’s IPE Real Estate Investor Forum & Awards, part of the IPD/IPE Real Estate Congress.
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Illinois Municipal plans core search
UNITED STATES – Illinois Municipal Retirement Fund is to conduct a search next month for a $150m (€122.7m) investment in core open-ended commingled funds.
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Texas Employees makes first move into non-listed
UNITED STATES – Employees Retirement System of Texas has made its first investments in non-listed real estate funds as it seeks to build up its overall property exposure.
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And the winners of the IPE Real Estate Awards 2010 are…
EUROPE – Ärzteversorgung Westfalen-Lippe (AeVWL) was crowned Best European Institutional Investor last night at a glittering event in Amsterdam to celebrate this year’s IPE Real Estate Awards 2010.
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LPFA could start wave of investment in UK housing
UK – The £3.5bn (€4bn) London Pension Fund Authority (LPFA) could be the first in a number of UK pension funds investing in the residential real estate sector.
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Texas Teachers to target core US real estate through Lionstone
UNITED STATES – Teacher Retirement System of Texas has formed Lionstone Cash Flow Real Estate Partners One, a fund managed by Houston-based The Lionstone Group.
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Canada Pension Plan steps up global spending spree
GLOBAL – Canada Pension Plan Investment Board (CPPIB) has made its first ever investment in Manhattan through a joint venture with SL Green Realty Corporation, and established an Australian real estate development fund with Goodman Group.
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Oregon signs up to Vornado value-add club fund
UNITED STATES – Oregon Public Employees Retirement Fund has approved a $100m (€78.7m) commitment to the Vornado Capital Partners investment fund.
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German nursing home fund targets smaller pension investors
GERMANY – Small pension funds from outside Germany will invest in a fund dedicated to German nursing homes, according to fund manager Felix von Braun, a former managing director of Savills.
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Macro drives Euro growth as UK confidence boosts non-listed funds
EUROPE - Broad recovery in European property markets raises the prospect that markets such as Denmark and the Netherlands could escape the cyclical downturn altogether.
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Chinese investors buy back residential after pricing policy move
CHINA - A group of Chinese investors has acquired a prime serviced residential block in Shanghai from SEB Asset Management (SEBAM)’s Asian property SICAV – the latest deal in a trend for Asian investors to replace capital from European and US pension funds.
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Premature redemptions point to nervous German investors
GERMANY – Redemptions in open-ended real estate funds, sparked by a German ministerial report proposing a 10% cut in property valuations, have caused some managers to re-freeze funds. But fund managers have blamed the latest spate of redemptions on market nervousness rather than a sensible reaction to talk of reform.
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Maine PERS to ramp up real estate exposure in 2010
UNITED STATES - Maine Public Employees Retirement System is planning to invest between $100m (€76.5m) and $200m in real estate in 2010.
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Pension funds and IVG co-invest in green fund
EUROPE – Four unnamed pension funds – three German, one Austrian – have each invested €33m in a €300m sustainable office fund.
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Half of real estate funds ‘will bleed to death’
GLOBAL - As many as 50% of fund managers will go out of business in an industry shakeout that still has far to go, according to Claude Angéloz of the Swiss-based Partners Group.
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San Antonio raises allocation and eyes new funds
UNITED STATES - San Antonio Fire and Police Pension Fund has increased its strategic asset allocation to real estate by four percentage points, giving it $95m (€71.4m) in new spending power.
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Henderson re-opens pan-European fund
EUROPE – Henderson Global Investors will this week reopen its €405m institutional pan-European real estate fund of funds after 76% of investors agreed to revoke their redemptions.
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INREV index posts recovery figures: UK leads
EUROPE – European non-listed funds returned a negative -7.8% in 2009, compared with -19.8% the previous year, according to the INREV Index of 258 funds representing assets worth €132.7bn.
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ING REIM steps in to rescue Creed fund
ASIA – ING Real Estate Investment Management has taken over as general partner (GP) at an Asian real estate fund for the second time in 12 months.
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Non-listed real estate funds see capital raising fall by 60%
EUROPE – The volume of capital raised through European non-listed real estate funds fell by 60% in 2009, according to the European Association for Investors in Non-listed Real Estate (INREV).
