Capital Raising News – Page 189
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US pension funds face slow activity
UNITED STATES – Pension funds have found activity in the buying and selling of real estate is slowing considerably in the United States, as a result of the downturn in prices and sentiment in the property markets.
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Los Angeles City approves non-core commitments
UNITED STATES - Los Angeles City Employees’ Retirement System has approved three new commingled fund investments totaling $50m (€31.5m), in a bid to diversify its non-core holding.
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Managers avoid dance with pension fund pests (amended)
GLOBAL - Smaller European pension funds are finding themselves marginalised by property fund managers tired of their requests for special terms, according to a US fund-of-funds manager.
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US-based PE funds struggle after record inflows
UNITED STATES - Investors are abandoning smaller US private equity property funds, and opting instead to commit capital to “megafunds” to avoid navigating a saturated market.
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East Capital goes it alone in Baltics
BALTIC STATES - Fund manager East Capital has taken sole control of a joint venture set up to manage its Baltic property funds and expressed optimism for their performance despite an economic downturn in their target markets.
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Finnish PFs snap up Sponda bond
FINLAND - Finnish pension funds and insurers will be the primary investors in a €130m hybrid bond issued by Finnish real estate firm Sponda, according to chief executive Kari Inkinen.
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Washington State sinks $1.2bn into real estate and infrastructure
UNITED STATES - Washington State Investment Board is putting $1.2bn (€770.7bn) into a combination of real estate and infrastructure investments, and taking advantage of the need for debt liquidity in the market.
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CalSTRS invests $1bn in real estate in Q1
UNITED STATES - California State Teachers Retirement System approved investments totalling just over $1bn (€642.2m) into real estate for the first quarter of 2008, in a mixture of core and tactical investments.
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Orange County turns away from separate accounts
UNITED STATES - Orange County Employees Retirement System has started the process of investing in commingled real estate funds and moving away from separate accounts.
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New Jersey turns attention to non-core real estate
UNITED STATES - New Jersey Division of Investment has approved $250m (€161.4m) worth of commitments to non-core real estate.
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BPT beats off Quebec pension fund for Russian assets
RUSSIA - The Baltic Property Trust Group (BPT) has beaten off Russia-hungry rival investors to acquire its latest asset in the market: the first phase of the Country Park business centre in Moscow.
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Pension funds cut managers and look again at Europe
EUROPE - Pension funds are slashing the number of property fund managers they deal with, at the same time as increasing their allocations to an asset class they now see as core to their investment strategies.
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Ohio PERS prepares for move overseas
UNITED STATES - Ohio Public Employees Retirement System is getting ready to make its first ever move into investing in international REITs.
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Pramerica books space at Mexican resort
UNITED STATES - Pramerica Real Estate Investors is expecting to invest as much as $800m (€517m) over several years in a joint venture to develop the second phase of a project along the Sea of Cortez in Mexico, known as CostaBaja Resort & Marina.
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SanFran City & County ups real estate assets by 2%
UNITED STATES - San Francisco City & County Employees’ Retirement System has decided to increase its exposure to real estate to 12%.
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Maryland sees value in adding to real estate
UNITED STATES - Maryland State Retirement System has signed a deal to invest with a new manager to the fund, by committing $100m (€64.6m) to the Rockwood Capital Real Estate Partners VIII fund.
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LACERA extends its hotel funds holding
UNITED STATES - Los Angeles County Employees Retirement Association has further diversified of its assets into hotel investments, and approved a $100m (€64.5m) commitment to the Starwood Capital Global Hospitality Fund II.
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Hotels grow – but outside Europe
EUROPE - The hotel sector’s centre of gravity has lurched away from Europe, according to Martin Armitstead, DTZ’S managing director of EMEA hospitality.
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Wisconsin follows the lower allocation trend
UNITED STATES – Yet another US pension fund has moved to reduce its allocation to real estate this year, as the State of Wisconsin Investment Board has cut its allocated capital by 14%.
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Tricon Capital creates new investment platform
UNITED STATES - Tricon Capital Group has created a new investment platform for the recapitalisation of single-family communities.
