Capital Raising News – Page 194
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New Jersey considers $350m for non-core
UNITED STATES - New Jersey Division of Investment is looking at placing $350m (€232m) into non-core real estate investments through commitments to six commingled funds.
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Chicago Teachers reviews 'emerging managers' status
UNITED STATES- Public School Teachers’ Pension and Retirement Fund of Chicago is looking at investing $125m (€84.3m) this year, in international real estate and emerging managers, once the scheme has reviewed its definition of an ‘emerging manager’.
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Washington places $250m in 'non-traditional' real estate
UNITED STATES - Washington State Investment Board has approved a $250m (€168m) commitment into the Morgan Stanley Real Estate Special Situations III commingled fund, to gain global exposure to real estate companies.
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US pensions show appetite for entity-level investing
UNITED STATES - School Employees Retirement System of Ohio is one of several pension funds in the United States showing a significant interest in placing capital into entity level real estate investments.
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CalPERS approves €850m in real estate
UNITED STATES - California Public Employees Retirement System has allocation $859.8m (€587.9m) of new real estate investments in commingled funds containing a mixture of local and international real estate, and debt.
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NYSTRS creates new industrial JV
UNITED STATES - New York State Teachers Retirement System (NYSTRS) has created a new joint venture to invest in western US industrial properties.
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Russell Investments adds real estate staff
UNITED STATES - Russell Investments has expanded its real estate staff with the hiring of Dawne Clark as a portfolio manager.
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Mass PRIM expands REIT program
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has decided to expand its REIT investment program by increasing its allocation by 50%.
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Nevada PERS strengthens ‘all-cash’ core status
UNITED STATES - Nevada Public Employees Retirement System has decided to grow its real estate portfolio through the acquisition of core assets adopting all-cash purchases.
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NYSTRS buys $250m in fresh real estate
UNITED STATES - New York State Teachers Retirement System has added a mix of international, opportunistic and structured finance funds to its real estate portfolio totaling up to $250m (€171.1m).
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Savanna creates first institutional fund
UNITED STATES - Savanna Investment Management has joined the institutional fund management business with the closing of its Savanna Real Estate Fund I.
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Pension property fund reaches €1bn
EUROPE - TKP Pensioen Real Estate Fonds (TREF), the pooled property fund set up in 1998 for the Dutch KPN and TNT pension funds, last week passed the €1bn mark to become the largest European property fund-of-funds.
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Avon PF to place 1/8th in multi-manager property
UK – Bath and North East Somerset Council is looking to alter the asset allocation strategy and passive equity holdings of the Avon pension fund, to accommodate diversification into UK and global real estate.
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US funds choose the commingled industrial option
UNITED STATES – Some pension funds in the United States are showing evidence of preferring to invest in industrial properties through commingled funds, rather than direct.
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Oregon to spend $700m on real estate
UNITED STATES - Oregon Public Employees Retirement Fund has approved an investment worth $700m (€477.7m) into three real estate commingled funds.
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Pramerica sets up hotel JV
UNITED STATES - Pramerica Real Estate Investors has formed a new joint venture with Ashford Hospitality Trust to invest in hotel properties through structured debt and equity.
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Hewitt urges caution on Irish property
IRELAND – Consultants have urged pension fund trustees to diversify away from Irish property in the medium term, despite property funds averaging 6.9% returns in 2007.
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AXA latest to lock in fund investors
EUROPE - AXA last week became the latest manager to halt investor withdrawals when it imposed a six-month deferral on “switches out, surrenders from and transfers out of” its AXA Pension property fund.
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Vervoer invests in RaboBouw infrastructure
NETHERLANDS –Vervoer, the €6.4bn industry-wide pension fund for the private transport sector, has been cited as one of the main investors for a new infrastructure investment fund created by Rabobank’s subsidiary Rabo Bouwfonds.
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CA Immo postpones G-Reit
AUSTRIA/GERMANY – The €3.5bn Austrian real estate company CA Immo has decided to postpone the launch of a German Reit because of current market conditions.
