Capital Raising News – Page 197
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Hercules receives backing from pensions giant
CANADA/UK - The Canada Pension Plan Investment Board (CPPIB) has injected £100m (€118m) into the Hercules Unit Trust (HUT), a UK retail warehouse fund run by British Land and Schroders, which is in the process of restructuring its £800m debt facility.
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RREEF weigh ups its options over America III
UNITED STATES – RREEF, the real estate investment division of Deutsche Bank, is now considering three different options to help it deal with some debt issues for its open-ended commingled fund, RREEF America III.
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Maine PERS selects ORG as real estate consultant
UNITED STATES - Maine Public Employees Retirement System has selected ORG Real Property as its first ever real estate consultant.
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Tesco makes second property pledge to pension
UK – Tesco, the global supermarket chain, has signed another sale-and-leaseback deal with pension fund trustees, which will see the fund take a 50% stake in assets worth £458m.
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Progress continues on real estate sale
NETHERLANDS - Progress, the Dutch pension fund of food giant Unilever, has sold three housing complexes in Breda, Groningen and Nijmegen as it continues to divest its directly-held domestic real estate portfolio.
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Mass PRIM fires REIT manager
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has terminated its separate account REIT manager relationship with Wellington Management in part on the back of poor performance and awarded a new $40m (€28.6m) allocation to the AFL-CIO Housing Investment Trust Fund.
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ATP trains its eye to 'club’ investments
DENMARK – ATP Real Estate still has €300m of outstanding equity to put into the non-listed real estate markets, but has moved its focus away from large commingled funds to club deals with like-minded investors.
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Kansas PERS expands into infrastructure
UNITED STATES - Kansas Public Employees Retirement System has made its first ever investment in infrastructure with a $50m (€35.2m) commitment into the Brookfield Americas Infrastructure Fund.
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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.
