Capital Raising News – Page 203
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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.
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Schroder sees a future in ‘blind funds’
UK – Blind funds are likely to attract institutional investors entering the property market, according to William Hill, head of property at Schroders.
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T.Rowe Price turns attention to globe real estate
US/GLOBAL – US-based asset manager T. Rowe Price is launching a global real Estate strategy in a bid to expand its global investment opportunities.
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New Star loses shine with real estate investors
UK – The £673m (€811m) New Star International Property fund has been forced to temporarily suspended dealings following an increase in redemptions from institutional clients.
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Oregon to follow on Guggenheim fund
UNITED STATES - Oregon Public Employees Retirement Fund has approved a $100m (€78.6m) commitment into the Guggenheim Fund II(a),which follows a fund launched in 2006.
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Ohio School Employees to redeem real estate assets
UNITED STATES - School Employees Retirement System of Ohio is in the process of issuing redemption queues on the RREEF America REIT II and BlackRock Strategic Apartment funds.
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Oregon to follow on Guggenheim fund
UNITED STATES - Oregon Public Employees Retirement Fund has approved a $100m (€78.6m) commitment into the Guggenheim Fund II(a),which follows a fund launched in 2006.
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Property sector finally unveiled for UK unlisted market
UK – The Investment Management Association (IMA), trade body to the £3.4trn (€3.99trn) UK fund management industry, and its Performance Category Review Committee (PCRC) have created a new property sector.
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Orion ready for European bargains
Europe – Orion Capital Managers has raised €900m of capital for its latest opportunistic property fund which will aim to buy bargain real estate across Europe.
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German funds hit hardest by institutional outflows
GERMANY – Recent redemptions from German open-ended funds (GOEFs) were “mainly driven by institutional investors rather than retail investors,” according to a senior analyst for CB Richard Ellis.
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LaSalle launches UK opportunity fund
UK – LaSalle Investment Management is raising a £400m (€487m) opportunity fund to take advantage of declining property values and potential distress in the UK real estate market.
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Foreign investors get smaller piece of the pie
CHINA – Domestic investors took an increasing larger share of the real estate investment market in China in the first half of the year, a report by property consultants DTZ shows.
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NYSTRS invests in warehousing and debt
UNITED STATES – New York State Teachers’ Retirement System (NYSTRS) has added to its real estate portfolio by investing in an industrial commingled fund and by making several investments in debt real estate.
