Capital Raising News – Page 204
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More flexibility or Spanish REITs will flounder – Testa
SPAIN – The Spanish government’s drafted legislation for real estate investment trusts (REITs) must be made more flexible in order to encourage the sector to develop, delegates heard at the latest Urban Land Institute (ULI) conference.
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Crisis of confidence for UK property
UK – Confidence has collapsed across the UK real estate sector according to Smith & Williamson’s latest annual survey.
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Opportunistic funds continue to attract capital – Clerestory
GLOBAL – Capital continues to be raised globally for opportunistic real estate funds, albeit at a slower pace, despite the credit crunch and falling economic growth, according to research from Clerestory Capital Partners.
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Axa REIM shifts into distressed debt
EUROPE – Axa REIM, the real estate arm of Axa Investment Managers Group, is holding back from investing in European markets because it predicts property prices will drop even further and will concentrate on buying distressed debt.
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Illinois Teachers reviews five-year strategy
UNITED STATES - Teacher Retirement System for the State of Illinois is looking at making several changes to its real estate strategy as part of its five-year plan for real estate.
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Opposing markets halt TKP’s real estate gains
NETHERLANDS – TKP Pensioen has revealed the financial crisis has brought the performance growth of its real estate investments to a standstill.
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Private equity market is still a target - Preqin
US - Private equity real estate markets continues to attract long-term investors despite the financial crisis, according to the Preqin 2008 Private Equity Real Estate Review.
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Apollo to tap distress calls
US - Apollo Real Estate Advisors is hoping to take advantage of the turbulent market conditions to seize opportunities in distressed debt funds for the benefit of pension funds, but buying debt funds at discounted prices from banks.
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CPPIB invests fresh CA$1.4bn in real estate
CANADA – The Canada Pension Plan Investment Board has expanded its real estate portfolio with $1.4bn worth of new investments, bringing the fund’s total real estate commitments to $8.4bn.
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Avon signs Partners to work on global property
UK - Partners Group, the Swiss-based global alternative asset manager with over CHF25bn (€16.8bn) in assets under management, has been chosen to manage Avon Pension Fund’s overseas real estate portfolio.
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Texas Teachers commits €200m to Europe
UNITED STATES - Teacher Retirement System of Texas has approved a €200m commitment to the Blackstone Real Estate Partners Europe III commingled fund.
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CalSTRS to stick with changing First Industrial
UNITED STATES - California State Teachers Retirement System anticipates its relationship with First Industrial Realty Trust will not be affected by a major change in the firm’s upper management.
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Sacramento County puts manager search on hold
UNITED STATES - Sacramento County Employees’ Retirement System has put plans to conduct a new manager search on hold until at least the first quarter of next year.
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CBRE trust widens into UK retail
UK - The CB Richard Ellis Realty Trust has expanded its property holdings outside of the United States after purchasing a second major UK retail park.
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Grosvenor to buy a ride on the Chinese dragon
ASIA/UK – Grosvenor, the London-based group of international property investment, development and fund management businesses, has launched a $600m (€468.7m) China retail fund.
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Alameda County opts out of JP Morgan commingled fund
UNITED STATES - Alameda County Employees Retirement Association has decided it wants to pull out of its commitment to JP Morgan’s Alternative Property Fund.
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Ohio PERS grabs opportunity to look beyond the value-add
UNITED STATES - Ohio Public Employees Retirement System will be shifting some of its investment capital in real estate to an opportunistic strategy in a bid to tap the little investment likely to surface over coming months.
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CalPERS reserves $400m for hotel fund
UNITED STATES - California Public Employees Retirement System has made a $400m (€300.4m) commitment to the Starwood Capital Hospitality Fund II, following earlier success with an first version of Starwood’s specialist fund.
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SanFran to become selective in real estate
UNITED STATES - San Francisco City and County Employees’ Retirement System is slowing down its real estate decisions to match the state of the US market and will make very selective investment decisions for the rest of the year.
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California Uni puts real estate on ice
UNITED STATES - The University of California Retirement Plan has put plans to increase its real estate target allocation on hold until markets turbulence and returns have calmed.
