Capital Raising News – Page 215
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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.
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Orange County adopts commingled strategy
UNITED STATES - Orange County Employees Retirement System is adopting a real estate investment strategy which will see it only invest in commingled funds.
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Ohio School expands into global REITs
UNITED STATES – The School Employees Retirement System of Ohio has expanded into global REITs investment for the first time with a $200m (€135.4m) allocation.
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LACERA commits to pan-European fund
UNITED STATES - Los Angeles County Employees Retirement Association has approved a $25m (€16.9m) commitment into the Europa fund III commingled fund, which is also expected to contribute to Nordic and Swiss property deals.
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Technical change hits PFZW property returns
NETHERLANDS - PFZW, the €88bn Dutch pension scheme formerly known as PGGM, said it would maintain its current property allocation despite the portfolio’s significant underperformance in the last quarter.
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Washington State commits to Brazil
UNITED STATES - Washington State Investment Board has decided to allocate $100m (€68.4m) into a commingled fund providing debt and equity investments in Brazilian real estate.
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US pension funds see new opportunity
UNITED STATES – Pennsylvania State Employees Retirement System and the Teacher Retirement System of Texas are two of the latest US pension funds to place capital into opportunity funds.
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JP Morgan creates $726m apartment JV
UNITED STATES - JP Morgan Asset Management has setup a $726m (€498.6m) joint venture with Apartment Investment and Management Company to gain a co-ownership of three apartment complexes in West Los Angeles.
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French institutions to diversify real estate
FRANCE – As much as 60% of French institutional investors will diversify their real estate portfolios either geographically or into different investment strategies, the ratings firm MultiRatings has found.
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'Mid-sized funds charge more' - INREV
GLOBAL - The larger the fund, the lower the management fee is the conclusion of an INREV survey of fees charged by 160 European non-listed real estate funds, except in funds with assets of €100—299m, as they levy the highest fees.
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Cap rates stay low on in retail shopping
UNITED STATES - The Oregon Public Employees Retirement Fund has been able to pick up new purchases which suggests cap rates on grocery anchored shopping centers are staying low and have yet to be hit impacted by the changes in the debt market.
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Shorenstein taps investors for mezzanine deals
UNITED STATES - Shorenstein Properties LLC has decided to reopen its last closed-end mezzanine commingled fund Shorenstein Realty Investors Nine to existing investors, in a bid to make gains before financing capital hits the market.
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Morgan Stanley forms solar project fund
UNITED STATES - Morgan Stanley has put together a $200m (€135.9m) solar project fund to invest with Recurrent Energy and provide solar power to institutionally-owned real estate across the country.
