Capital Raising News – Page 217
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Reits design described as “wrong”
GLOBAL - European Reits are being formulated to appeal to the “wrong audience”, according to Europroperty Consulting.
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Washington State ups real estate allocation
UNITED STATES - Washington State Investment Board has decided to boost its real estate allocation from 12% to 13%.
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Texas Teachers invest in land banking
UNITED STATES - Teacher Retirement System of Texas has approved a commitment of $150m ($101.4m euros) into the Stratford Land Fund III commingled fund, as there is now less appetite for building physical developments.
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Apartments hit most by market shift – Pramerica
UNITED STATES - Pramerica Real Estate Investors is predicting the apartment market will be the most affected of all major property types by the recent changes in the residential housing and credit markets.
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US pensions shift further into structured finance
UNITED STATES – Increased pension fund capital in the United States is expected to flow into structured finance over the coming months, following moves by two schemes to invest in the sector.
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Fitch rethinks property fund managers
GLOBAL - Ratings agency Fitch has claimed its revamped rating system for real estate asset managers would better reflect not only the proliferation of specialist and niche funds but also the increased sophistication of investment mandates.
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NY State Teachers to pull out of two core funds
UNITED STATES - New York State Teachers Retirement System is thinking of withdrawing $225m (€153m) from two US core open-ended commingled funds.
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Pennsylvania State signs to $1bn Mexico fund
UNITED STATES - Pennsylvania State Employees Retirement System is thinking of making a commitment to a $1bn (€681.3m) Latin America residential fund being launched by Pramerica Real Estate Investors.
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US pension funds make play for value-added apartments
UNITED STATES - Pension funds in the United States are moving some capital into investing in value-added apartments, as renter demand for flats is believed to be on the upswing.
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Maryland makes its foray into Asia
UNITED STATES - Maryland State Retirement Agency has made its first move into investing in international real estate with a $100m (70.2m) commitment to an Asian fund.
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New Jersey taps into real estate debt pressures
UNITED STATES - New Jersey Division of Investment has agreed to commit $150m (€105.3m) to two commingled funds, to take advantage of the market capital squeeze and structured financing.
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US pension funds place capital into distressed paper
UNITED STATES - Several pension funds in the United States have decided to invest some capital into a distressed debt investment strategy but are choosing to do so through leverage-driven funds.
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CalPERS places fresh $600m in real estate
UNITED STATES - California Public Employees Retirement System has placed $600m (€424.5m) into a combination of commingled funds, co-investments and separate accounts for international and opportunistic strategies.
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LVAM in drive to grow institutional business
UK – LV Asset Management (LVAM), the asset management arm of UK’s largest friendly society, has announced ambitious plans to expand its fund management arm with 12 new funds and the development of a multi-manager capability, targeted at institutional and retail investors.
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ING real estate wins £100m Welsh mandate
UK – The GBP1.3bn (€1.9bn) Rhondda Cynon Taf council pension fund has awarded a £100m UK property mandate, with possible exposure to other European markets, to ING Real Estate Investment Management.
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Mass PRIM abandons small cap REITs
UNITED STATES – Massachusetts’ Pension Reserves Investment Management Board has decided to drop a small cap investment mandate for its publicly-traded real estate securities program in the United States.
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Texas Teachers to approve $800m in real estate
UNITED STATES- Teacher Retirement System of Texas is in the process of approving $800m ($568m euros) in new real estate commingled fund investments.
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BT pension fund to sell £240m portfolio
UK – Hermes Real Estate has placed 10 property vehicles on the market, in the hope of generating £240m (€346m) for the BT Pension Scheme.
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Folksam PFs in pilot pooling venture
SWEDEN - Swedish insurance group Folksam has set up the first bespoke property pooling structure designed for separate pension funds within the same group.
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Ohio Police & Fire sells separates
UNITED STATES - Ohio Police & Fire Pension Fund has voted to approve the transfer of seven separate account assets and move them into a commingled fund.
