All Europe articles – Page 382
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US and European investors reveal different gearing interests
GLOBAL – Appetite for gearing levels in real estate funds has diverged between European institutional investors and those based in the US, according to a multi-manager.
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Spain tops the losses for IPD European returns
EUROPE – Spain experienced its second consecutive year of negative commercial real estate returns in 2009, while Germany and Switzerland remained relatively stable over the same 12-month period, according to Investment Property Databank (IPD).
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BVV PK places real estate activity on ice
GERMANY – The €21bn BVV Pensionskasse for banks has decided it will make no new real estate commitments for the next 12 months, but expects to increase its long-term allocation to the asset class in the future.
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Airport project leaves IVG in the red
GERMANY – German real estate company IVG reported net losses for 2009 of €158m – almost all of which can be attributed to a project near the Frankfurt airport, an IVG-spokesman confirmed to IPE.
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Currency swing stifles positive return on institutional funds
EUROPE – Institutional European real estate funds on average delivered a negative euro-denominated return of -1.6% in 2009. But there was a huge variance of investment performance among funds over the 12-month period, according to Investment Property Databank (IPD).
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Unilever’s Progress nears end of direct real estate divestment
NETHERLANDS – CB Richard Ellis is in negotiations with an unnamed investor to exchange on the remaining assets of the domestic real estate portfolio of Progress, the Dutch pension fund of Unilever.
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Investors to decide gearing on L&G’s property income
UK – European institutional investors that have committed to Legal & General Property’s (LGP) new UK core fund have been given a choice over the level of gearing they will be exposed to.
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Royal Mail Pension ends 27-year run for real estate manager
UK – LaSalle Investment Management is to take over the management of the Royal Mail Pension Plan’s (RMPP) £1.6bn (€1.8bn) UK real estate portfolio, which has been run by Hermes since 1995 and under its previous incarnation PosTel since 1983.
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Pension funds maintain German real estate security
GERMANY – Total returns for German real estate declined for the second consecutive year, but pension funds in the country have continued to focus heavily on their domestic market because it “feels safer”, according to a leading pension fund manager.
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Ediston sees fresh activity after market downturn
UK – The Ediston Opportunity Fund, which raised capital from pension funds in 2007, has made a number of investments following more than two years of inactivity and is consulting investors on raising more capital.
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Norwegian pension fund snaps up new office
NORWAY – Akershus Fylkeskommunale Pensjonskasse (AFKP), a local authority pension fund for the employees of the municipality adjacent to the north and west of Oslo, has acquired a newly-developed office building in Drammen.
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German investors return to real estate
GERMANY – The percentage of German institutions investing in real estate has increased four-fold over the last year and the interest in infrastructure has also gone up, a survey by IPE Institutional Investment has found.
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Pennsylvania Public School increases allocation to real estate
UNITED STATES - Pennsylvania Public School Employees’ Retirement System has decided to increase its targeted allocation for real estate from 8% to 10.5%. Most of the increase will be funded by the elimination of the pension fund’s 1.5% allocation to public REITs. Pennsylvania Public School ...
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UK REITs’ cash position strengthened
UK – Real estate investment trusts in the UK will be able to issue stock dividends in lieu of cash dividends if the current government remains in power after the next general election. UK chancellor Alistair Darling made the announcement in his pre-election Budget on Wednesday following lobbying pressure from ...
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BRIC-built recovery expected - JLL
GLOBAL – The BRIC countries will lead the global real estate market recovery as their economic expansion boosts occupier demand across all sectors and cross-border investment returns, according to Jones Lang LaSalle (JLL).
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Value emerging in industrials - Hansteen
UK – European industrial real estate investment trust (REIT) Hansteen has purchased an industrial estate and is in due diligence on three others for its new UK fund backed by institutional investors.
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Investors seek Nordic expansion
GERMANY/NORDICS – Institutional investors in Germany have asked Schroders to increase the size of their fully invested Nordic fund and given permission to the fund manager to raise additional equity from new investors.
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CalPERS to invest $1.3bn in infrastructure in 2010
UNITED STATES - California Public Employees Retirement System wants to invest as much as $1.3bn (€961.5bn) in infrastructure during 2010.
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APG and Corio to invest €1.3bn in European retail
EUROPE – Pension fund asset manager APG has agreed to help listed real estate company Corio raise enough capital to acquire more than €1.3bn worth of retail assets in Europe.
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Aviva's AIPL investments near €290m
UK – Aviva Investors has acquired more than £260m (€289m) of UK real estate over the last six months for its AIPL vehicle, a low-risk real estate fund for institutional corporate and local authority pension schemes.
