Europe – Page 478
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ABP defector joins F&C
NETHERLANDS - ABP real estate securities analyst Jorit Arissen is leaving the Dutch pension fund after just over a year to join fund manager F&C.
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UK, Spanish banks in sale-and-leaseback deals
UK/SPAIN - Two banks involved in the acquisition of ABN Amro are selling off most of their remaining property assets in a series of sale-and-leaseback deals.
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Oslo property market is ‘the new Helsinki’
NORWAY – Europe is good but Norway is better, according to a property market report published by Close, the independent merchant bank.
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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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UK government to invest €2.4bn in infrastructure
UK - The UK government is to plough £1.7bn (€2.4bn) into boosting infrastructure for planned ‘new’ towns and growth areas over the next three years.
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Bär taps into thirst for infrastructure
SWITZERLAND - A fund jointly launched by Macquarie and Julius Bär, the private bank, is targeting European pension fund investors with a global infrastructure fund focused primarily on energy and utilities.
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Strategies switched amid lower Romanian returns
ROMANIA - Charlemagne Capital’s €110.5m sale of three Romanian property assets last week indicates a significant shift in that market, according to 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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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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SBB sells 9,800m2 to fund pensions
SWITZERLAND - The Swiss federal railways SBB has sold another one of its real estate holdings under its funding promise to the SBB pension fund.
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Hotels lose clients but grow revenues
UK - Despite flattening occupancy rates, UK hotel revenues will increase by 6.2% in 2007—8, according to a report published by PricewaterhouseCoopers.
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Unite transfers UK student assets
UK - Student accommodation developer Unite has sold assets in Glasgow, Leeds and Bristol to its Unite UK student accommodation fund for £81.8m (€118m) in cash.
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Austrian prices ‘good for two more years’
AUSTRIA - Recovering office across European markets still offers yields as a sector no longer available in retail and industrial, according to property firm Matrix.
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Stunted supply boosts European retail
EUROPE - European pension funds are on a regional shopping spree motivated by a limited supply of new assets in low-risk markets, according to Aberdeen fund manager Nico Tates.
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Pennsylvania spends €200m in Europe
UNITED STATES - Pennsylvania Public School Employees’ Retirement System has increased its exposure to European real estate by committing a total of €200m to two commingled funds.
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San Diego City targets non-US real estate
UNITED STATES - San Diego City Employees Retirement System has approved its first ever targeted allocation for non-United States real estate investments.
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Pension funds "ready for Russian real estate"
RUSSIA - Pension funds – at least Nordic ones – are ready to invest in Russian real estate, having overcome earlier reluctance concerning the complexity of the market, according to Ole Dall-Hansen, chief executive of Aberdeen Property Investors Eastern Europe.
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Shareholders vote to keep F&C trust open
UK – Investors in the F&C Commercial Property Trust have voted overwhelming for the continuation of the company, despite an earlier drop in its performance.
