Europe – Page 517
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News
Finnish PFs invest in Portuguese retail
FINLAND/PORTGUAL - Finnish investors, including the €24.3bn Local Government Pensions Institution and pension insurer Ilmarinen, are among the reference investors in a Portuguese shopping centre fund.
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European capital shifts to Bavaria
GERMANY - Fidelity is shifting its pan-European real estate operations to Munich, in an expression of confidence in the recovering German property market.
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Pension funds are "comfortable" with global investment
GLOBAL - Pension funds are increasingly comfortable investing in overseas markets they see as subject to increasingly global standards of transparency, according to Standard Life Investments.
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Norway pension fund allocates 5% to real estate
NORWAY – Europe’s largest pension fund, the NOK2136bn (€267bn)Norwegian Government Pension Fund – Global, has said it will switch 5%of its asset to real estate, while moving more money into emerging markets.
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Europe wins lion’s share of real estate inflows
EUROPE - Europe was the major target of global capital flows for real estate transactions in 2007, capturing 40% of the total $339bn (€215bn) in real estate transactions last year, according to data released by Real Capital Analytics (RCA).
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Financial crisis will affect 2008 result – IVG
GERMANY – While real estate asset manager IVG and some of its competitors reported record earnings for 2007, the companies there will fear the financial crisis will have a major impact on this year's results.
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New Jersey commits to high return fund
UNITED STATES - New Jersey Division of Investment has approved a $100m (€64.1m) commitment to the Lehman Brothers Real Estate Partners III commingled fund.
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San Diego City expands its international focus
UNITED STATES - San Diego City Employees’ Retirement System is growing its international real estate investment program by investing in a commingled fund and moving its domestic REIT program to a global stage.
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Ohio Police & Fire invest $162m in real estate
UNITED STATES - Ohio Police & Fire pension fund has approved a real estate strategy to invest $162m (€103.8m) in the asset class for 2008.
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PREA delegates call the real estate recession
GLOBAL - It will take around 18 months for capital markets in commercial real estate to return to normal – that was the consensus among the more than 700 delegates attending the PREA Spring Conference in Boston last week.
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BP pension fund signs central London JV
UK – BP’s UK pension fund has launched a joint venture that will give the £13.8bn (€19bn) scheme access to central London assets as part of a broader drive to increase its exposure to property.
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Logistics remains strong, except in UK
EUROPE - Logistics is still outperforming other European sectors despite a 12% fall in direct investment last year compared with 2006.
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Aberdeen pulls out of Swedish retail
SWEDEN - Aberdeen has radically reduced its exposure to Swedish retail, just weeks after the 2007 Swedish Annual Property Index claimed it as the year’s top-performing sector.
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Latecomer Swede enters Finnish market
FINLAND - The German fund management arm of Swedish bank SEB has acquired the first Finnish asset for its ImmoInvest open-ended fund, in a €23m deal for an airport-city office block outside Helsinki.
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Magazine
Ringing the changes
The race is on to take advantage of UK real estate opportunities, as well as broadening out into European infrastructure. Richard Lowe reports
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MagazineTravelling far in search of comfort
Disappointment over the new G-REIT has shifted the attention of German pension funds farther afield. Diversification is the clear driver, as Richard Lowe reports
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MagazineSeize the opportunity
Austrian pension funds are adopting a strategy of broadening the investment horizon in terms of regions and vehicles. Barbara Ottawa reports
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News
Finnish fund’s property cap to stay
FINLAND - Investments in the €12bn Finnish state pension fund VER will continue to be driven mainly by “traditional risk limitations”, despite the growth in recent years of its real estate and infrastructure portfolios.
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RREEF enters German retail market
GERMANY - A RREEF-dominated consortium is to acquire 164 German properties housing Karstadt department stores, via a 49% stake in Canadian fund manager Highstreet.
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Protego seizes off-market opportunity to shop
FINLAND - Protego Real Estate Investors has acquired Helsinki’s Kamppi shopping centre for €452.5m in an off-market deal.
