European Investors News – Page 268
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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.
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US pension fund capital flows to Europe
UNITED STATES - A significant amount of pension fund capital in the United States is still moving towards Europe as California State Teachers Retirement System and Los Angeles County Employees Retirement Association made new investments.
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New Jersey tries on separates
UNITED STATES - The New Jersey Division of Investment is shifting into the use of real estate separate accounts and has hired General Motors Investment Management for a $150m (€106.4m) equity mandate.
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Ex-army ‘new town’ set for sale
UK - The UK government is to sell off decommissioned land earmarked for the development of a new town in southeast England.
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INREV data 'will make fees more transparent'
EUROPE - New guidelines have been published which are expected to increase the transparency of management fees for private property funds.
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IPD reveals global property outshone Europe
GLOBAL - Global real estate performed well last year, according to IPD figures published, delivering returns only slightly down on their 2005 peak.
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UK hotel buy bucks prime trend
UK - Deutsche Bank real estate subsidiary RREEF has bucked a trend towards international prime hotel acquisition by acquiring the Four Pillars Hotel Group, which has five mid-sector assets in Oxfordshire and Gloucestershire.
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Berkshire trades direct property for fund
UK - The £1.4bn (€2.1bn) Berkshire pension fund has made a £15m investment into BlackRock's UK property fund.
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Sustainability to split real estate pricing - DTZ
EUROPE – Real estate manager DTZ is predicting Europe will eventually develop into a two-tier property market which prices less energy-efficient real estate at a discount.
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F&C property trust to decide whether to quit
UK - Negative investor sentiment towards UK property has driven the F&C Commercial Property trust to convene an extraordinary general meeting (EGM) to decide on its own future.
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REITs ‘waiting for long-term investors’
UK - Critics of the poor performance of UK REITs since their launch in January are failing to understand they’re a long-term investment, according to Dave Butler, programme coordinator at UK-based campaigning group REITA.
