European Investors News – Page 228
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HSBC Pension Fund sells UK real estate holding
UK – The HSBC Pension Fund has sold Wilmslow Park in central Manchester to Legal & General (L&G) Property’s Managed Fund.
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UK’s Merchant Navy Pension rebalances real estate
UK – The Merchant Navy Officers Pension Fund (MNOPF) has sought to rebalance its UK real estate portfolio and sold three commercial real estate assets in the UK, for almost a third more than recent valuations.
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BP pension fund and GPE buy a piece of London’s Regent St
UK – F&C REIT Asset Management and AREA Property Partners have sold one of the top assets from the Dawnay Day portfolio they acquired in March to the BP pension fund and Great Portland Estates (GPE).
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Merchant Navy sells Waitrose property (amended)
UK – Wilky Fund Management has sold a Waitrose supermarket store in Cheadle Hulme on behalf of the Merchant Navy Officers Pension Fund, which is considering reducing its real estate exposure.
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IVG moves out of direct German property management
GERMANY – The IVG real estate group is slimming down its operations and transferring its German property management activities to third parties following a bidding process.
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Internos pays €2 for GPT Halverton
EUROPE – Internos Real Investors, the fund manager founded by Jos Short and Andrew Thornton, has acquired GPT Halverton (GPTH), giving it an established European investment platform.
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Meulenbelt to step into Cooper’s shoes at ING RE
GLOBAL – Jan Meulenbelt has been announced as the replacement for Nick Cooper, who is leaving as global head of ING Real Estate Select - the global multi-manager business he helped established.
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Prupim secures derivatives marker for real estate
UK – Prupim, the real estate division of UK life assurer Prudential, has executed a series of UK property derivatives valued at more than £100m (€110m).
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UK to discuss next step to residential investing
UK – The UK government will launch a consultation in 2010 on the private rented residential sector, which has been attracting interest from institutional fund managers and pension funds.
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Orion’s Europe III captures €1bn
EUROPE – Orion Capital Managers has closed the capital raising programme for its latest European opportunity fund, breaking its publicly-stated fundraising target of €1bn.
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Fresh Fof expertise decamps to Aviva
EUROPE – The transferral of BlackRock’s European fund of funds expertise to Aviva Investors continued last week as fund manager Catriona Allen is the latest to move to the asset manager.
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USS swaps retail for more warehouse space
UK – A complex deal between Universities Superannuation Scheme (USS) and Henderson Global Investors has enabled the pension fund to diversify its UK retail warehouse portfolio, while the investment manager has reduced the leverage in one of its funds.
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UK property debts reduce but covenant breaches double
UK – The volume of debt secured against UK commercial real estate fell in 2009, but the value of loans reported to be in breach of financial covenant almost doubled in the first half of the year, according to a new study.
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Schroder predicts volatile UK property upswing
UK – The sharp turnaround in the performance of the UK commercial real estate market is set to continue through the first six months of 2010 although activity will not be smooth, according to Schroder Property Investment Management.
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Secondary real estate trading dried up - INREV
EUROPE – Most European real estate fund of funds (FoF) managers turned their backs on the practice of trading secondary fund interests in 2009, as the number of transactions has dropped from 50 in 2008 to just five deals so far this year.
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REITS body predicts market upturn, as HSBC predicts down
GLOBAL – Real estate investment trusts (REITs) and other listed property companies could be in a position to “mount a startling about-turn in fortunes” as investors begin to allocate capital back to the sector, according to Reita.
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FirstProperty to target UK pension funds
EUROPE – First Property is aiming to move back into the UK commercial real estate market, after concentrating for several years on Central and Eastern Europe (CEE), with the launch of a new vehicle for pension funds.
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Nordic real estate predicted to take a hit
NORDICS – Investments in the Nordic real estate markets are expected to deliver negative returns for 2009, according to a new report from Aberdeen Property Investors.
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Swedish pensions break into secure locations
SWEDEN – A consortium of Swedish pension funds has purchased two ongoing real estate projects from developer Skanksa, which specialise in crime prevention.
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Germany revisits real estate redemptions pressure
GERMANY – Redemption freezes have been reinstated on a number of German open-ended funds (GEOFs), including Aberdeen Immobilien Kapitalanlagegesellschaft’s (formerly DEGI) and the DEGI Europa and DEGI International funds, which both include institutional money.
