European Investors News – Page 248
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San Francisco reduces real estate flow by $550m
UNITED STATES - City and County of San Francisco Employees’ Retirement System has reduced significantly the amount of capital it is investing in real estate for the 2008/2009 fiscal year.
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Outgoing Clwyd adviser rewarded for real estate success
EUROPE – Clwyd pension fund’s independent adviser is leaving his role on a high note next month as the Welsh local authority fund was crowned the king of IPE Real Estate’s Awards in Berlin yesterday, winning four awards including Best European Institutional Investor.
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German retail ‘good for long term’
GERMANY - Investors should invest in German retail for the long term, but exercise regional caution in a market characterised for strong demand and limited supply, according to fund manager Cordea Savills.
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Q1 figures show flight to quality
GLOBAL - "Growth will fall – but not off a cliff." That is the latest prognosis for European property markets from LaSalle Investment Management.
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Property corporate governance ‘varied’
EUROPE - An EPRA study has shown there is no pan-European pattern in corporate governance across property firms – though the mean scraped a pass, scoring 9.73 out of 16.
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Pennsylvania puts $925m beyond the core
UNITED STATES - Pennsylvania Public School Employees’ Retirement System has approved $925m (€598.8m) into new real estate investments through a variety of non-core commingled funds.
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Bank of Finland scheme awards real estate mandate
FINLAND – Suomen Pankki, the Bank of Finland Pension Fund, has awarded Aberdeen Property Investors a real estate mandate valued at approximately €10m.
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Austrian property outperforms, despite sector fall
AUSTRIA - Austrian real estate returns outperformed both equities and bonds in 2007, despite a decline in retail – the best performing sector.
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Sponda sticks with Russia despite Finnish optimism
RUSSIA – Sponda’s chief executive Kari Inkinen said the Finnish property firm was on course for its planned Russian expansion despite a fall in interim profits from the same period last year.
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Pirelli punts on Euro-property fund
EUROPE - Pirelli Real Estate is targeting international pension funds with an opportunistic pan-European property fund it plans to launch early next year.
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UK residential ready for institutions
UK - The UK residential market is ready for pension fund investors despite being fragmented and dominated by amateur property managers, according to property firm Nice.
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Market, not credit, deters UK buyers
UK - Property investors are willing to borrow given the right terms, but they’re still not convinced the UK market is cheap enough to buy in, according to Jones Lang LaSalle.
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UK shopping centre investors and developers stall
UK - Investors are holding off from acquisitions in the UK as shopping centre developments stall amid a funding crisis, according to two specialists at property consultancy Savills.
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Pricing and rents repeal increase Poland’s appeal
POLAND - Upward-moving rents and “rational” pricing are boosting the acquisition appeal of Polish property assets, according to James Rushworth, European property director at Standard Life Investments.
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Q1 hike in UK derivatives trading
UK - The value of trading in UK property derivatives doubled to £3.7bn (€4.5bn) in Q1 2008 as investors increased their use of swaps to hedge exposure to real estate, according to figures from the IPD UK All-Property index.
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ABP-owned firm sells office portfolio
EUROPE - Corio, the Dutch property firm 37%-owned by the €220bn ABP pension fund, has sold its Dutch office portfolio for €650m - 1.5% below book value.
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Aberdeen buys real estate rival Goodman for £109m
GLOBAL – Aberdeen Asset Management’s real estate subsidiary Aberdeen Property Investors has snapped up a deal to buy its rival Goodman Property Investors for £109m (€140m).
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ATP buys a harbour view
DENMARK - ATP Real Estate, the property arm of Denmark’s DKK350bn (bn) labour market supplementary fund, is investing DKK700m in a “ground-breaking” office block development in Copenhagen’s harbour area.
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Morgan Stanley brings $2.5bn to Special Sits III
UNITED STATES - Morgan Stanley Real Estate has attracted $2.5bn (€1.6bn euros) of institutional capital for the latest round of fund raising for Special Situations Fund III.
