European Investors News – Page 253
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Pennsylvania Public School takes $286m risk
UNITED STATES - Pennsylvania Public School Employees Retirement System has allocated $286m (€210m) in two commingled funds to target high returns in European mortgages and Asia.
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BP deal squares up to property downturn
UK- BP’s pension fund real estate arm Ropemaker Properties has formed a £100m UK investment fund called Cubemaker Partnership with London-based property company Cube Real Estate, that aims to take advantage of the economic downturn and acquire cheap assets.
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London tops the office expenses
UK - London remains the most expensive office market in the world, according to the latest research by London-based global commercial property investment consultants, CB Richard Ellis (CBRE).
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DEGI continues European expansion
BELGIUM – DEGI, the €6bn German specialist property investment group, has bought a major European Union (EU) office complex in Brussels, in a deal worth €90m.
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German investors dominate in falling London markets
EUROPE - The Central London commercial property markets are continuing to fall under pressure from the current financial and economic crisis but indicators suggest overseas investors are still willing to consider deals, according to London-based commercial real estate services firm Cushman & Wakefield.
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Swiss funds still favour real estate
SWITZERLAND – Nine out of 10 Swiss pensions funds are indirectly invested in real estate while the majority also directly invest in the market, according to research from real estate investment specialist Sal Oppenheim.
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Oregon PERF moves into infrastructure
UNITED STATES - Oregon Public Employees Retirement Fund has made its first move into an infrastructure commingled fund and approved a $200m (€140.3m) commitment into the Alinda Infrastructure Fund II.
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Union seeks growth through Axa CEO
GERMANY - Hamburg-based investment management firm Union Investment Real Estate (Union) has appointed Karl-Joseph Hermanns-Engel to its management board with specific responsibility for the €14bn firm’s international asset management operations.
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Russia to be avoided, warns JP Morgan
RUSSIA - Investors should avoid Russia as a potential area of growth as its property markets will be the hardest hit if the world’s largest country is drawn to the impending global recession, JP Morgan Chase has claimed.
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Germany steps in protect Hypo’s funds behind the funds
GERMANY – A consortium of German banks has stepped in at the eleventh hour to provide Hypo Real Estate, a provider of loans and financing to real estate purchases and funds, with assets to meet its financing obligations.
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Three out of four funds stand firm to real estate
UK – Three-quarters of UK pension funds are either maintaining or increasing their current level of exposure to real estate despite the recent turmoil in their domestic commercial property market.
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Non-listed real estate stays top buy in poor conditions
EUROPE - Non-listed real estate funds remain the asset class of choice among institutional investors looking to increase their investments in European real estate in turbulent times, according to a study by INREV, the Amsterdam-based European association for investors in non-listed real estate vehicles.
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MEAG appoints new managing director for real estate
GERMANY - Munich Ergo Asset Management (MEAG) has appointed Günter Manuel Giehr as head of its global real estate operations.
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Swiss cut real estate investment limit
SWITZERLAND – The Swiss government has passed new investment regulations for Pensionskassen which put more emphasis on the prudent person principle and the responsibility of heads of Pensionskassen but which also lower the investment limits on assets such as real estate.
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REIT changes demanded
GERMANY – German REIT companies have a long list of demands on how to change the REIT legislation, according to the online information portal www.reits-in-deutschland.de.
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IVG and Metzler lose their heads
GERMANY – German real estate company IVG will have to look for a new chief executive as Wolfhard Leichnitz is leaving the company at the end of September.
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CalPERS uses $700m to tap opportunity
UNITED STATES - California Public Employees Retirement System is continuing to pursue its international real estate investment strategy by placing $700m (€493.8m) in real estate commingled funds generating targeted net IRRs of 20%.
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ABP extends hotel holdings in key European cities
EUROPE - Europe’s second-largest pension scheme ABP, the Netherland’s huge €215bn public service fund, has expanded its European real estate portfolio with the purchase of six hotels in Paris, Amsterdam and Düsseldorf.
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Propinvest seals largest ever European property deal
SPAIN - London-based real estate investment and management specialist Propinvest has acquired the global headquarters of Spanish banking giant Banco Santander, for €1.9bn – the largest ever European real estate deal.
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Invista sees 5-yr German potential
GERMANY - The developed countries in Europe continue to offer the best real estate investment opportunities but Germany is perhaps still the best investment even with current pressures, according to London-based Invista Real Estate Investment Management.
