European Investors News – Page 254
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Experts question potential for Asian property
ASIA -The credit crunch and rising inflation have caused the real estate industry to question whether the rapid economic growth of Asia and double digit returns of its property markets can be sustained.
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New Jersey turns attention to non-core real estate
UNITED STATES - New Jersey Division of Investment has approved $250m (€161.4m) worth of commitments to non-core real estate.
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NPRF targets Irish infrstructure
IRELAND – The National Pension Reserve Fund (NPRF) has reaffirmed its desire to invest at least €200m in domestic public sector infrastructure projects, particularly as there is likely to be a shortage of assets for these projects going forward.
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Norway to push sustainability in real estate
NORWAY – The Norwegian Ministry of Finance has issued a public consultation on the evaluation of ethical guidelines for the Government Pension Fund – Global, which reveal environmental concerns will be an important factor in the management of its real estate portfolio.
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Staffordshire hires JLL to value property portfolio
UK - Staffordshire Pension Fund has hired Jones Lang Lasalle as valuer for its £233.5m (€292m) UK direct property portfolio, replacing Cushman & Wakefield.
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BPT beats off Quebec pension fund for Russian assets
RUSSIA - The Baltic Property Trust Group (BPT) has beaten off Russia-hungry rival investors to acquire its latest asset in the market: the first phase of the Country Park business centre in Moscow.
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Pension funds cut managers and look again at Europe
EUROPE - Pension funds are slashing the number of property fund managers they deal with, at the same time as increasing their allocations to an asset class they now see as core to their investment strategies.
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Managers launch green standard for old assets
EUROPE - A consortium containing four of Europe’s largest property investors has developed what it claims is the first standard to measure the sustainability of existing buildings.
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Care and cure ‘perfect for pension funds’
EUROPE - ‘Care and cure’ property assets are gaining appeal among pension funds because they offer a hedge against the broader economic downturn, according to ING Real Estate fund manager Wietse de Vries.
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Russian infrastructure spending to soar
RUSSIA –The Russian government has decided to increase infrastructure spending to over $1trn (€650bn) over the next 10-15 years, creating attractive investment opportunities in the Russian infrastructure market, suggests Pictet, the Swiss private bank.
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Retail booms despite ‘weak’ Russian reputation
RUSSIA - Consumer spending power is driving resurgent growth in Russian retail real estate, according to Swedish fund manager East Capital following the launch of a retail property fund.
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Teesside offers £1.75m direct property mandate
UK - Middlesbrough Borough Council has issued a tender for a manager to take responsibility for the direct property portfolio of its local government pension scheme.
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Ohio PERS sees value of European capital
UNITED STATES - Ohio Public Employees Retirement System (PERS) has made $75m (€48.3m) commitments to Carlyle Europe Realty Partners III and Blackstone Real Estate Partners Europe Fund III.
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Investors pull back from emerging markets
GLOBAL - Investors are pulling back from emerging markets as the credit crunch dents both global transaction volumes and occupancy.
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Vietnam gains ground in global rent rise
VIETNAM - Ho Chi Minh City has seen the world’s fastest office rent rises in the 12 months to March, with occupancy costs rising 94%, according to CBRE’s Global Market Rents survey.
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Germans abandon bricks for unlisted funds
GERMANY - Cross-border investment in German real estate is pushing German pension fund investors to abandon bricks and mortar for unlisted funds, according to INREV.
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Smaller funds need to be more active - NAEV
EUROPE – Smaller pension funds may need to be more active in their handling of real estate assets than larger pension funds, suggests evidence presented at the recent IPE Real Estate Forum.
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Dutch transport funds team up to buy real estate
NETHERLANDS – The €12bn Dutch railway pension fund (SPF) and the €2bn public transport pension fund (SPOV) have, together with Generali Real Estate, bought an €80m Dutch shopping centre project.
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Subprime crisis 'took heat out of CEE'
VIENNA/CEE – The impact of the subprime crisis on stock markets helped reduce overpricing and overheating in the Central and Eastern European real estate markets, delegates at the Vienna Real have agreed.
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Finnish fund in quest for UK real estate
FINLAND – A Finnish pension fund is looking for managers for a £150m (€189.5m) UK real estate mandate, using IPE Quest.
