European Investors News – Page 258
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Aberdeen pulls out of Swedish retail
SWEDEN - Aberdeen has radically reduced its exposure to Swedish retail, just weeks after the 2007 Swedish Annual Property Index claimed it as the year’s top-performing sector.
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Latecomer Swede enters Finnish market
FINLAND - The German fund management arm of Swedish bank SEB has acquired the first Finnish asset for its ImmoInvest open-ended fund, in a €23m deal for an airport-city office block outside Helsinki.
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Finnish fund’s property cap to stay
FINLAND - Investments in the €12bn Finnish state pension fund VER will continue to be driven mainly by “traditional risk limitations”, despite the growth in recent years of its real estate and infrastructure portfolios.
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RREEF enters German retail market
GERMANY - A RREEF-dominated consortium is to acquire 164 German properties housing Karstadt department stores, via a 49% stake in Canadian fund manager Highstreet.
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Protego seizes off-market opportunity to shop
FINLAND - Protego Real Estate Investors has acquired Helsinki’s Kamppi shopping centre for €452.5m in an off-market deal.
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Size mattered in UK property correction – L&G
UK - The speed with which the UK real estate market has corrected in recent months is partly because of the huge changes in its investor base, according to Legal & General’s latest fundamentals briefing in London on Tuesday.
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E&Y turns its spotlight on Germany
GERMANY - Real estate investors expect Germany to be the best performing European real estate market in 2008, according to a survey by Ernst & Young Real Estate.
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Maryland State to double real estate allocation
UNITED STATES - Maryland State Retirement Agency is doubling its targeted allocation for real estate from 5% to 10%.
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Ilmarinen to finance Sponda’s Russian expansion
FINLAND/RUSSIA - Finnish pensions provider Ilmarinen has signed a deal to part-fund property firm Sponda’s aggressive Russian expansion strategy.
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West Sussex mulls overseas move
UK - West Sussex local authority pension fund has reappointed Cushman & Healey in a £340,000 deal to manage its direct property portfolio.
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Developing Europe keeps investors local
EUROPE - Turkey and Russia now outclass other European property markets for both development and investment, indicating a shift away from “Old Europe” towards new holdings and developments, suggests a report co-published by the Urban Land Institute and PwC.
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Chicago Police eyes more real estate
UNITED STATES - Chicago Policemen’s Annuity and Benefit Fund has increased its allocation to real estate from 5% to 7%.
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APG and ATP back INREV index campaign
EUROPE - European pension funds have lent their weight to a campaign organised by the European Association for Investors in Non-listed Real Estate Vehicles (INREV), aimed at increasing transparency among unlisted property funds.
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Finland peers down from 10-year peak
FINLAND - Finnish real estate delivered the market’s strongest performance in a decade last year, returning 11.3% –an increase of 1.3% over the previous year, according to figures published by KTI.
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UK industry defends 'pretty good' valuers
UK - Fund managers have shored up the value of property indices against claims they adequately fail to reflect the market.
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UK property set to stabilise in summer
UK – The Real Estate Investment Trust Association (Reita) has become the latest industry body to forecast a mid-year pick-up in the UK property market.
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Fortis forms car pool with Vinci
EUROPE - Insurer Fortis is in exclusive talks with French firm Vinci to pool the firms’ European carpark assets in a joint venture.
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FSP raises the ceiling on property
DENMARK- Finanssektorens Pensionskasse, the Danish pension scheme forfinancial sector workers, is adding a hefty slice of property exposureto the unit-linked scheme now used by all new members.
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Kåpan eyes more real estate after poor year
SWEDEN – The SEK32.7bn (€3.5bn) Kåpan Pensioner scheme forgovernment employees booked a return of 2.1% for 2007, and now plans toincrease its real estate allocation to 10%.
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CalSTRS invests $100m in Nordic real estate
UNITED STATES - California State Teachers Retirement System has bolstered its international real estate portfolio with commitments to three new investment entities totalling nearly $252m (€165.2m), including $100m in Nordic property.
