European investors – Page 234
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OMERS, British Land team up to develop London's Cheesegrater
UK – Oxford Properties, the real estate division of Canadian pension fund OMERS, has entered into a 50:50 joint venture with British Land to develop the Leadenhall Building in the City of London, otherwise known as the Cheesegrater.
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Pacific Star Europe closes, Stürmer moves to Capital Dynamics
EUROPE – Pacific Star Europe, the start-up global fund of funds manager co-founded by the former head of real estate at E.ON Energie pension fund Matthias Stürmer, is to be dissolved.
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Real estate markets failing to recover in Italy, Japan
GLOBAL – The Italian commercial real estate market has continued its gradual decline in capital values in the first half of 2010, according to Investment Property Databank (IPD).
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Former WP Carey colleagues launch global sale-and-leaseback venture
GLOBAL – Gordon DuGan and three other former W P Carey executives have launched a new investment company that will specialise in sale-and-leaseback real estate deals.
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Unilever Progress selects core Aberdeen product as it moves into funds
NETHERLANDS – Progress, the Dutch Unilever pension fund, has committed €35m to a core pan-European real estate fund managed by Aberdeen Property Investors.
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Pramerica targets Polish warehouse developments with Panattoni
EUROPE – Pramerica Real Estate Investors has entered into a joint venture with Panattoni Europe to develop a portfolio of as much as €100m of logistics warehouses in Poland, Czech Republic and Slovakia.
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BP Pension Fund's Cubemaker joint venture buys ITV assets
UK – Cubemaker Partnership, the joint venture between the BP Pension Fund and Cube Real Estate, has acquired three commercial real estate assets from television company ITV for £11.3m (€12.9m).
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Rockspring enters student housing through counter-cyclical strategy
UK – Rockspring Property Investment Managers has entered the student accommodation market for the first time with the acquisition of 123 Fountainbridge, Edinburgh, in a joint venture with Mansion Group.
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Capital flows to US real estate set to double, says DTZ
GLOBAL – Global investment capital targeting US real estate is set to double in 2011 as the outlook for the market completes a dramatic improvement over the past 12 months, according to DTZ.
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Poland back on the agenda for Germany's NAEV
EUROPE – German pension fund Nordrheinische Ärzteversorgung (NAEV) is considering returning to the Polish real estate market after having divested and taken profits from the region in recent years.
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First Property wraps up USS mandate, returns to Poland
POLAND – First Property Group has returned to its previous business model of launching successive Polish opportunity funds, having concluded its mandate with the Universities Superannuation Scheme (USS).
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German institutions swapping bonds for real estate, says Greenwich Associates
GERMANY – German institutional investors, in their search for stable returns without increasing risk, are turning away from European fixed income to real estate, while faith in external managers and consultants remains low, according to a survey by Greenwich Associates.
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Aberdeen, ING REIM see capital inflows for core property
EUROPE – European institutional investors have committed close to €200m of capital to a number of core real estate funds managed by Aberdeen Asset Management and ING Real Estate Investment Management, respectively.
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ABP, PGGM invest Dutch telecommunications networks
NETHERLANDS – The €220bn Dutch civil service scheme ABP and PGGM, the asset manager for the €91bn healthcare scheme PFZW, have committed to large investments in telecommunications infrastructure in the Netherlands.
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Global investors flocking to German real estate market
GERMANY – The German commercial real estate market has seen in influx of international investors in 2010, accounting for 40% of all transactions in the first half of the year, according to Savills.
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Invesco Real Estate backs hotels with second European fund
EUROPE – Invesco Real Estate has identified a €168m seed portfolio of hotels to help raise capital for its new pan-European hotel fund.
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Scottish minister calls on pension funds to invest in affordable housing
GLOBAL – Pension funds have been called upon to invest as much as £1bn (€1.1bn) into affordable housing in Scotland in an effort to meet the growing demand in the sector.
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INREV prepares for lobbying; Solvency II a 'key priority'
EUROPE – INREV will be taking on the function of lobbying Brussels on behalf of the non-listed real estate industry.
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Institutional capital to desert German open-ended funds, says CBRE
GERMANY – Incoming regulations in Germany will see institutional capital leave open-ended funds and be reinvested in Spezialfonds, according to a report by CB Richard Ellis (CBRE).
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Hermes seeks to increase liquidity for BT Pension Fund
UK – Hermes Real Estate is to sell the BT Pension Scheme's interest in the Bluewater Shopping Centre as part of a wider rebalancing of the portfolio away from "less liquid" indirect and joint venture holdings in the UK.
