European investors – Page 240
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PwC survey reveals pressure on London office fundamentals
UK – Activity in the UK financial services in the last three months was lower than expected, despite increasing at the fastest rate since the onset of the credit crunch, prompting concerns over the outlook for the London office market.
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Pension funds get on board for Rockspring's UK value drive
UK – Rockspring Property Investment Managers has raised £336m (€409m) in capital commitments for its UK Value fund from 12 pension funds and institutional investors from Europe and Australasia.
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AP3 joint venture with Kungsleden acquires public portfolio
SWEDEN – A joint venture between the €21bn third Swedish pension fund (AP3) and Stockholm-based developer Kungsleden has acquired a public property portfolio for SEK1.1bn (€120.2m).
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Under-supplied CEE region offers 'alternative' to emerging markets
EUROPE – Debt-free investors should view Central and Eastern European (CEE) real estate as a lower-risk alternative to investing in emerging markets, according to Holger Schmidtmayr, board member of Austrian property firm Sparkassen.
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Finland's Veritas offloads residential portfolio to Germany's Patrizia
EUROPE – Finnish pensions insurer Veritas has sold a 113-asset portfolio to German fund manager Patrizia in the first residential deal involving an investor based outside the region.
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Wisconsin State Investment Board drops domestic REIT managers
GLOBAL – The Wisconsin State Investment Board has dropped AEW Capital Management and Heitman as domestic REIT managers to adopt a more "global perspective".
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BPF Bouw opens Dutch portfolio to other pension funds
NETHERLANDS – BPF Bouw, the pension fund for Dutch construction workers, will offer other pension funds access to its €4bn domestic real estate portfolio so it can increase its weighting to global property markets.
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Slovenia's PRVA makes first foray into real estate
SLOVENIA – The €185m PRVA second-pillar fund has bought a property in Ljubljana, making its first foray into real estate.
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Redington, M&G talk up UK social housing debt opportunity
UK – Pension funds in the UK are being encouraged to consider financing social housing as an alternative to inflation-linked bonds.
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Investors back L&G’s tried and tested industrial fund
UK – Legal & General Property (LGP) has raised new equity for its Industrial Property Investment fund (IPIF) following interest from existing investors to increase their exposure.
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CalPERS acquires 12.7% stake in London Gatwick Airport
GLOBAL – The California Public Employees' Retirement System (CalPERS) has acquired a 12.7% stake in London Gatwick Airport from Global Infrastructure Partners (GIP).
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Czech investors and foreign institutions go separate ways
CZECH REPUBLIC – Property transaction volumes in the Czech Republic have picked up in the first quarter of 2010 relative to the same period last year, as cross border and local investors targeted different ends of the market, according to DTZ.
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Swiss pension funds to invest in India and Japan this year
GLOBAL – AFIAA, the global property investor owned by 18 Swiss pension funds, is aiming to make real estate investments in Japan and India before the end of 2010.
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Hermes Real Estate acquires core London office
UK – Hermes Real Estate, the property fund manager owned by the £35.3bn (€42.5bn) BT pension scheme, has acquired an office asset on the outskirts of London for £58m.
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Pension funds to buy 'problem' infrastructure in second wave of privatisation
UK – Pension fund and private equity investors could mop up UK infrastructure assets in a second major wave of privatisation, according to a report by the Adam Smith Institute, a free-market think tank.
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Whitbread wannabes in UK underestimate complexity, says Punter Southall
UK – UK pension funds considering property to plug their pension gaps are looking at overly complex structures to do it, according to research by consultancy Punter Southall on the recent Whitbread property partnership.
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Emerging markets to lead revival of luxury retail sector, says Colliers
GLOBAL – Rents in the luxury retail sector are set to increase in the near term after a two-year hiatus, according to Colliers International.
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German investors to ramp up indirect real estate exposure
GERMANY – German institutional investors are expected to invest on average more than €300m in real estate during 2010 and more than €26bn in total over the next three years, a large proportion of which will be directed to indirect vehicles, according to two separate studies.
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US and Ireland set for spike in distressed sales
GLOBAL – Ireland and the US are expected to see a significant increase in distressed real estate sales in the short term, according to research from the Royal Institute of Chartered Surveyors (RICS).
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PGGM won over by SLI's responsible investment credentials
NETHERLANDS/UK – PGGM, the Dutch pension fund asset manager, has invested €75m in a UK shopping centre fund managed by Standard Life Investments.
