European investors – Page 254
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News
Progress unwinds domestic property
NETHERLANDS - Progress, the Dutch pension fund of food giant Unilever, has begun to divest its directly-held domestic real estate portfolio through a sale of 30 residential assets in the city of Nijmegen to a private investor.
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UK property sees resurgence of interest
UK – Henderson Global Investors is the latest in a succession of managers to launch or close funds in the last two weeks targeting UK real estate.
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MagazineLocal interest
Property markets in Cyprus, Greece and Turkey are currently off the radar for most cross-border investors. But local institutional investors are still active. Maha Khan Phillips reports
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MagazineTaking stock
ING Real Estate is battening down the hatches, focusing on core areas of business and looking after existing investments. Richard Lowe speaks to George Jautze about the challenges ahead
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MagazineGetting defensive
Investment activity in the European retail sector, while down, is holding up well relative to the commercial property market as a whole. Lynn Strongin Dodds investigates retail’s potential to ride the current storm
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News
USS keeps shopping for UK real estate
UK - The £28bn (€31.7bn) Universities Superannuation Scheme has bought large retail and industrial assets in the UK and plans to make more acquisitions in the near future as it looks to rebuild its domestic portfolio.
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German investors to increase local exposure
GERMANY - More than one-third of institutional investors active in the German real estate markets intend to increase their exposure to the region this year, according to German investment group Estavis.
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F&C Reit sees opportunity in distress
GLOBAL - F&C REIT Asset Management has launched its first fund, an opportunistic institutional vehicle targeting distressed situations in the UK and with an internal rate of return (IRR) of more than 20%.
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News
Illinois Municipal moves MS assets
UNITED STATES - Illinois Municipal Retirement Fund has become one of the first pension funds to transfer a separate account from Morgan Stanley Real Estate to another manager.
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News
AEW widens its logistical holdings
EUROPE - AEW Europe has made a number of logistics investments across Europe for two of its closed-ended funds.
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MagazineIn a sober mood
This year’s MIPIM convention in Cannes was a smaller and far more sober affair than last year’s. Richard Lowe reports from the Mediterranean sun on an industry that looks to have come to terms with its problems
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MagazineRinging the changes
INREV revealed last month that total returns for European non-listed funds were deep in negative territory. But the big story at the annual conference in Athens came from investors calling for changes. Richard Lowe reports
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News
Central & Eastern Europe stayed positive - IPD
CEE - Total returns for central and eastern Europe (CEE) real estate dropped to 0.5% for 2008 from 14.2% for the previous 12 months, according to International Property Databank (IPD).
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News
Slowing yield compression may hint at improving sentiment - JLL
EUROPE – The weighted average European price office yield moved out 20 basis points from 5.8% at the end of 2008 to 6%, a much smaller increase than the 50bps movement between Q3 and Q4 2008, according to Jones Lang LaSalle’s (JLL) Q1 2009 European Office Yields Report.
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News
Gellatly leaves BlackRock for new base
EUROPE – John Gellatly has left BlackRock as head of real estate fund of funds to join Aviva Investors’ global multi-manager team in Europe.
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News
Alternatives EC directive ‘too wide’ for real estate
EUROPE - The EU’s proposed directive on alternative investment fund managers is too wide ranging in its current form and does not make enough distinction between real estate funds and other alternative investment vehicles, according to legal consultants.
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News
Prime office rents tumble in Q1
EUROPE - European prime office market rents fell by 8% during the first quarter of 2009, the greatest quarterly decline ever recorded by Jones Lang LaSalle’s (JLL) European Office Property Clock index.
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News
Diversity widened performance of non-listed funds
EUROPE - Differences in geography and leverage levels, as well as currency movements, meant European non-listed real estate funds experienced a wide range of performance levels in 2008, according to International Property Databank (IPD).
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News
UK seeks pension fund investment in housing
UK - Plans to encourage pension funds to invest in private rented housing have been announced by the UK government’s Housing and Communities Agency (HCA).
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News
INREV uncovers worries over LTV covenants
EUROPE – Many institutional investors are concerned that their non-listed real estate funds may breach loan-to-value (LTV) covenants, but they are often reluctant to inject fresh equity into vehicles, according to an INREV survey.
