European investors – Page 260
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EDHEC launches French index
FRANCE – French business school EDHEC has launched a monthly index for commercial property in France with the help of the Institut de l'Epargne Immobilière et Foncière (IEIF), an independent French real estate research institute.
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Hypo Real Estate faces claims for damages
GLOBAL – Pension funds are making the first claims for damages against Hypo Real Estate (HRE) for failing to reveal its financial difficulties sooner.
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UniCredit sells Italian bank assets to new fund
ITALY – Italian bank UniCredit has sold 72 commercial properties worth approximately €800m to a real estate investment fund run by Italian fund manager Fondi Immobiliari Italian (Fimit).
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Eurex sets the date for property futures
EUROPE – Eurex, the derivatives exchange, is to launch Europe’s first property futures in February 2009, despite the economic turmoil.
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CalSTRS joint venture gains new financing
US – First Industrial, the North American Real Estate Investment Trust (REIT), has arranged a new $110m (€78.6m) debt facility for its ventures with the California State Teachers’ Retirement System (CalSTRS).
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ProLogis steps up to support European Properties
US – ProLogis, the international logistics developer, has stepped in to help ProLogis European Properties (PEPR) by buying a 20% interest in the ProLogis European Properties Fund II (PEPF II).
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DTZ goes for share-raising or bust
GLOBAL – DTZ is planning to raise up to £55m (€59.2m) of equity through new shares in a bid to help the company survive the economic downturn and avoid going into administration.
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Pension funds could snap up UK airports
UK – Pension funds could be in the running to buy Gatwick, Stansted and Edinburgh airports as the Competition Commission has announced the British Airport Authority (BAA) must sell to generate greater competition and improve its service standards across UK airports.
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CPPIB buys into Turkish retail
CANADA - The Canada Pension Plan Investment Board (CPPIB) has invested €250m of equity in a Turkish retail fund.
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Real estate consultant folds Spanish offices
SPAIN – King Sturge España, the Spanish subsidiary of British property consultants, King Sturge, has filed for administration this week.
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Icade REIT considers residential sale
FRANCE - Icade, a subsidiary of Caisse des Dépôts and one of the largest Real Estate Investment Trusts (REIT) in France, is considering selling its entire housing unit.
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European property to bottom out in 2010
EUROPE - The continental European real estate market will reach its lowest level In 2010 but will then encourage fund managers to raise equity again to tap property bargain property, according to research by the Scottish Widows Investment Partnership (SWIP).
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MPL taps buy-to-let repossessions
UK – Managing Partners Limited's British Property Opportunities Fund is expecting to return over 10% in its first year by snapping up bargain repossessed UK properties from banks at 30%-discounted prices.
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Protego concludes merger into Threadneedle PUT
UK – Protego Real Estate Investors and Threadneedle Asset Management have completed the merger of their respective UK property funds, the Protego UK Property Fund and the Threadneedle Property Unit Trust.
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Venice mulls pension money for local infrastructure
ITALY – The local government of the Veneto region in the North-East of Italy is considering using the resources of its local pension funds to finance regional infrastructure projects.
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AP1 seeks real estate advice
SWEDEN - Första AP-Fonden (First Swedish National Pension Fund AP1) has announced it is looking to appoint investment managers as part of its new international real estate strategy.
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UK commercial sees investment halve
UK – Jones Lang LaSalle has predicted direct investment in UK commercial real estate will have dropped by approximately 55% year-on-year by the end of 2008, to stand at around £21bn (€24bn).
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CBRE reveals new face in Poland
POLAND – CB Richard Ellis Group Inc. (CBRE) has appointed Charles Wardroper as the managing director of its business in Poland.
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Pension funds can still find good deals - Aberdeen
UK/GLOBAL – Pension funds can still find good short-term property investment opportunities over the coming months but the overriding priority will be to rebalance their portfolios, according to Alessandro Bronda, head of property investment strategy for Aberdeen Property Investors.
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Surveyors predict further 25% UK drop
UK – Commercial property capital values are predicted to fall a further 25% over the next two years, according to the latest forecast issued by the Royal Institution of Chartered Surveyors (RICS).
