All Investment Vehicles articles – Page 276
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USS swaps retail for more warehouse space
UK – A complex deal between Universities Superannuation Scheme (USS) and Henderson Global Investors has enabled the pension fund to diversify its UK retail warehouse portfolio, while the investment manager has reduced the leverage in one of its funds.
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UK property debts reduce but covenant breaches double
UK – The volume of debt secured against UK commercial real estate fell in 2009, but the value of loans reported to be in breach of financial covenant almost doubled in the first half of the year, according to a new study.
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CalSTRS’ real estate falls another $327m
UNITED STATES - The California State Teachers Retirement System saw the value of its real estate portfolio fall by another $327m (€217m) during the third quarter of 2009, confirming the difficult market conditions that US pension funds are still suffering.
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Florida pension fund dips into real estate
UNITED STATES – The City of Lakeland (Florida) Employees’ Pension and Retirement System is planning to invest in real estate for the first time.
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Secondary real estate trading dried up - INREV
EUROPE – Most European real estate fund of funds (FoF) managers turned their backs on the practice of trading secondary fund interests in 2009, as the number of transactions has dropped from 50 in 2008 to just five deals so far this year.
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FirstProperty to target UK pension funds
EUROPE – First Property is aiming to move back into the UK commercial real estate market, after concentrating for several years on Central and Eastern Europe (CEE), with the launch of a new vehicle for pension funds.
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Market downturn holds back funds growth
GLOBAL – More than 200 new unlisted real estate funds are estimated to have come to the market in 2009, but this represents a 73% reduction in the number of funds launched globally since the height of the market in 2007.
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SanFran C&C switches CMBS managers
UNITED STATES - San Francisco City and County Employees’ Retirement System has fired Brookfield Investment Management as one of its high-yield commercial mortgage-backed security managers, and handed the account to its other existing high-yield CMBS manager, Pyramis Global Advisors.
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Swedish pensions break into secure locations
SWEDEN – A consortium of Swedish pension funds has purchased two ongoing real estate projects from developer Skanksa, which specialise in crime prevention.
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CalPERS endures fresh $4.2bn real estate hit
UNITED STATES – The California Public Employees Retirement System has revealed it suffered a $4.2bn (€2.82bn) loss on its real estate portfolio during the second quarter of 2009.
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Germany revisits real estate redemptions pressure
GERMANY – Redemption freezes have been reinstated on a number of German open-ended funds (GEOFs), including Aberdeen Immobilien Kapitalanlagegesellschaft’s (formerly DEGI) and the DEGI Europa and DEGI International funds, which both include institutional money.
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Cornerstone moves into Europe via Protego
GLOBAL – Protego Real Estate Investors has been bought by Cornerstone Real Estate Advisers, a wholly-owned subsidiary of the Massachusetts Mutual Life Insurance Company (MassMutual).
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Gellatly's FoFs follow to Aviva
EUROPE – Aviva Investors has taken over the management of BlackRock’s European fund of funds vehicles following fund manager John Gellatly’s move from the latter to the former in September 2009.
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Pension funds buy up retail targets
UK – LaSalle Investment Management has purchased a shopping centre in the UK on behalf of one pension fund client and secured new tenant leases for two others.
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NYSTRS extends separate account contracts
UNITED STATES - New York State Teachers Retirement System has agreed to extend the manager contracts with three separate account managers for a non-US REIT investment strategy.
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CBRE takes over Merseyside contract
UK – The Merseyside Pension Fund has appointed CB Richard Ellis Real Estate Finance as its strategic property adviser, replacing Savills , following a detailed tendering exercise.
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CalSTRS takes first step in real estate shift
UNITED STATES – California State Teachers Retirement System (CalSTRS) is in the process of making some changes to its real estate investment policy which could reduce its investment in core strategies, in favour of higher-returning investments.
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SRI real estate fund gains positive pensions start
UK – Local authority pension funds have given their financial backing to a new socially-responsible real estate fund based in the UK and launched by Bridges Ventures.
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Orange County targets core and debt strategies
UNITED STATES - Orange County Employees Retirement System and its consultant, Callan Associates, have determined that core and distressed debt opportunities will offer the most compelling investment possibilities in the near future real estate market.
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Unite signs real estate deal with popular M&G fund
UK – Student housing specialist manager Unite has agreed to a sale-and-leaseback arrangement for one of its flagship assets in Bristol with the M&G Secured Property Income Fund for a total cash consideration of £21.5m (€24m).
