All Investment Vehicles articles – Page 277
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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).
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Avon pension fund to invest in secondary real estate
UK – The Avon Pension Fund will invest through the secondary market to gain access to real estate funds via its recently-appointed global property investment manager.
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US pension funds warned of prolonged property dislocation
US – There are concerns in the US that pension fund allocations to real estate could suffer as a result of prolonged dislocation and modest performance in the coming years, the latest report by PricewaterhouseCoopers and ULI has revealed.
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Korea’s NPS moves into London offices
UK/South Korea – Rockspring Property Investment Managers has acquired the first two UK real estate assets for the National Pension Service (NPS) of South Korea, after being appointed to target prime central London assets.
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USS makes industrial move
UK – The Universities Superannuation Scheme (USS) has continued to build its exposure to the UK industrial sector with the purchase of the Great Western Industrial Park in Southall, West London for £110.4m (€124m).
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BP Pension Scheme rethinks real estate rental risk
UK – The BP Pension Scheme has reduced its rental risk by selling a number of UK real estate assets with lease break clauses due in the next four to six years.
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Pension plan brings retail shopping to the coalface
UK – LaSalle Investment Management has bought a The Howard Centre UK shopping centre from Land Securities on behalf of Coal Pension Properties, the real estate arm of the British Coal Schemes Pension Plan.
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Texas Teachers moves into core investments
UNITED STATES - Teacher Retirement System of Texas has widened its investments in core real estate and hired three real estate managers to look after $800m (€532.7m).
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Illinois State funds to follow FoFs real estate path
UNITED STATES – The State Universities Retirement System of Illinois has allocated $75m (€50.1m) for a fund of funds investment strategy with Franklin Templeton Real Estate Advisors.
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Aviva pensions vehicle buys a stake in Sainsbury’s
UK – Aviva Investors’ pooled UK real estate vehicle for pension funds has returned to the market by agreeing to buy a Sainsbury’s food store under development in County Durham, England.
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GI Partners fund attracts fresh pension fund assets
UNITED STATES - GI Partners has raised $1.9bn (€1.3bn) for its latest commingled fund, GI Partners Fund III, through a mixture of both new and existing pension fund capital, although the firm failed to meet its $2.5bn fundraising target.
