All Investment Vehicles articles – Page 296
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European property returns hit by currency pressure
EUROPE – Unlisted European real estate funds saw a negative return on their investments of –3.9% in 2007, driven by the very poor performance of the UK property market as well as currency conversion pressures attached to the dollar and euro.
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Kansas PERS issues real estate consultant RFP
UNITED STATES - Kansas Public Employees Retirement System has sent out a Request for Proposal for a new real estate consultant.
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Kimpton books $246m into hotels
UNITED STATES - Kimpton Group Holding raised $246m (€155.6m) through institutional partners for its latest hotel investment fund, Kimpton Hospitality Partners II.
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NZ scotches CPPIB airport deal
NEW ZEALAND - Canada Pension Plan Investment Board (CPPIB)’s long-running attempts to acquire a stake in Auckland International Airport (AIAL) collapsed last week after the New Zealand government refused to approve its application under the Overseas Investment Act.
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Urdang raising hit by European pensions retreat
UNITED STATES - Urdang Capital Management did not reach the expected initial capital raising for its latest commingled fund, the Urdang Value-Added Fund II.
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Swiss pensions increase AIFAA’s US play
UNITED STATES/SWITZERLAND - AIFAA, an investment company backed by 12 Swiss pension funds, has doubled the size of its real estate portfolio in the United States by acquiring two properties in all-cash deals for $72m (€45.9m).
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VastNed forced to reconsider takeover
NETHERLANDS - VastNed Retail, the €1.8bn property fund, has beenforced by majority shareholders, such as pensions investor PGGM, tore-consider its initial refusal to a takeover bid.
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New York stores assets in Europe
UNITED STATES - New York Common Retirement Fund has added European self-storage properties to its real estate investment program for the first time with the acquisition of a 51% interest in Public Storage’s Shurgard Europe operations.
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Pension fund shops for real estate via AEW-Weingarten JV
UNITED STATES - AEW Capital Management and Weingarten Realty Investors have formed a $229m (€144.2m) partnership for the recapitalization of a US-based retail portfolio, which is expected to benefit an unnamed US pension fund.
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Texas Teachers applies $600m to non-core property
UNITED STATES - Teacher Retirement System of Texas approved $600m (€382.1m) of new real estate commitments in March to non-core real estate commingled funds.
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Finnish PFs invest in Portuguese retail
FINLAND/PORTGUAL - Finnish investors, including the €24.3bn Local Government Pensions Institution and pension insurer Ilmarinen, are among the reference investors in a Portuguese shopping centre fund.
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Blackstone creates $10.9bn real estate fund
GLOBAL - The Blackstone Group has closed its latest real estate fund and achieved capital commitments totally $10.9bn (€6.93bn) - an impressive total during a difficult time for fund-raising.
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US REITs see turnaround
US – Real Estate Investment Trusts may be staging an investment comeback and breaking out of the trough they were stuck in for the last three quarters of 2007, suggest figures released by the National Association of Real Estate Investment Trusts (NAREIT).
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Arkansas Teachers takes real estate to 10%
UNITED STATES – The Arkansas Teacher Retirement System has approved a new target for estate investments that is almost twice as much as the previous allocation.
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Morgan Stanley to create real estate FoFs
UNITED STATES - Morgan Stanley Investment Management has formed a fund of funds (FoFs) business in real estate.
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New Jersey commits to high return fund
UNITED STATES - New Jersey Division of Investment has approved a $100m (€64.1m) commitment to the Lehman Brothers Real Estate Partners III commingled fund.
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Latecomer Swede enters Finnish market
FINLAND - The German fund management arm of Swedish bank SEB has acquired the first Finnish asset for its ImmoInvest open-ended fund, in a €23m deal for an airport-city office block outside Helsinki.
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Pennsylvania State turns to RE fund of funds
UNITED STATES - Pennsylvania State Employees Retirement System has made a $75m (€48.7m) commitment into the fund of funds offering known as Oculus Small Cap real estate fund I.
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Ohio PERS eyes overseas REITs
UNITED STATES - Ohio Public Employees Retirement System is looking at creating an international REITs investment strategy.
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Chicago Teachers buys Asian exposure
UNITED STATES - Public School Teachers’ Pension and Retirement Fund of Chicago has extended its international real estate exposure by agreeing to allocate $40m (€25.7m) to the Merrill Lynch Asia real estate opportunity fund.
