All Real Assets articles in July 2006 (Online)
View all stories from this issue.
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News
Fortress to float German portfolio
REAL ESTATE – US private equity firm Fortress will float part of its €7bn German property portfolio on stock exchanges in October, the firm has announced. Fortress’ German arm also said that for the IPO, it had chosen Goldman Sac...
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Cordea names Germany head
REAL ESTATE - Real estate fund manager Cordea Savills has appointed a German head to launch international funds targeting institutional investors, including burgeoning pension funds. Thomas Guetle joins Cordea’s recently opened Munich offic...
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Single client drives JLL revenue growth
REAL ESTATE - A single $109m (€85.6m) incentive fee paid to Jones Lang LaSalle’s investment management business helped second-quarter group-wide revenues to rise to $510m – a 57% increase over same period last year, according to fig...
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Myners joins Land Securities as chairman
UK – Paul Myners, the former Gartmore chief who wrote an influential report on institutional investment for the government, is to join real estate firm Land Securities as chairman. Myners stepped down as chairman at retailer Marks & Spen...
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CBRE Netherlands manager sets up own firm (Correct)
REAL ESTATE - Fred Rikken, manager of CB Richard Ellis’s Hoofddorp office in the Netherlands, is leaving to set up his own firm (Corrects to reflect no job losses at CBRE). He will take Siem-Jan Vos and Serge Wuts, both from CBRE’s Glo...
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Quebec scheme buys into booming London
REAL ESTATE - Canada’s largest pension fund last week paid CA$430m (€298m) for a landmark London office building in an expression of optimism for a market it described as “booming”. Société immobilière Tran...
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Rabobank buys Bouwfonds for €845m
REAL ESTATE – As expected, Rabobank has agreed to buy ABN Amro’s real estate development and asset management unit Bouwfonds for €845m. ABN Amro announced the sale in December last year and IPE Real Estate reported that initial i...
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ABP in €417m Barcelona hotel deal
REAL ESTATE – Dutch civil service pension fund Stichting Pensioenfonds ABP and partners including an affiliate of the Government of Singapore Investment Corp. have agreed to buy the Hotel Arts Barcelona for €417m. Maryland-based Host H...
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New Jersey commits $350m
REAL ESTATE - The New Jersey State Investment Council has approved investments into four new commingled funds that amounts to $350m of capital. There were two commitments made of $100m into the TA Associates Realty Fund VIII and the Warburg Pincus...
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IPE-QUEST: Dutch fund tenders real estate
NETHERLANDS – A Dutch pension fund has tendered €50m-60m in pan-European publicly traded European real estate via IPE-Quest. The investor is looking for a manager to actively manage a mandate of publicly traded European real estate, sa...
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Irish reserve fund commits to US real estate
IRELAND – The €16.3bn National Pensions Reserve Fund made commitments of €70m to two US-based property investment vehicles in the second quarter. The fund committed €31m to a vehicle managed by Capital Trust and €39m ...
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Oregon in talks on new GID commingled fund
REAL ESTATE - General Investment & Development (GID) is getting prepared to close the money raising portion of its latest commingled fund, Windsor Realty Fund VII. The total amount of capital that would be raised is in the neighborhood of $170m.
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Italy may tax commercial property deals
REAL ESTATE - Real estate firms and leasing companies operating in Italy will lose out under a draft law that removes tax relief on commercial property transactions involving structured finance, according to rating agency Standard & Poor’s....
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Chicago Police pick first real estate consultant
REAL ESTATE - The $3.9bn (€3.1bn) Chicago Policemen’s Annuity & Benefit Fund has selected Cleveland-based Courtland Partners as its first ever real estate consultant. The fund made the decision at its board meeting in June as it ...
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News
European, US schemes back Prudential fund
REAL ESTATE – Major European and US pension funds have invested $700m (€554m) in Prudential Real Estate Investors (PREI)’s PRECO III closed-end real estate opportunity fund. Investors in the global fund include unnamed Irish and...
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Japanese funds ‘may up real estate allocation’
REAL ESTATE – Japanese pension funds may soon increase their allocations to real estate, says a spokesman for Japan’s Association for Real Estate Securitisation. In North America and parts of Europe, it is not uncommon to see pension f...
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Los Angeles changes real estate allocation
REAL ESTATE - The $9.54bn (euro) Los Angeles City Employees’ Retirement System has changed its targeted real estate allocation. It had a targeted real estate allocation of 7% but has decided to move this allocation to a funding target of 3...
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Germany: institutions lap up Adler share issue
GERMANY – US and German institutional investors have apparently piled into a new issue of stock by German real estate company Adler. Buyers of the stock – designed to give the company extra flexibility – had a “large intere...
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Principal to invest in New York residential
REAL ESTATE - Principal Real Estate Investors has created a $300m (€239m) joint venture with The Dermot Company to invest in apartments in New York City. The equity in the deal is $100m, with the majority coming from Principal. The pension ...
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London pension funds shun Olympic Village plan
REAL ESTATE - Cash to spend and an eye for the long term make pension funds the ideal investment partners to build the UK’s 2012 Olympic village, according to its real estate advisers – yet pension funds approached by IPE Real Estate indi...
