Latest Alternatives News – Page 122
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Student accommodation reopens under revised terms
UK – Brandeaux has reopened its student accommodation fund this week by issuing a new share class and amending redemptions rules.
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Preqin reveals record debt interest
GLOBAL – Distressed debt fundraising from institutional investors reached record highs in 2008 as a result of the volatile markets, according to Preqin’s latest monthly report.
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Illinois Teaches ends two separate account relationships
UNITED STATES – The Teachers Retirement System of the State of Illinois is terminating separate account relationships with Commonwealth Realty Advisors and Stone Levy, and has asked Heitman to manage some of the assets instead.
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CalSTRS mulls shift to discounted property debt
US – The California State Teachers’ Retirement System (CalSTRS) is considering increasing its target allocation to real estate as the Board proposes temporarily shifting $6bn from global equities to higher returning debt investments.
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Oregon PERF swaps one deal for four
UNITED STATES - Oregon Public Employees Retirement Fund has terminated a real estate investment trust (REIT) relationship with Cliffwood Properties LLC and signed deals with three other managers to diversify its risk.
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Over-exposed Alaska Retirement issues redemption queues
UNITED STATES – Alaska Retirement Management Board (ARMB) is to issue $103m (€76.3m) of redemption queues on three open-ended commingled funds as its allocation to real estate exceeds its strategic target.
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Illinois State Universities to capitalise on 2009 opportunities
UNITED STATES – State Universities Retirement System of Illinois has entered into the opportunistic real estate space by making a $40m (€29.4m) commitment to the Dune Real Estate Fund II.
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Investment options widened by CalPERS
UNITED STATES - California Public Employees Retirement System has approved a temporary new allocation range for real estate, and selected consultants for both timberland and infrastructure investing.
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OMERS makes strategic move to private equity
CANADA – The Ontario Municipal Employees Retirement System (OMERS) has launched a new investment entity which will invest in private companies focused on real estate development, airports and energy.
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Orion ready for European bargains
Europe – Orion Capital Managers has raised €900m of capital for its latest opportunistic property fund which will aim to buy bargain real estate across Europe.
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LaSalle launches UK opportunity fund
UK – LaSalle Investment Management is raising a £400m (€487m) opportunity fund to take advantage of declining property values and potential distress in the UK real estate market.
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NYSTRS invests in warehousing and debt
UNITED STATES – New York State Teachers’ Retirement System (NYSTRS) has added to its real estate portfolio by investing in an industrial commingled fund and by making several investments in debt real estate.
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Opportunistic funds continue to attract capital – Clerestory
GLOBAL – Capital continues to be raised globally for opportunistic real estate funds, albeit at a slower pace, despite the credit crunch and falling economic growth, according to research from Clerestory Capital Partners.
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Axa REIM shifts into distressed debt
EUROPE – Axa REIM, the real estate arm of Axa Investment Managers Group, is holding back from investing in European markets because it predicts property prices will drop even further and will concentrate on buying distressed debt.
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Alameda County opts out of JP Morgan commingled fund
UNITED STATES - Alameda County Employees Retirement Association has decided it wants to pull out of its commitment to JP Morgan’s Alternative Property Fund.
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CalPERS reserves $400m for hotel fund
UNITED STATES - California Public Employees Retirement System has made a $400m (€300.4m) commitment to the Starwood Capital Hospitality Fund II, following earlier success with an first version of Starwood’s specialist fund.
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GIC to invest in debt fund worth $2.5bn
UNITED STATES - Divco West Properties and LoanCore Capital have come together to form a $2.5bn (€1.8bn) investment fund which will target real estate debt opportunities at major institutional investors such as Singapore’s GIC.
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Buchanan Street Partners to be principal investor only
UNITED STATES - Buchanan Street Partners has shifted its business to focus solely on acting as a principal investor for all of its real estate investments.
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New York State takes $450m investment opportunity
UNITED STATES - New York State Common Retirement Fund has approved $450m (€308.2m) of commitments into three opportunity funds, in a bid to generate projected gross IRR of 20%.
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Student accommodation contrasts economic slowdown
UK - The UK student accommodation sector is continuing to thrive while most other property sectors feel the pinch in tough economic conditions, according to real estate consultancy group King Sturge.
