Latest IPE Real Assets news – Page 1148
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PGGM extends US apartments
UNITED STATES - PGGM has decided to expand its investment in US residential property with Behringer Harvard by as much as an additional $200m (€136.3m).
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Enrichment claims send ‘inadequate’ OMERS board to court
CANADA - Ontario’s appellate court has passed for trial the main substance of a claim arguing the CA$48bn (€32bn) Ontario Municipal Employees Retirement System (OMERs) pension scheme was duped into “unjust enrichment” of directors of its real estate management firm.
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Equity build-up 'not evidence of bottomed-out market'
EUROPE - Industry analysts reaffirmed their forecasts for a mid-2008 return to fair value in the UK property market last week after GIC’s acquisition of shares in British Land triggered speculation the market had already started to bottom out.
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Morgan Stanley forms solar project fund
UNITED STATES - Morgan Stanley has put together a $200m (€135.9m) solar project fund to invest with Recurrent Energy and provide solar power to institutionally-owned real estate across the country.
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CBRE "confident" on Ireland, bar housing
IRELAND - Activity in the Irish residential market will stagnate in 2008 as economic growth drives up office, retail and industrial, suggests a market report published by CB Richard Ellis.
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US state scheme invests in student housing
UNITED STATES - An unnamed US state pension fund has set up a US$100m (€67.5m) account to invest in student and faculty accommodation at the University of California.
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Lombardy mall opens doors to German owner
ITALY - German property firm Union Investment has entered the Italian retail segment with the €74m acquisition of a recently completed shopping centre in Pavio, Lombardy.
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IVG doubles returns
GERMANY – German listed real estate company IVG said preliminary result for 2007 are more doubling its return on the previous year at €290m, despite the continuing sub-prime lending crisis.
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Principal buys into retail partnership
UNITED STATES - Principal Real Estate Investors has created a partnership with McCaffery Interests to invest in US retail properties.
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Texas Teachers spends $600m on finance and overseas
UNITED STATES - Teacher Retirement System of Texas is looking at making new real estate commitments totaling $600m (€402.8m), the bulk of which will tap into the demand for institutional debt support.
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Core gains momentum in State of Connecticut
UNITED STATES - State of Connecticut Trust Funds has added to its core real estate portfolio by making a $75m (€51.2m) commitment to the Cornerstone Patriot Fund.
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Danish pensions eye local infrastructure
DENMARK – DANISH pension funds say they would welcome to chance to invest in infrastructure projects which could be opened by the government for public-private partnerships (PPPs), ahead of a report from the Infrastructure Commission.
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ING gets keys to ABP property
NETHERLANDS – Dutch pension fund giant ABP has signed the biggest real estate deal The Netherlands to date, and is transferring the assets of its €1.6bn KFN non-listed real estate investment trust to ING Real Estate.
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PMT sells Paris office
FRANCE - Dutch metalworkers’ union Pensioenfonds Metaal en Techniek (PMT) has sold its 30% share of Le Balzac, a Paris office block, to Corio, the property firm 36.6% owned by the €215bn ABP.
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Aberdeen triples German property assets
GERMANY/UK – Aberdeen Property Investors Holdings has acquired German property investement group DEGI for a cash consideration of approximately €110m.
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Pension fund vehicle acquires Nokia facility
FINLAND - An investment vehicle set up for three Nordic pension funds to invest in Finnish real estate has confirmed its move outside the capital with the acquisition of a mini-business park in Tampere.
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Pirelli deal confirms off-market orthodoxy
ITALY - Off-market deals will be the default for institutional investors in Italy, according to Deutsche Bank subsidiary RREEF, after it leveraged a long-standing relationship with Pirelli to secure a prime Milan office block for €100m.
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Indiana moves into real estate
UNITED STATES - Indiana Public Employees Retirement Fund has approved $300m (€205.7m) worth of real estate investments as it moves into the asset class for the first time.
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Ohio PERS expands REIT investment program
UNITED STATES - Ohio Public Employees Retirement System has expanded the Reit investment program of its healthcare fund by 1% to 6%.
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Pennsylvania Public School to invest $641.5m into real estate
UNITED STATES - Pennsylvania Public School Employees’ Retirement System intends to allocate up to $641.5m (€436.1m) in new real estate investments through a variety of commingled funds, in a bid to tap advantages thrown up by the credit crisis.
