Latest Office News – Page 167
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Mass PRIM makes additions in real estate
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has selected a new real estate consultant and added an office building to its real estate portfolio.
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Pennsylvania Public School takes $286m risk
UNITED STATES - Pennsylvania Public School Employees Retirement System has allocated $286m (€210m) in two commingled funds to target high returns in European mortgages and Asia.
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BP deal squares up to property downturn
UK- BP’s pension fund real estate arm Ropemaker Properties has formed a £100m UK investment fund called Cubemaker Partnership with London-based property company Cube Real Estate, that aims to take advantage of the economic downturn and acquire cheap assets.
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London tops the office expenses
UK - London remains the most expensive office market in the world, according to the latest research by London-based global commercial property investment consultants, CB Richard Ellis (CBRE).
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DEGI continues European expansion
BELGIUM – DEGI, the €6bn German specialist property investment group, has bought a major European Union (EU) office complex in Brussels, in a deal worth €90m.
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Swiss funds still favour real estate
SWITZERLAND – Nine out of 10 Swiss pensions funds are indirectly invested in real estate while the majority also directly invest in the market, according to research from real estate investment specialist Sal Oppenheim.
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CalSTRS prepares for market turn
UNITED STATES - California State Teachers Retirement System is investing capital with existing real estate managers so these firms will have capital ready to place in the real estate market when conditions start to improve.
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Propinvest seals largest ever European property deal
SPAIN - London-based real estate investment and management specialist Propinvest has acquired the global headquarters of Spanish banking giant Banco Santander, for €1.9bn – the largest ever European real estate deal.
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Emerging markets lift global office sector…for now
GLOBAL - The office market worldwide has continued to show resilience despite the general downturn in the global economy, according to Boston-based global property specialist Colliers International.
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DEGI continues expansion eastwards and at home
GERMANY - Specialist Frankfurt-based property investors, DEGI, has acquired the Marynarska Business Park in Warsaw for €167m, as well as expanding its presence in Frankfurt.
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SEB to cash in on expanding Cologne office market
GERMANY - Frankfurt-based SEB Asset Management (SEB) has further expanded its German property holdings with the purchase of a major office building in Cologne which adds €75m to the group’s existing €132bn assets under management.
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Sacramento County plays strong hand on real estate
UNITED STATES - Sacramento County Employees Retirement System is now in the process of looking at firms to manage an ex-US public REITs strategy, but has rejected plans from one of its managers to change a fund’s existing strategy.
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‘Cheesegrater’ put on hold as UK economy falters
UK - British Land has postponed plans to build a gleaming 220m skyscraper in the City of London, as falling demand for office space underlines the downward spiral of the UK economy.
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Pennsylvania Public School invests $775m
UNITED STATES - Pennsylvania Public School Employees Retirement System has approved new real estate commitments totaling $775m (€526.4m) in four commingled funds, including a $400m chunk with Beacon Capital.
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Pramerica venture to invest in Manhattan skyline
UNITED STATES - Pramerica Real Estate Investors has formed a joint venture with L&L Holding Company to invest in New York City office buildings.
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Swiss-backed AIFAA expands US strategy to Texas
UNITED STATES - AIFAA, an investment company backed by 12 Swiss pension funds, has extended its real estate portfolio to Texas for the first time with the $82m (€54.8m) acquisition of the Wells Fargo Tower office building in Austin, Texas.
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Mass PRIM buys its first properties of ‘08
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has closed the deal on its first two direct property acquisitions in 2008 and paid a total of $177.1m (€118.6m) for the assets.
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US giant huddles up to London
UK – Mark Wood, managing director of US pension fund giant TIAA-CREF’s global real estate business, has revealed the newly-launched London office is an attempt to “make sure we are as close to the market as we can be.”
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European office still seen as positive space
EUROPE - Rents will fall but much of the European office market is likely to remain positive in the near future, even though at least 20% of the tenant base in major cities is in financial services, suggests Pramerica.
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Los Angeles City places capital into debt fund
UNITED STATES - Los Angeles City Employees Retirement System has made a $20m (€12.7m) to the Mesa West Real Estate Income Fund II, in a bid to capitalise on the supply and demand financing opportunities in the mid-size segment of the marketplace.
