Latest Real Estate News – Page 734
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Secondary real estate trading dried up - INREV
EUROPE – Most European real estate fund of funds (FoF) managers turned their backs on the practice of trading secondary fund interests in 2009, as the number of transactions has dropped from 50 in 2008 to just five deals so far this year.
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REITS body predicts market upturn, as HSBC predicts down
GLOBAL – Real estate investment trusts (REITs) and other listed property companies could be in a position to “mount a startling about-turn in fortunes” as investors begin to allocate capital back to the sector, according to Reita.
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Impact of Dubai shock still polarised - analyst reactions
GLOBAL – Concerns that Dubai World’s need to deleverage will place a downward pressure on global real estate prices are unfounded, according to Dan Fasulo, head of research at Real Capital Analytics. Yet officials at real estate specialists Hatfield Phillips disagree.
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FirstProperty to target UK pension funds
EUROPE – First Property is aiming to move back into the UK commercial real estate market, after concentrating for several years on Central and Eastern Europe (CEE), with the launch of a new vehicle for pension funds.
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Nordic real estate predicted to take a hit
NORDICS – Investments in the Nordic real estate markets are expected to deliver negative returns for 2009, according to a new report from Aberdeen Property Investors.
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CalPERS signs to infrastructure with long-term view
UNITED STATES - California Public Employees Retirement System has made a commitment of $300m (€201m) to Alinda Capital Partners’s Infrastructure Fund II, even though the value of its earlier investments have yet to reach their original capital value.
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SanFran C&C switches CMBS managers
UNITED STATES - San Francisco City and County Employees’ Retirement System has fired Brookfield Investment Management as one of its high-yield commercial mortgage-backed security managers, and handed the account to its other existing high-yield CMBS manager, Pyramis Global Advisors.
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Swedish pensions break into secure locations
SWEDEN – A consortium of Swedish pension funds has purchased two ongoing real estate projects from developer Skanksa, which specialise in crime prevention.
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CalPERS endures fresh $4.2bn real estate hit
UNITED STATES – The California Public Employees Retirement System has revealed it suffered a $4.2bn (€2.82bn) loss on its real estate portfolio during the second quarter of 2009.
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Germany revisits real estate redemptions pressure
GERMANY – Redemption freezes have been reinstated on a number of German open-ended funds (GEOFs), including Aberdeen Immobilien Kapitalanlagegesellschaft’s (formerly DEGI) and the DEGI Europa and DEGI International funds, which both include institutional money.
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Cornerstone moves into Europe via Protego
GLOBAL – Protego Real Estate Investors has been bought by Cornerstone Real Estate Advisers, a wholly-owned subsidiary of the Massachusetts Mutual Life Insurance Company (MassMutual).
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Gellatly's FoFs follow to Aviva
EUROPE – Aviva Investors has taken over the management of BlackRock’s European fund of funds vehicles following fund manager John Gellatly’s move from the latter to the former in September 2009.
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Pension funds buy up retail targets
UK – LaSalle Investment Management has purchased a shopping centre in the UK on behalf of one pension fund client and secured new tenant leases for two others.
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CBRE takes over Merseyside contract
UK – The Merseyside Pension Fund has appointed CB Richard Ellis Real Estate Finance as its strategic property adviser, replacing Savills , following a detailed tendering exercise.
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Korea’s pension reserve buys HSBC tower
UK – HSBC Bank has agreed to sell its London headquarters in Canary Wharf to the National Pension Service of Korea (NPS) for £772.5m (€861m) in cash.
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CalSTRS takes first step in real estate shift
UNITED STATES – California State Teachers Retirement System (CalSTRS) is in the process of making some changes to its real estate investment policy which could reduce its investment in core strategies, in favour of higher-returning investments.
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SRI real estate fund gains positive pensions start
UK – Local authority pension funds have given their financial backing to a new socially-responsible real estate fund based in the UK and launched by Bridges Ventures.
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Orange County targets core and debt strategies
UNITED STATES - Orange County Employees Retirement System and its consultant, Callan Associates, have determined that core and distressed debt opportunities will offer the most compelling investment possibilities in the near future real estate market.
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Unite signs real estate deal with popular M&G fund
UK – Student housing specialist manager Unite has agreed to a sale-and-leaseback arrangement for one of its flagship assets in Bristol with the M&G Secured Property Income Fund for a total cash consideration of £21.5m (€24m).
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Fimit and Pirelli eye asset pooling 'merger'
ITALY – Real estate investment management company Fimit, which is partly owned by Italian pension funds, is planning to merge with real estate arm of Pirelli.
