Latest Real Estate News – Page 833
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London property attracts overseas interest
UK - Investment in London commercial property has risen for the first time since the second half of 2007, according to new figures from Cushman & Wakefield.
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Texas Teachers makes industrial acquisition
UNITED STATES - Teacher Retirement System of Texas has made one of the largest industrial acquisitions of the year by investing $410m (€292.8m) into TLF Logistics.
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Hercules receives backing from pensions giant
CANADA/UK - The Canada Pension Plan Investment Board (CPPIB) has injected £100m (€118m) into the Hercules Unit Trust (HUT), a UK retail warehouse fund run by British Land and Schroders, which is in the process of restructuring its £800m debt facility.
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BT pension fund sells miner’s head office
UK – Hermes Real Estate has sold 20-24 Carlton House Terrace, the UK headquarters of Anglo American, for £66.5m (€78.3m) on behalf of the BT Pension Fund.
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Danish doctors sell offices to Aberdeen
DENMARK – The Doctors’ Pension Fund in Denmark, Lægernes Pensionskasse (LP), has sold two fully-let offices in Copenhagen to Aberdeen Property Fund Denmark, but will be paid half of the €17.8m acquisition price in cash and half in fund shares.
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RREEF weigh ups its options over America III
UNITED STATES – RREEF, the real estate investment division of Deutsche Bank, is now considering three different options to help it deal with some debt issues for its open-ended commingled fund, RREEF America III.
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Maine PERS selects ORG as real estate consultant
UNITED STATES - Maine Public Employees Retirement System has selected ORG Real Property as its first ever real estate consultant.
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Tesco makes second property pledge to pension
UK – Tesco, the global supermarket chain, has signed another sale-and-leaseback deal with pension fund trustees, which will see the fund take a 50% stake in assets worth £458m.
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Progress continues on real estate sale
NETHERLANDS - Progress, the Dutch pension fund of food giant Unilever, has sold three housing complexes in Breda, Groningen and Nijmegen as it continues to divest its directly-held domestic real estate portfolio.
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Pension funds show interest in UK housing
UK – European pension funds who would not traditionally invest in UK rental housing may do so for the first time through an initiative to kick start investment in UK private residential property, according to a UK government body.
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Fresno County acts on concerns about value-added manager
UNITED STATES - Fresno County Employees Retirement Association has changed its mind about the appointment of a real estate manager to look after a $30m (€21.7m) allocation for a value-added investment as it has reservations about the firm’s ability to raise sufficient capital.
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Mass PRIM fires REIT manager
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has terminated its separate account REIT manager relationship with Wellington Management in part on the back of poor performance and awarded a new $40m (€28.6m) allocation to the AFL-CIO Housing Investment Trust Fund.
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Valuers advised to consider all transactional evidence
GLOBAL - Investors have been warned they should ensure firms delivering their valuations take all possible scenarios and evidence into consideration when valuing a property, as leaving certain criteria out could be seen as distorting the market.
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UK residential may be on the up – index fund manager
A real estate investment house has claimed investing in UK residential housing “may have turned a corner”, although physical house price rises are still increasing at a very slow rate.
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AEW boosts research function
EUROPE - AEW Europe, which has €17bn in assets under management, has boosted its research function with the appointment of José Luis Pellicer to head the research function in London
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ATP trains its eye to 'club’ investments
DENMARK – ATP Real Estate still has €300m of outstanding equity to put into the non-listed real estate markets, but has moved its focus away from large commingled funds to club deals with like-minded investors.
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UK commercial loans at risk of covenant breach
UK – More than three-quarters of UK commercial real estate loans could be in breach of their loan to value (LTV) covenants and there could be up to £50bn (€57bn) of negative equity in the market, according to William Newsom, head of valuation at Savills.
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Kansas PERS expands into infrastructure
UNITED STATES - Kansas Public Employees Retirement System has made its first ever investment in infrastructure with a $50m (€35.2m) commitment into the Brookfield Americas Infrastructure Fund.
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Germany overtakes UK as biggest European market – IPD
EUROPE - The UK has dropped from second to fourth ranking in the global market, according to IPD.
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Mark turmoil encourages AlaskaPerm to rethink weightings
UNITED STATES - The Alaska Permanent Fund Corporation has increased its targeted allocation to real estate from 10% to 13%, to help cope with the impact of the financial markets crisis on its portfolio.
