Latest Real Estate News – Page 866
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UK pension funds look east for storage
UK - UK pension funds see continued traction in Central and Eastern European (CEE) logistics despite concerns over pricing in other segments of those markets.
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GIC acquires Finnish retail
FINLAND - GIC, the €145bn Singapore sovereign wealth fund, has acquired 40% of one of Finland’s largest shopping centres for €131.6m.
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Hotel investors build at home, buy abroad
US/GLOBAL -US hospitality investors are looking to Asia for returns but will face increasing competition from local investors, according to a report by Ernst & Young.
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Strapped UK investors are still shopping
UK/EUROPE - Investors are still confident in the UK shopping centre market despite a sharp drop in transaction values in the second half of 2007, according to a DTZ report.
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KBC Pensioenfonds shifts real estate for LDI
BELGIUM – KBC Pensioenfonds has significantly diversified its real estate allocation within the last eight months, in a bid to match the scheme's liability-driven investment (LDI) strategy.
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Credit crunch cost $3-4trn – JP Morgan
GLOBAL – JP Morgan officials say investment market turbulence sparked by the US subprime housing crisis may already have cost in excess of $3trn (€2.04trn) in lost credit and warn there could be more to come under tightened credit pricing.
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ING Clarion targets $5bn in 2008
UNITED STATES - ING Clarion is expecting to invest $5bn (€3.44bn) in real estate in the United States and Mexico in 2008 - equal to its accomplishments in 2007 despite the recent market downturn.
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Mass PRIM expands REIT program
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has decided to expand its REIT investment program by increasing its allocation by 50%.
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Nevada PERS strengthens ‘all-cash’ core status
UNITED STATES - Nevada Public Employees Retirement System has decided to grow its real estate portfolio through the acquisition of core assets adopting all-cash purchases.
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NYSTRS buys $250m in fresh real estate
UNITED STATES - New York State Teachers Retirement System has added a mix of international, opportunistic and structured finance funds to its real estate portfolio totaling up to $250m (€171.1m).
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Savanna creates first institutional fund
UNITED STATES - Savanna Investment Management has joined the institutional fund management business with the closing of its Savanna Real Estate Fund I.
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UK market 'has further to fall'
UK - HSBC analysts have claimed the UK market has further to fall, despite recent speculation it had already bottomed out following significant investment in UK property equities by GIC, the Singapore sovereign wealth fund.
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China set to buy Japan
ASIA - Liquid Chinese institutions could replace western investors in the region’s mature property markets, including Japan, according to Standard Life Investments.
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New Jersey PF pulls partners
UNITED STATES - New Jersey state pension fund is scouting institutional partners for infrastructure investment as part of a broader strategy aimed at leveraging critical mass to gain better deal terms.
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US pension funds see 5% drop on real estate
UNITED STATES - The Transaction-Based Index compiled by the MIT Center for Real Estate has indicated the value of commercial real estate owned by the large pension funds in the United States fell 5% in the fourth quarter of 2007.
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CalSTRS expands industrial JV with new partner
UNITED STATES - California State Teachers Retirement System has expanded its joint venture industrial program beyond First Industrial Trust by creating a new relationship with Sealy & Company.
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Pramerica sets up hotel JV
UNITED STATES - Pramerica Real Estate Investors has formed a new joint venture with Ashford Hospitality Trust to invest in hotel properties through structured debt and equity.
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Hewitt urges caution on Irish property
IRELAND – Consultants have urged pension fund trustees to diversify away from Irish property in the medium term, despite property funds averaging 6.9% returns in 2007.
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Canada scheme bags prime office
CANADA - CPP Investment Board (CPPIB), the investment arm of Canada’s CA$121.3bn (€82bn) public pension fund, has upped its exposure to domestic prime commercial with the CA$64m (€43m) investment in an Edmonton office block.
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Ireland returns 10% despite Q4 slide
IRELAND - Irish property returned just under 10% in 1007, despite dropping 2.3 percentage points to 1% in Q4, according to IPD data published last week.
