Latest Residential News – Page 148
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Banks take over Spain’s real estate giant
SPAIN – Metrovacesa SA, Spain’s largest property firm, has handed over majority control of the company to six of its creditor banks in exchange for debt.
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Axa taps European housing opportunities
EUROPE – AXA Investment Managers’ German branch has launched a residential fund for institutional investors following their increased appetite for the sector.
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IPD predicts further gloom for Ireland
IRELAND – Ireland’s real estate industry has tough times ahead and is unlikely to recover any time soon, according to analysts at the SCS/IPD Annual Results presentation in Dublin this week.
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Property investment slumped €335bn last year
GLOBAL - Global investment in commercial property plummeted 59% to $435bn (€335bn) in 2008 and is likely to fall further in 2009, according to Cushman & Wakefield’s Investment Atlas 2009 analysis.
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Demands spark student accommodation drive
UK – Coral Portfolio and Strutt & Parker Real Estate Financial Services (SPREFS) are launching a student accommodation fund in response to strong market demand.
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New Jersey changes strategy with commingled capital
UNITED STATES - New Jersey Division of Investment has decided to shift $250m (€190.5m) worth of commitments planned for commingled funds into different investment opportunities on the back of market performance worries.
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Los Angeles City alters hotel booking
UNITED STATES - Los Angeles City Employees’ Retirement System has asked Integrated Capital to change the agreement it made concerning the Capital Hospitality fund so it can go ahead with investment plans.
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Arkansas searches property management
US – The $8.4bn Arkansas Teacher Retirement System (ATRS) it is looking to appoint a real estate manager to manage a $140m (€107m) property portfolio.
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Icade REIT considers residential sale
FRANCE - Icade, a subsidiary of Caisse des Dépôts and one of the largest Real Estate Investment Trusts (REIT) in France, is considering selling its entire housing unit.
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MPL taps buy-to-let repossessions
UK – Managing Partners Limited's British Property Opportunities Fund is expecting to return over 10% in its first year by snapping up bargain repossessed UK properties from banks at 30%-discounted prices.
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CalSTRS awards capital to existing managers
UNITED STATES - California State Teachers Retirement System has bucked the trend and issued new capital to real estate managers, to could be used for potential investment in 2009.
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Diebold’s pension moves into real estate
UNITED STATES - Diebold Corporation’s $450m (€356.5m) defined benefit pension fund has made its first move into real estate investment and made a $10m commitment to JP Morgan’s open-ended Strategic property fund.
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UK REITs could turn market liquidity - Deloitte
UK – UK residential Real Estate Investment Trusts (REITs) will be attractive propositions for institutional investors and could help bring liquidity into the market, according to experts attending an IPD pre-conference meeting in Brighton yesterday.
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CalPERS’s housing values plummet
UNITED STATES – The California Public Employees’ Retirement System (CalPERS) announced yesterday a 35% decline in the market value of its residential real estate portfolio.
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'Flat' review sparks talk over UK housing potential
UK – A government-commissioned report on proposed reforms for UK rented housing has sparked a debate which suggests the country’s top property experts disagree on the best way to help investors tap opportunities in the UK’s residential marketplace.
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Financial stress showing on apartment complex
UNITED STATES- The Stuyvesant Town/Peter Cooper Village apartment complex in New York, which is backed financially by pension funds, is going through some financial stress.
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Federal Capital attains $230m in first fundraising
UNITED STATES - Federal Capital Partners has closed its first commingled fund with a capital raisin of $230m (€168.5m) through FCP Fund I.
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Swiss pension funds buy Bern housing land
SWITZERLAND – Swiss pension funds have increased their real estate investments in Bern, by acquiring residential fields for new development projects.
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Cornerstone gets ready to close hotel bookings
UNITED STATES - Cornerstone Real Estate Advisers is getting ready to close the capital raising on its Cornerstone Hotel Income & Equity Fund II, having persuaded investors to commit $466m (€340.5m) to the fund.
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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.
