All Real Assets articles in May 2010 (Online) – Page 2
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News
VR Pension buys Tampere hotel development
FINLAND – VR Pension, the €920m Finnish state railway workers pension scheme, has agreed a joint venture with Stockholm-based hotel firm Scandic to build a hotel in the centre of Tampere, Finland’s second largest city.
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BVI issues open-ended counter-proposal
GERMANY - The German Investment and Asset Management Association (BVI) has weighed into the debate over mooted restrictions on open-ended funds, sparked by a federal ministry proposal that would require property valuations to be cut by 10%.
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German nursing home fund targets smaller pension investors
GERMANY – Small pension funds from outside Germany will invest in a fund dedicated to German nursing homes, according to fund manager Felix von Braun, a former managing director of Savills.
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East Riding gains indirect exposure to healthcare development
UK – A listed healthcare property fund that has the £1.6bn (€1.86bn) East Riding local authority pension scheme as its third largest investor last week acquired a primary care health centre development for £5.7m.
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Oregon signs up to Vornado value-add club fund
UNITED STATES – Oregon Public Employees Retirement Fund has approved a $100m (€78.7m) commitment to the Vornado Capital Partners investment fund.
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Norway-Global could choose to go direct
NORWAY – The Norway Government Pension Fund’s appointment of State Street as real estate fund administrator, including joint venture services, has led to speculation that the sovereign wealth vehicle will invest directly in global property markets.
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Nottingham PF sells ‘too big’ retail park
UK – A listed company specialising in edge-of-town and out-of-town retail has acquired assets from Nottingham local authority pension fund and Xerox Pensions for a total of £22.7m (€26.3m).
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Whitbread property plugs pension gap
UK – based hotel and restaurant group Whitbread is to siphon income from some of its property assets to plug £100m (€115.6m) of its £434m pension deficit.
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Crisis model includes real estate for first time
GLOBAL – A crisis forecasting model developed for banking regulators has included property prices as a key risk factor for the first time.
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Canada Pension Plan steps up global spending spree
GLOBAL – Canada Pension Plan Investment Board (CPPIB) has made its first ever investment in Manhattan through a joint venture with SL Green Realty Corporation, and established an Australian real estate development fund with Goodman Group.
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Texas Teachers to target core US real estate through Lionstone
UNITED STATES – Teacher Retirement System of Texas has formed Lionstone Cash Flow Real Estate Partners One, a fund managed by Houston-based The Lionstone Group.
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LPFA could start wave of investment in UK housing
UK – The £3.5bn (€4bn) London Pension Fund Authority (LPFA) could be the first in a number of UK pension funds investing in the residential real estate sector.
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Retailers seek prime as shoppers hold back
EUROPE – European shoppers could take two years to catch up with the global economic recovery, according to CB Richard Ellis.
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Smith takes over at Aberdeen as Blacklund retires
GLOBAL – Aberdeen Asset Management has appointed Andrew Smith as group head of property.
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Gulf states have ‘too much supply, too little cash’ – Moody’s
MIDDLE EAST – Rating agency Moody’s today blamed oversupply and lack of property finance for an 18-month negative outlook for real estate markets in Gulf Cooperation Council (GCC) states.
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And the winners of the IPE Real Estate Awards 2010 are…
EUROPE – Ärzteversorgung Westfalen-Lippe (AeVWL) was crowned Best European Institutional Investor last night at a glittering event in Amsterdam to celebrate this year’s IPE Real Estate Awards 2010.
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Former IPD boss appointed INREV CEO
EUROPE – The European Association for Investors in Non-listed Real Estate Funds (INREV) has appointed Matthias Thomas, the founder of Investment Property Databank (IPD) Germany, as chief executive officer.
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BVK ‘optimises’ UK portfolio by selling assets
GERMANY/UK – Bayerische Versorgungskammer (BVK), the €43.2bn German pension fund, has sold two UK office blocks for £48m (€56.6m).
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Recovery boosts forecasts for Europe, US
GLOBAL – Economic recovery has upped the prospects for long-lease prime properties in cities such as London, New York, Paris and Hong Kong, according to ING Real Estate Investment Management.
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Munich office outlook maintains focus on prime
GERMANY – Munich office rental will pick up slowly in 2010 even if there is a speedy recovery, according to a report published this week by Knight Frank.
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