More Top Stories – Page 1007
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Real estate appetite shifts towards tighter core market
EUROPE – European institutional investors have developed a lower appetite for risk and a desire for greater control over real estate investments over the past two years, according to the European Association for Investors in Non-listed Real Estate Vehicles (INREV).
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Pramerica to target Mexican pension funds
UNITED STATES- Pramerica Real Estate Investors is creating a commingled investment fund which for the first time will encourage only Mexican pension funds to invest.
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Drivas Jones merges with Deloitte
UK – Drivas Jonas, the oldest real estate advisory firm in the UK, has become the first to join forces with one of the ‘big four’ accountancy firms.
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Inarcassa secures external route for real estate
ITALY – Italian fund manager Fabrica is to create and manage a new €600m real estate fund based on the property assets of Inarcassa, the Italian pension fund for self-employed engineers and architects in Italy.
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Cordea Savills to tap income from UK real estate
EUROPE – Cordea Savills has secured capital commitments from three investors, including an unnamed European pension fund, for a new fund that will invest in core, income-producing commercial real estate in the UK.
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SanFran CCERS moves assets from bankrupt Capmark
UNITED STATES – The San Francisco City and County Employees’ Retirement System is transferring the assets held in a separate account managed by Capmark Real Estate Equity Group following the asset manager’s bankruptcy.
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Merged Immofinanz dismisses Warsaw listing
EUROPE – The merger of the Austrian real estate companies Immofinanz and Immoeast has been approved by the shareholder meetings but the new joint Immofinanz is unlikely to replace Immoeast on the Warsaw stock exchange.
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Dutch pensions funds reduce direct property by €3.5bn
NETHERLANDS - The combined direct property investment of Dutch pension funds has decreased significantly, but schemes are still interested in holding office buildings, according to the Dutch regulator De Nederlandsche Bank.
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ICL pension plan moves into real estate
UK – The ICL Common Investment Fund, the investment vehicle for the ICL pension fund, made its first allocation to real estate in 2009, and invested £33m (€37.3m) through ING Real Estate Investment Management.
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Ohio PERS extends another $600m to core real estate
UNITED STATES - Ohio Public Employees Retirement System has approved new commitments totaling $600m (€412.4m) into the core open-ended JP Morgan Strategic Property and the UBS Trumbull Property funds.
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UK pension funds to invest in real estate recovery
UK – Aviva Investors has raised £200m (€226m) from a number of UK local authority and corporate pension schemes for a new fund designed to capitalise on the market recovery in the UK but without using gearing.
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Alecta outsources French real estate management
SWEDEN – The asset management arm of Swedish occupational pensions mutual Alecta is to transfer the management of its real estate portfolio in France.
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M&G checks real estate assets into Premier Inn
UK – M&G Investments has acquired five Premier Inn hotels for its Secured Property Income Fund, which offers inflation-linked income to institutional investors, including UK pension schemes.
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CPPIB shops for San Diego retail
UNITED STATES – The Canada Pension Plan Investment Board (CPPIB) has completed its first ever joint venture with Donahue Schriber on a retail property in San Diego.
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New arrival to pursue European deals for OMERS
GLOBAL – Oxford Properties, the real estate division of Canadian pension fund OMERS, has appointed Simon Marriott to lead its European investment programme as it gears up to make its first acquisitions in the UK since 2007.
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INREV warns of market impact on real estate fees
EUROPE – Fund management fees in non-listed real estate vehicles have yet to be affected by the market downturn, but this is expected to change according to the European Association for Investors in Non-listed Real Estate Vehicles (INREV).
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Pension funds consider shift back into property
EUROPE – European and North American pension funds are planning to increase investments in real estate over the coming year and the majority of schemes are reviewing external managers, an asset allocation survey has suggested.
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Asia predicted to drive real estate recovery
ASIA – Emerging Asian economies are likely to spearhead the next phase in the recovery of the global real estate markets, according to Prupim, the real estate division of UK life assurer Prudential.
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Strathclyde pension fund buys BREEAM green office
UK – The Strathclyde Pension Fund has purchased a sustainable office development in Glasgow, which is seen as the first building in the city to achieve a BREEAM (BRE Environment Assessment Method) ‘excellent’ status.
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Hermes swoops on property for BT
UK – Hermes Real Estate has acquired a series of commercial properties, known as the ‘Hawk’ portfolio, on behalf of the BT Pension Fund.
