More Top Stories – Page 1014
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Progress almost complete on real estate disposal
NETHERLANDS – Progress, the Dutch pension fund of food giant Unilever, is close to completing the disposal of its entire directly-held real estate portfolio.
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Borrowing costs are improving - JLL
GLOBAL – There is growing evidence that the cost of borrowing in the global unsecured real estate debt markets is finally starting to fall, according to Jones Lang LaSalle.
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BAE Pension taps coastal space
UK – The pension fund of BAE Systems in the UK has bought a retail warehouse through property fund managers LaSalle Investment Management.
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Birmingham shoppers to support Australian pensions
AUSTRALIA/UK – The Australian government’s Future Fund has bought a 33% stake in the Bullring in Birmingham, England from Land Securities.
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Invesco eyes slush fund over real estate distributions
UNITED STATES - Invesco Real Estate may cease issuing quarterly distributions to investors in its Invesco Core Real Estate Fund during the third quarter, in favour of building additional cash reserves for the fund.
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Texan pension funds kickstart shift back into real estate
UNITED STATES - Texas Permanent School Fund is hoping to become a major player in real estate over the next four years and invest up $1bn (€686.7m), just as local rival Teacher Retirement System of Texas has appointed LaSalle Investment Management to run a special real estate vehicle specialising in ...
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SBZ completes investment outsourcing in tough market
NETHERLANDS – SBZ, the €2.3bn pension fund for health insurance employees, has completed the final stage of its outsourcing to Russell Investments and moved its indirect real estate holding to the asset manager, following a sale of its direct domestic holdings.
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Secondary market receives transparency boost
UK - CB Richard Ellis and property derivatives specialists GFI have attempted to cultivate the nascent secondary market in unlisted property funds with the launch of a dedicated portal.
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BBC receives offer for London office
UK – The pension fund of the British Broadcasting Corporation (BBC) has confirmed that it has been offered £30m (€34m) for its office building in London.
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CalSTRS in European move
UNITED STATES - California State Teachers Retirement System (CalSTRS) has made one new real estate investment and transferred one existing asset to a different manager during the second quarter of 2009.
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UK PFs in healthcare gain
UK – Several UK pension funds have gained exposure to a specialist real estate fund through the secondary market.
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AXA REIM appoints new CIO
GLOBAL – AXA Real Estate Investment Managers (AXA REIM) has appointed Dennis Lopez as global chief investment officer.
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Pension funds write off investments in NYC apartment complex
UNITED STATES - At least two pension funds in the US have suffered major losses on their investments in the Stuyvestant Town and Peter Cooper Village apartment complex in Manhattan.
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APG urges PEPR to improve governance (updated)
NETHERLANDS – APG, the asset manager of ABP pension fund, has called on fellow shareholders in Prologis European Properties (PEPR) to block the company from raising new equity unless they are given the option to replace PEPR’s manager.
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Hampshire to target UK property in next 12 months
UK – Hampshire County Council is looking to almost double its pension fund's exposure to UK commercial property over the next year to meet the 8% target allocation agreed before the market downturn.
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BPF Bouw and Progress sell Unilever HQ
NETHERLANDS – Dutch pension funds BPF Bouw and Progress have sold the headquarters of food giant Unilever in Rotterdam to German fund manager Real IS.
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Ohio Police and Fire to allocate $260m over next several years
UNITED STATES- Ohio Police and Fire Pension Fund is to invest $260m (€183m) in real estate over the next three years, with $50m of that amount to be invested between now and the end of 2009.
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Texas Employees plans major push to private real estate
UNITED STATES – The Employees Retirement System of Texas is preparing to make commitments to private real estate totalling $2.1bn (€1.5bn) over the next five years with almost half coming in 2010 and 2011.
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Sentiment in UK CRE improving but more pain to come
UK – Average property yields in the UK fell by 15 basis points to 7.03% in August, the lowest level since November 2008, according to Cushman & Wakefield.
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Korean NPS to invest in central London prime
KOREA/UK – The National Pension Service of Korea (NPS), the fifth largest pension fund in the world, has awarded a mandate to UK-based Rockspring Property Investment Managers to invest in prime central London real estate.
