More Top Stories – Page 1015
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Crown Estate signs first green lease
UK – The Crown Estate has signed its first green lease for part of its £750m (€860m) Regent Street regeneration programme in London.
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88% of pension funds very concerned about LTV issues
EUROPE – Most European institutional investors are worried that the non-listed real estate funds they are invested in are likely to breach loan covenants, according to a study by the European Association for Investors in Non-listed Real Estate Vehicles (INREV).
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Real estate equities bear market over – Cohen & Steers
GLOBAL - “In contrast to the direct property market it is our strong view that real estate stocks have made their lows for this cycle and that the REIT bear market ended in March this year,” said Cohen and Steers co-chair and co-CEO Robert Steers.
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Camden to consider real estate increase
UK – The London Borough of Camden is considering the next stage of the restructure of its pension fund investment portfolio including a potential increase in property.
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ABFPT purchases retail park
UK – Wilky Fund Management has purchased Brook Retail Park in Clacton-on-Sea on behalf of the Associated British Foods Pension Trustees (ABFPT) for £11.5m (€13.2m).
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Ropemaker set to make UK acquisitions
UK - Ropemaker Properties, the direct real estate investment arm of the BP Pension Fund, is expected to complete two real estate acquisitions in the UK.
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UBS and Oxford in major pre-letting deal
UK - UBS Global Asset Management and Oxford Properties, the real estate arm of Canada’s Ontario Municipal Employees Retirement System, have achieved one of the largest speculative lettings in the City of London.
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HSBC Bank Pension Trust in new acquisition phase
UK – LaSalle Investment Management has purchased 50% stakes in two UK retail parks on behalf of the HSBC Bank Pension Trust.
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VER to increase RE allocation; targets UK
FINLAND - Valtion Eläkerahasto (VER), the State Pension Fund of Finland, is working to make its first commitment to a dedicated UK real estate fund as it looks to increase its overall property exposure.
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Transaction levels turn the corner
GLOBAL – Real estate transaction levels around the world rose for the first time in 18 months and Real Capital Analytics (RCA) predicts this will transpire to be a sustainable trend.
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State of Florida shifts remaining MS account to Pramerica
UNITED STATES – The Florida State Board of Administration has appointed Pramerica Real Estate Investors to manage the last 15% of a separate account previously managed by Morgan Stanley Real Estate.
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NYSTRS adds to mortgage portfolio
UNITED STATES - New York State Teachers Retirement System has expanded its mortgage portfolio with two recent transactions totaling $130m (€90.6m).
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Illinois Teachers allocates money to cover debt issues
UNITED STATES - The Teachers Retirement System of the State of Illinois has become one of the first pension funds in the United States to allocate funds to a separate account manager to cover possible debt issues.
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Mass PRIM cuts real estate to grow timber
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has decided to lower its allocation to real estate from 11% to 10% and double the size of its allocation to timber from 2% to 4%.
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Finnish pensions land airlines among property
FINLAND – Nordea Life Assurance Finland, Varma Mutual Pension Insurance and Valtion Eläkerahasto (VER) , the Finnish State Pension Fund, have invested in four airport properties in Finland through their NV Property Fund joint venture.
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Australian real estate plans route out of recession
AUSTRALIA – The Property Council of Australia has put together a blueprint for the real estate investment industry, to lead the sector beyond the current downturn.
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USS expands industrial holdings
UK – The £28bn (€31.7bn) Universities Superannuation Scheme continues to rebuild its domestic real estate portfolio by purchasing a portfolio of industrial assets measuring 2.9 million square feet for £196m (€226m), reflecting a yield of 8.7%.
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High risk real estate is too much for Quebec
CANADA – The Caisse de dépôt et placement du Québec has revealed the value of its real estate portfolio had fallen by C$4bn (€2.57bn) by the end of June 2009, and it is no longer investing higher risk real estate debt.
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Investment houses talk up UK property prospects
UK – Prupim has revised its forecast for the UK commercial property market as yields are beginning to stabilise, and Aberdeen Property Investors is predicting UK real estate will outperform its continental counterparts over the next five years.
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National Grid pension considers UK real estate
UK – The National Grid UK Pension Scheme has invested approximately £70m (€81m) in UK real estate this year and its advisers expect to commit a similar amount again during the second half of this year and in 2010.
