More Top Stories – Page 1029
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Lack of debt to present "challenge" for 2009
EUROPE – European real estate investors expect 2009 to be a challenging year for equity and debt markets, according to the latest sentiment report by PricewaterhouseCoopers and the Urban Land Institute (ULI).
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C-Reits could lift Chinese economy - APREA
CHINA – Chinese Real Estate Investment Trusts (REITs) could play a vital part in helping the country’s real estate markets recover from the economic crisis, according to the Asian Public Real Estate Association (APREA).
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Cohen & Steers predicts “outstanding” returns…in time
GLOBAL – Cohen & Steers, the US investment firm specialising in real estate, remains confident that the majority of global listed real estate companies will weather the economic crisis despite the poor lending environment, according to its latest Review and outlook for the international real estate markets.
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Real estate derivatives go online
US – International Real Estate Securities Exchange Inc. (IRESE) has launched what it describes as the first online real estate-only securities and derivatives exchange.
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Spain to see second property giant collapse
SPAIN – Nozar, a major property company in Spain, is on the brink of going into administration with debts of over €4bn, which could make it the second- largest corporate default in the country.
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Pramerica expands mezzanine position
EUROPE – Prudential Real Estate Investors (PREI) has hired a team of real estate financers to build a commercial property mezzanine platform in Europe to take advantage of immediate opportunities created by the volatile markets.
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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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North Carolina warns on real estate holdings
US – The North Carolina Retirement System lost $17bn (€12.8bn) in value in 2008 and is bracing itself for a steeper decline in real estate values, the Department of State Treasurer announced on Friday.
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Standard Life halts redemptions
UK – Standard Life, the UK insurance company, has delayed redemptions from six commercial property funds worth £2.7bn (€2.9bn) as a result of the slowdown in property transactions.
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UK local government pays tax on its own empty buildings
UK – British councils are paying a whopping £690m (€745m) in business rates on their empty properties, the Business Centre Association revealed this week.
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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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Economic freeze hits Alaska’s investments
US – The Alaska Permanent Fund Corporation’s (APFC’s) real estate portfolio performed better than other assets but has still contributed to the fund’s $4.2bn (€3.2bn) drop in value in the second quarter of fiscal year 2009.
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Progress to sell property for unlisted strategy
NETHERLANDS - The Dutch pension fund of food giant Unilever will sell its entire Dutch direct property portfolio, and switch its real estate investment strategy to unlisted international real estate funds.
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Hermes' Evans moves into new role
GLOBAL – Hermes, the pension fund manager owned by the BT Pension Scheme, has reshuffled its property team as part of a new strategy that will focus on investing in debt and listed company shares.
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AIG puts real estate house on the market
US - AIG Global Real Estate has today announced the $12.4bn (€9.4bn) fund management business has been put up for sale, as part of the American International Group’s (AIG’s) divestment programme set out at the end of last year.
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Warburg-Henderson grows institutional client base
GERMANY – German real estate company Warburg-Henderson has launched a Master KAG subsidiary and already won its first client.
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Inflows see DEGI alter redemptions ban
GLOBAL – Deutsche Gesellschaft für Immobilienfonds mbH (DEGI), the German-based property investors, has announced it will end the suspension of redemptions from its DEGI International Fund at the end of this month following new capital inflows into the fund.
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Central London property presents a challenge - JLL
UK – Investment levels across Central London fell by 66% last year and could lead to “one of the most challenging years on record” for real estate take-up in the capital, according to Jones Lang LaSalle’s latest Central London report.
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UBS unwinds real estate secs team
SWITZERLAND – UBS, the Zurich-based bank, is to close its real estate and securitisation business and cut more jobs, following plans to downsize its fixed-income unit.
