More Top Stories – Page 1049
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Care and cure ‘perfect for pension funds’
EUROPE - ‘Care and cure’ property assets are gaining appeal among pension funds because they offer a hedge against the broader economic downturn, according to ING Real Estate fund manager Wietse de Vries.
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Russian infrastructure spending to soar
RUSSIA –The Russian government has decided to increase infrastructure spending to over $1trn (€650bn) over the next 10-15 years, creating attractive investment opportunities in the Russian infrastructure market, suggests Pictet, the Swiss private bank.
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CalPERS-backed real estate entity files Chapter 11
UNITED STATES - LandSource Communities Development LLC, a US land investment entity backed by California Public Employees Retirement System, the largest pension fund in the United States, has filed for Chapter 11 bankruptcy protection.
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CalSTRS focuses eye on infrastructure
UNITED STATES - California State Teachers Retirement System has begun the process for eventually placing around $1bn (€644.m) of capital in infrastructure investments.
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Wisconsin follows the lower allocation trend
UNITED STATES – Yet another US pension fund has moved to reduce its allocation to real estate this year, as the State of Wisconsin Investment Board has cut its allocated capital by 14%.
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RREEF makes fresh executive hires
UNITED STATES - RREEF Alternative Investments has added to its executive staff with the hiring of Susan Barlow as managing director and head of global client relations.
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Thomas Properties and UBS sign office contract
UNITED STATES - Thomas Properties Group has created a new office building acquisitions joint venture with UBS Wealth Management to purchase assets in selected markets across the United States.
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Tricon Capital creates new investment platform
UNITED STATES - Tricon Capital Group has created a new investment platform for the recapitalisation of single-family communities.
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Blight to leave ING REIM
NETHERLANDS/AUSTRALIA - David Blight, chief executive of ING Real Estate Investment Management is leaving the company to return to his native Australia, the firm has announced.
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J-REITs are bowed but still borrowing
JAPAN - J-REITs are better positioned than other Japanese property firms to weather lender caution, according to a report published by Moody's which maintains a stable outlook for 20 of 22 rated J-REITs.
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Retail booms despite ‘weak’ Russian reputation
RUSSIA - Consumer spending power is driving resurgent growth in Russian retail real estate, according to Swedish fund manager East Capital following the launch of a retail property fund.
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Stay out of politics, OECD tells SWFs
GLOBAL - The OECD has apparently softened its stance on sovereign wealth funds (SWFs), welcoming their “constructive contribution” to economic development and lauding them as “a force for global financial stability”.
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Teesside offers £1.75m direct property mandate
UK - Middlesbrough Borough Council has issued a tender for a manager to take responsibility for the direct property portfolio of its local government pension scheme.
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APG reshuffles Asian real estate team
NETHERLANDS – Dutch APG Investments, the wholly-owned division of ABP created to manage the assets and administration of the pension fund, has reshuffled its Asian real estate team.
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Van der Ende takes the CIO chair
NETHERLANDS – Johan van der Ende, currently at the helm of strategy and structured investments at PGGM, has been promoted to chief investment officer.
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Illinois Teachers targets minority and female managers
UNITED STATES - Teachers’ Retirement System for the State of Illinois has decided to expand its emerging manager program to include real estate for the first time.
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State of Wisconsin makes hotel reservations
UNITED STATES - Wisconsin State Investment Board is planning to invest into hotels for the first time.
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Ohio PERS sees value of European capital
UNITED STATES - Ohio Public Employees Retirement System (PERS) has made $75m (€48.3m) commitments to Carlyle Europe Realty Partners III and Blackstone Real Estate Partners Europe Fund III.
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LACERA moves $50m into pan-Asia fund
UNITED STATES - Los Angeles County Employees Retirement Association had added to its international real estate exposure by committing $50m (€32.2m) to the ING Real Estate Asia Value Fund.
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Ohio Police & Fire commits to high return fund
UNITED STATES - Ohio Police & Fire Pension Fund is continuing its high return commingled fund investing strategy by making a $25m (€16.2m) commitment to the Walton Street Real Estate Fund VI.
