More Top Stories – Page 1061
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Ohio School expands into global REITs
UNITED STATES – The School Employees Retirement System of Ohio has expanded into global REITs investment for the first time with a $200m (€135.4m) allocation.
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LACERA commits to pan-European fund
UNITED STATES - Los Angeles County Employees Retirement Association has approved a $25m (€16.9m) commitment into the Europa fund III commingled fund, which is also expected to contribute to Nordic and Swiss property deals.
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Technical change hits PFZW property returns
NETHERLANDS - PFZW, the €88bn Dutch pension scheme formerly known as PGGM, said it would maintain its current property allocation despite the portfolio’s significant underperformance in the last quarter.
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Investors retain appetite for private funds
GLOBAL - More than 80% of institutional investors will increase their allocations to non-listed property funds in 2008, with the remainder retaining their current holdings.
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Valuations lack supporting evidence - Segro
EUROPE - Valuers are being urged by an increasingly desperate industry to make valuations despite a dearth of market evidence, according to Segro.
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New Jersey eyes $2bn in real estate
UNITED STATES - New Jersey Division of Investment will be looking at investing as much as $2bn (€1.38bn) in real estate for 2008.
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UK rally 'will be short-lived'
UK - Property shares will rally by up to 20% between now and mid-year before halving in value over the subsequent 18 months as the economy slides into recession, according to a research note from Morgan Stanley, the investment bank.
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AP Pension makes first direct Asia property bet
DENMARK -- AP Pension, the Danish occupational pension scheme, haschannelled DKK130m (€17.4m) into an Asian property fund with aportfolio of shopping centres – its first direct foray into Asian realestate funds.
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Serbia: 'the new Poland'
EUROPE - Investors will target Balkan states for returns fast disappearing from Central and Eastern European (CEE) property markets, judging by an Serb acquisition announced last week by Merrill Lynch.
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RREEF heads for Hyderabad homes
INDIA - Deutsche Bank property subsidiary RREEF has entered the Indian market with a $70m (€47.6m) indirect investment in residential developer Golden Gate Properties.
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Washington State commits to Brazil
UNITED STATES - Washington State Investment Board has decided to allocate $100m (€68.4m) into a commingled fund providing debt and equity investments in Brazilian real estate.
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RV Kuhns adds real estate presence
UNITED STATES - RV Kuhns & Associates has become the latest general investment consultant in the United States to have its own real estate team.
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US pension funds see new opportunity
UNITED STATES – Pennsylvania State Employees Retirement System and the Teacher Retirement System of Texas are two of the latest US pension funds to place capital into opportunity funds.
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JP Morgan creates $726m apartment JV
UNITED STATES - JP Morgan Asset Management has setup a $726m (€498.6m) joint venture with Apartment Investment and Management Company to gain a co-ownership of three apartment complexes in West Los Angeles.
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ABP to move back into listed
NETHERLANDS – ABP is to up its investment in listed property, just months after the €215bn Dutch pension scheme divested part of its listed portfolio in Europe and US.
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Segro deal to realise Berlin airport city
GERMANY - Berlin Airport Authority and Segro have agreed the development of a 38-hectare business and logistics park next to Berlin’s Schönefeld airport after the London-listed property investor acquired the land for €34m.
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French institutions to diversify real estate
FRANCE – As much as 60% of French institutional investors will diversify their real estate portfolios either geographically or into different investment strategies, the ratings firm MultiRatings has found.
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CalSTRS expands industrial JV to Europe
UNITED STATES - California State Teachers Retirement System CalSTRS) and First Industrial Realty Trust have moved their industrial joint venture program to Europe for the first time.
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'Mid-sized funds charge more' - INREV
GLOBAL - The larger the fund, the lower the management fee is the conclusion of an INREV survey of fees charged by 160 European non-listed real estate funds, except in funds with assets of €100—299m, as they levy the highest fees.
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NEPR quits Finland for Russia
NORDIC/RUSSIA - One of Finland’s key international investors indicated the market was approaching saturation last week as it sold off its remaining 39 hotel assets.
