More Top Stories – Page 1062
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ING Clarion redevelops mixed-use site
UNITED STATES - ING Clarion Partners and Panattoni Development Company have formed a joint venture to redevelop a former Boeing Company site as a major mixed-use project in Anaheim, California.
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Alaska Permanent Fund resettles in Chicago
UNITED STATES - Alaska Permanent Fund Corporation has moved back into investing in the Chicago real estate market for the first time in several years, through the purchase of The Shops at North Bridge.
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Private equity performs despite credit woes
GLOBAL - Institutional investors are maintaining their investment in private equity property funds as the credit crunch fails to quell enthusiasm for the asset class, according to private equity firm Preqin.
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Cap rates stay low on in retail shopping
UNITED STATES - The Oregon Public Employees Retirement Fund has been able to pick up new purchases which suggests cap rates on grocery anchored shopping centers are staying low and have yet to be hit impacted by the changes in the debt market.
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Shorenstein taps investors for mezzanine deals
UNITED STATES - Shorenstein Properties LLC has decided to reopen its last closed-end mezzanine commingled fund Shorenstein Realty Investors Nine to existing investors, in a bid to make gains before financing capital hits the market.
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PGGM extends US apartments
UNITED STATES - PGGM has decided to expand its investment in US residential property with Behringer Harvard by as much as an additional $200m (€136.3m).
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Enrichment claims send ‘inadequate’ OMERS board to court
CANADA - Ontario’s appellate court has passed for trial the main substance of a claim arguing the CA$48bn (€32bn) Ontario Municipal Employees Retirement System (OMERs) pension scheme was duped into “unjust enrichment” of directors of its real estate management firm.
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Equity build-up 'not evidence of bottomed-out market'
EUROPE - Industry analysts reaffirmed their forecasts for a mid-2008 return to fair value in the UK property market last week after GIC’s acquisition of shares in British Land triggered speculation the market had already started to bottom out.
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Morgan Stanley forms solar project fund
UNITED STATES - Morgan Stanley has put together a $200m (€135.9m) solar project fund to invest with Recurrent Energy and provide solar power to institutionally-owned real estate across the country.
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CBRE "confident" on Ireland, bar housing
IRELAND - Activity in the Irish residential market will stagnate in 2008 as economic growth drives up office, retail and industrial, suggests a market report published by CB Richard Ellis.
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US state scheme invests in student housing
UNITED STATES - An unnamed US state pension fund has set up a US$100m (€67.5m) account to invest in student and faculty accommodation at the University of California.
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Lombardy mall opens doors to German owner
ITALY - German property firm Union Investment has entered the Italian retail segment with the €74m acquisition of a recently completed shopping centre in Pavio, Lombardy.
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IVG doubles returns
GERMANY – German listed real estate company IVG said preliminary result for 2007 are more doubling its return on the previous year at €290m, despite the continuing sub-prime lending crisis.
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Principal buys into retail partnership
UNITED STATES - Principal Real Estate Investors has created a partnership with McCaffery Interests to invest in US retail properties.
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Texas Teachers spends $600m on finance and overseas
UNITED STATES - Teacher Retirement System of Texas is looking at making new real estate commitments totaling $600m (€402.8m), the bulk of which will tap into the demand for institutional debt support.
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Core gains momentum in State of Connecticut
UNITED STATES - State of Connecticut Trust Funds has added to its core real estate portfolio by making a $75m (€51.2m) commitment to the Cornerstone Patriot Fund.
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Danish pensions eye local infrastructure
DENMARK – DANISH pension funds say they would welcome to chance to invest in infrastructure projects which could be opened by the government for public-private partnerships (PPPs), ahead of a report from the Infrastructure Commission.
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ING gets keys to ABP property
NETHERLANDS – Dutch pension fund giant ABP has signed the biggest real estate deal The Netherlands to date, and is transferring the assets of its €1.6bn KFN non-listed real estate investment trust to ING Real Estate.
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PMT sells Paris office
FRANCE - Dutch metalworkers’ union Pensioenfonds Metaal en Techniek (PMT) has sold its 30% share of Le Balzac, a Paris office block, to Corio, the property firm 36.6% owned by the €215bn ABP.
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Aberdeen triples German property assets
GERMANY/UK – Aberdeen Property Investors Holdings has acquired German property investement group DEGI for a cash consideration of approximately €110m.
