More Top Stories – Page 1064
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Concerns raised as returns drive pensions diversity
GLOBAL - The argument for global diversification is becoming more compelling, but institutional investors are often simply investing according to total return expectations, say industry experts.
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Philips scheme dismantles real estate portfolio
NETHERLANDS – The besieged €14.6bn pension scheme of Dutch electronics major Philips has sold around 15% of its real estate holdings to Dutch real estate investment fund Vesteda.
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NAEV to cut direct real estate
GERMANY – The €8.5bn doctors’ fund Nordrheinische Ärzteversorgung (NAEV) will cut its direct real estate holdings in Germany in an overhaul of its property investments.
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Spikker leaves PGGM for ABP
NETHERLANDS - PGGM’s Hans Spikker is to join ABP at the end of 2007 as manager of its non-listed European real estate portfolio.
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Henderson names first German client relationship team
GERMANY – Sylvia Seeger has been named as the first German-language client relationship manager at Henderson’s German operations in Frankfurt.
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ATP to increase property allocation against inflation
DENMARK - ATP, the DKK438bn (€59bn) Danish Labour Market Supplementary pension fund, is to increase its property and infrastructure allocation to half of its inflation-protected portfolio.
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CEE ‘more stable than Europe elsewhere’
EUROPE - Central and Eastern Europe is not immune from the effects of the global credit crisis according to Eurohypo, despite claims the region is insulated from global shocks.
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Risk-conscious investors take the road to Berlin
GERMANY - Germany has overtaken France and the UK as the primary mature European target market for overseas and domestic real estate investors, according to research.
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Jelmoli ups ante in Swiss saga
EUROPE - In the latest round of an aggressive game of brinkmanship, Swiss retailer Jelmoli is to sue Delek for breach of contract after the London-listed Israeli property firm’s pulled out of a deal to acquire Jelmoli’s 88-property Swiss portfolio.
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Entity level investing attracts more pension fund capital
UNITED STATES – US pension funds are showing increased interest in moving capital to commingled funds that make entity-level investments, as two major funds have invested in funds holding direct property.
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Texas Teachers to grow real estate staff
UNITED STATES - Teacher Retirement System of Texas is looking to grow its real estate staff as it mover closer to its 10% allocation for real estate.
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CalSTRS and ING Clarion set up value-added JV
UNITED STATES - California State Teachers Retirement System and ING Clarion Partners have created a value-added investment joint venture called INGCal Tactical.
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US pensions scrutinise apartments
UNITED STATES - Pension funds in the United States are going to be taking a closer look at placing some capital into apartments as officials believe there will be stronger renter demand for apartments in the near-term.
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Harrison Street pairs up for medical offices
UNITED STATES - Harrison Street Real Estate Capital has formed a joint venture with Montecito Medical Investment Company to buy ownership of medical office buildings.
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CalWest assets reduce to $473m
UNITED STATES - California Public Employees Retirement System (CalPERS) and RREEF are working together at present to manage the real estate assets on the CalWest Industrial Investors LLC, but assets are now substantially lower following an earlier sale of properties.
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Real estate sought through IPE-Quest mandate
SWITZERLAND – A search has been launched for an investment manager to look after a €10m European real estate mandate, using IPE Quest.
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Two in three funds eye real estate
NORDICS - Nearly two-thirds of pension funds in Norway, Sweden and Denmark intend to invest in non-listed real estate in the future, according to a survey by Lymos BV Real Estate Capital Advisors.
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ABP advised to sell Corio
NETHERLANDS - Dutch pension fund ABP should sell its 37% share in Corio to one of the developers circling the Dutch real estate firm, according to sector analysts.
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Pension fund JV acquires €200m office
GERMANY - A three-way German office partnership involving ABP and ATP Ejendomme, the real estate subsidiary of the €49.6bn Danish pension scheme, has invested almost a third of its target capital with the €200m acquisition of two nationwide portfolios.
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Green building ‘will define class A’
UNITED STATES - Tenant demand will eliminate non-green new-build real estate in the US, according to a report published by Prudential US’ subsidiary Pramerica Real Estate Investors.
