More Top Stories – Page 1067
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Oregon PERF creates structured finance account
UNITED STATES - Oregon Public Employees Retirement Fund has created a new structured finance separate account with Guggenheim Structured Real Estate Advisors worth $900m (€621m).
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Buchanan Street looks to European expansion
UNITED STATES - Buchanan Street Partners is considering investing in Europe for the first time by using the proceeds from a recent sale.
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To Russia, with cash
RUSSIA - Majority pension fund-owned property firm Sponda is to invest up to €400m in Russia by the end of 2009.
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UK property delivers negative return
UK - Real estate delivered a negative return of 1.1% in Q3, according to the IPD UK Quarterly Index – the first in its history – but real estate still outperformed property equities, which had a negative return of –10.3% for the three months to September.
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Quebec pension fund to invest in India office
INDIA - The Caisse de dépôt et placement du Québec, Canada’s largest pension fund, is weeks away from its entry into Indian property as part of a strategy to switch 15% of its portfolio to Indian real estate within 3—5 years.
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BA supports pensions flight with office block
UK – Pension fund of the airline British Airways has bought a recently-completed office development in Birmingham city centre, in a bid to help diversify its asset allocation.
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Frequin quits Blue Sky for Goodman
NETHERLANDS - Blue Sky Group, the fund manager for three KLM pension funds collectively worth more than €10bn, has lost fund manager Hidde Frequin just five months after he joined.
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CPPIB loses Auckland but gains Puget
CANADA - Concerns over debt last week scuppered plans by the Canada Pension Plan Investment Board (CPPIB) to acquire a 49% stake in Auckland International Airport (AIAL).
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LACERA trades property for commingled fund
UNITED STATES - Los Angeles County Employees Retirement Association has sold a shopping centre in Los Angeles and traded it for an investment into a commingled fund with the same real estate manager.
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Pramerica expands into Brazil
UNITED STATES - Pramerica Real Estate Investors has expanded its industrial investment efforts into Brazil for the first time, through a joint venture with Racional Engenharia.
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US pension funds rest sleeping capital in hotels
UNITED STATES - Pension funds are still eyeing hotel properties as a good investment, as San Diego is the latest to shift additional assets into the sector and Principal has made its first purchase for investors.
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CalSTRS sets up retail JV
UNITED STATES - California State Teachers Retirement System has established a new joint venture with Urban Retail Properties Company to invest in retail properties.
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US pension funds make play for value-added apartments
UNITED STATES - Pension funds in the United States are moving some capital into investing in value-added apartments, as renter demand for flats is believed to be on the upswing.
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Industry optimistic for Danish REITs
DENMARK - Denmark could be the next European market to introduce real estate investment trusts (REITs), if lobbying by the Danish Property Federation (DPF) proves successful.
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Land is the new property, say planners
UK - Greenbelt and brownfield land earmarked for development is rapidly emerging as a sub-asset class in an otherwise overvalued real estate market.
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Macro growth boosts Nordic retail
NORDICS - Pension funds have an irrational attachment to office real estate when they should be looking to outperforming retail, according to fund manager Cordea Savills.
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Credit squeeze claims Swiss super-deal
SWITZERLAND - The credit squeeze claimed one of its first major deals last week when a consortium led by London-listed Israeli property firm Delek announced it had pulled out of the planned CHF 3.5bn (€2.8bn) acquisition of property firm Jelmoli’s 88-property Swiss portfolio.
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Maryland makes its foray into Asia
UNITED STATES - Maryland State Retirement Agency has made its first move into investing in international real estate with a $100m (70.2m) commitment to an Asian fund.
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New Jersey taps into real estate debt pressures
UNITED STATES - New Jersey Division of Investment has agreed to commit $150m (€105.3m) to two commingled funds, to take advantage of the market capital squeeze and structured financing.
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US pension funds place capital into distressed paper
UNITED STATES - Several pension funds in the United States have decided to invest some capital into a distressed debt investment strategy but are choosing to do so through leverage-driven funds.
