More Top Stories – Page 1081
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Real estate contributes 10% of total return
GLOBAL - Investing in global real estate contributes over 115 basis points or 10% to a pension fund’s annual total return, according to evidence presented by Ibbotson Associates. A study of global real estate past performance conducted by th...
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PGGM to co-invest in US residential property
UNITED STATES - The €83bn Dutch healthcare pension fund PGGM has linked up with US property investor Behringer Harvard in a €74m co-investment deal. Under the agreement, PGGM will invest in a geographically diverse portfolio of apartme...
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VastNed Retail profits from boost in indirect results
NETHERLANDS - Property investor VastNed Retail returned €48.4m during the first quarter, mainly thanks to a 79% rise in indirect results, it said. The company expects the direct investment results over the whole year to be slightly higher th...
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CalPERS invests $490m in three real estate strategies
UNITED STATES- California Public Employees Retirement System has agreed to invest $490m ($361.7m euros) into three separate real estate strategies. This is a follow on investment for CalPERS of $190m into the Hines European Development Fund II, ha...
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Increased pension fund capital heads for student housing
UNITED STATES- There are increasing signs of additional pension fund capital moving into the student housing sector. A series of indicators suggest there is renewed pension fund interest in the student accommodation sector including a move by RREE...
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RREEF to lose top executive
UNITED STATES - RREEF is losing one of its top executives as Steve Steppe has resigned and leaves at the end of July. Steppe is now on gardening leave – a term used by the asset management industry stating he is not allowed to work for any c...
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San Francisco City and County to place $750m
UNITED STATES - City and County of San Francisco Employees’ Retirement System has approved an allocation of $750m ($553.7m euros) to be invested in real estate for fiscal year 2008. Assisted by real estate consultant, The Townsend Group, the...
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Wisconsin plans global REIT manager search
UNITED STATES- Wisconsin State Investment Board is now planning a new REIT manager search to invest in global securities with the support of its real estate consultant Courtland Partners. The pension fund believes now is a good time to explore a g...
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Khan quits Adimmo
EUROPE - Portfolio manager Aqil Khan has left Basel-based real estate firm Adimmo after three years with the firm. During that time, he was involved in building up the firm’s indirect investment capability. Khan said he would continue hi...
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Union Investment offloads ‘heavyweight’ German office
GERMANY - Union Investment Real Estate – formerly DIFA – has sold a substantial, multi-city German office portfolio to Morgan Stanley and IVG for €2.56bn. The portfolio comprises 53 commercial properties and a separate office de...
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Ontario Teachers acquire infrastructure in Chile and UK
CANADA - The Ontario Teachers' Pension Plan (OTPP) last week made its first infrastructure investment in Latin America with the acquisition of stakes in two Chilean water companies. Although the fund did not disclose the value of the transaction...
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European property continues the climb
EUROPE – Property performances throughout Europe saw another year of growth in 2006, the third year in a row according to the Pan-European property index calculated by Investment Property Databank (IPD). The index, covering property asse...
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CalSTRS and Fillmore Capital book into hotels
UNITED STATES - California State Teachers Retirement System and Fillmore Capital Partners have invested capital in a deal which involves the acquisition of eight US luxury resort hotels by Morgan Stanley Real Estate.
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Pramerica funds new development company
UNITED STATES - Pramerica Real Estate Investors has invested capital in a venture designed to jumpstart a new retail development company. Through a division called Interra Development Partners, Pramerica contributed 95% or $47.5m (€69.4m) of...
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UBS buys into Ontario teachers’ power
CANADA - UBS’s infrastructure subsidiary has acquired 50% of an electricity firm co-owned by the €70.4bn Ontario Teachers’ Pension Plan (OTTP) for an undisclosed figure. The acquisition of Northern Star Generation from AIG Highs...
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DRA to buy public office REIT building asset
UNITED STATES - DRA Advisors has signed an agreement to acquire a majority interest in the office building assets held by Colonial Properties Trust. The deal is projected to close sometime during the second quarter but should see DRA purchase the ...
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Strathclyde seeks property valuer
UK – The £9.6bn (€14.1bn) The Strathclyde pension fund for Glasgow County Council is looking for a new independent property portfolio valuer. As its five-year contract with the current service provider Collier is coming to an end...
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Retail is most profitable – Wereldhave
GLOBAL - With a net rental income of 16.3% and 15.7% respectively, retail and offices were the most profitable real estate asset classes, according to property investor Wereldhave. Industrial and residential buildings returned 4.1% and 0.6% respec...
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Finnish market ‘remains attractive’ as retail hits the block
FINLAND - The Finnish real estate market remains a good investment opportunity, according to investment management firm Doughty Hanson which has just sold three shopping centres in Helsinki and Oulu. The assets, now sold to ING Real Estate for &#...
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European boom to reduce in 2008
GLOBAL - Real estate markets are currently said to be in "excellent shape" and will remain moderately positive for 2007 before falling off next year, according to a report published last week by Swedish bank SEB. Despite strong investo...
