More Top Stories – Page 1083
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Apollo expands urban residential strategy to Los Angeles
REAL ESTATE – US investor Apollo Real Estate Advisors has broadened its urban residential investment strategy to Los Angeles for the first time with the purchase of 1,002 rental units in the region. Apollo partner Dean Pentikis who heads up...
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Fifield creates $400m joint venture with Pacific Life
REAL ESTATE – In the US, Fifield Companies has created an apartment development joint venture with Pacific Life Insurance Company. The two firms together will construct $400m (E293m ) worth of properties over the next 24 months. The structu...
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Aberdeen targets Nordic investors with French fund
REAL ESTATE - Aberdeen is targeting Nordic pension funds with a fund to be invested mainly in French real estate. The fund management firm made its first acquisition for the Aberdeen Fund France and southern Europe last week, paying GE Real Estat...
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JER invests equity in resort mixed-use project
REAL ESTATE - JER Partners has made a $96m (E70.5m) preferred equity investment into the Snowmass Base Village, Snowmass Center and West Village mixed-use project near Aspen, Colo. Cia Buckley ,president of the US Fund Business for JER Partners, s...
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UK derivatives trades report record Q1 values
REAL ESTATE - UK property derivatives in the first quarter of 2007 chalked up 125 transactions worth a record £2.9bn (E4.3bn). This is the equivalent of 10% of direct investment in real estate in the UK, according to figures published by IP...
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San Bernardino expands timber allocation to 4%
REAL ESTATE - San Bernardino County Employees Retirement Association has decided to expand its asset class for investing in timberland from 2 to 4%. The pension fund feels that timber deserves its own asset class. Investment officer Don Pierce s...
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Henderson and mfi launch German shopping centre fund
REAL ESTATE – UK manager Henderson Global Investors has teamed up with German property manager mfi to launch a closed institutional fund to invest in German shopping centres. The fund is targeted to investors in Germany and abroad and promis...
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New Jersey looks at making commingled fund investments totaling $200m
REAL ESTATE - New Jersey Division of Investment is looking into making commitments into three commingled funds totaling $200m (E147.5m). These investments were discussed at its board meeting on April 19. The pension fund was assisted in this ac...
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Canadian fund acquires discount hotel chain from Accor
REAL ESTATE - The property subsidiary of Caisse de dépôt et placement du Québec, Canada’s largest pension fund, has acquired Red Roof Inns, a chain of US hotels from Accor for US$1.32bn (€960m). Cadim, the subsidiary, ac...
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Barclays launches European REIT fund
REAL ESTATE - Barclays Capital is to launch a European REIT fund based on the EPEU index, targeting investors looking to diversify away from UK property. The EPEU index tracks 47 mainly large-cap European REITs, mainly in France, Germany and the ...
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Schemes ‘should consider alternative alternatives’
REAL ESTATE - Pension funds will increasingly target alternatives within the property sector, according to Arlington Securities. In a research note published last week, the firm urged pension funds to diversify within Europe and across real estat...
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PREI sets up life science real estate venture
REAL ESTATE - Pramerica Real Estate Investors has formed a joint venture with BioMed Realty Trust to invest in life science properties across the United States. The first transaction for the relationship involves three assets that are located in Cam...
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European schemes eye sub-prime action
REAL ESTATE - European pension funds could join class actions against US sub-prime mortgage lenders currently under investigation for poor internal controls and decision-making, according to the law firm representing institutional investors. US i...
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Regulators probe Dutch institutional real estate
NETHERLANDS – Dutch regulators are probing institutional investors’ real estate investment activities to detect corruption. The moves come from the central bank, the DNB, and market regulator the Financial Markets Authority (AFM). F...
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Deutsche Börse launches REITs index
REAL ESTATE - Deutsche Börse announced last week that it will launch an index covering real estate investment trusts (REITs). The stock exchange will also launch a separate segment for the asset class "as soon as the first REIT is introduc...
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San Bernardino backs two commingled funds
REAL ESTATE - San Bernardino County Employees’ Retirement Association has made commitments to real estate commingled funds totaling $40m (€29.4m). One of these commitments was a $20m allocation to Beacon Capital Strategic Partners V....
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Dutch Butchers asked to chop real estate
REAL ESTATE – The Dutch €1.1bn industrywide butchers’ pension fund has clashed with pension regulator De Nederlandsche Bank (DNB) over demands to cut the scheme’s real estate holdings. The fund has long allocated a large pa...
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Islamic property fund acquires UK portfolio
REAL ESTATE - The European Islamic Investment Bank plc (EIIB)’s Pan-European Islamic Real Estate Fund last week announced that it has acquired five commercial properties in a £58.8m (€86.7m) from a fund sponsored by Arab Bank Interna...
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CalSTRS buys Chicago apartments for $470m
REAL ESTATE - California State Teachers Retirement System and Waterton Associates have acquired the 2,346-unit Presidential Towers apartment complex in Chicago for around $470m (€345.4m). This transaction represents one of the largest sing...
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Denmark's KP enters German real estate
REAL ESTATE – Danish pension fund KP International A-S has made its inaugural investment in German real estate, paying a bit more than €30m for an office building in Düsseldorf. The 16-story building is fully rented to Sparda Bank...
