More Top Stories – Page 1090
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Corio buys 40% stake in Turkish retail centre
REAL ESTATE - Property developer and manager Corio has acquired a 40% stake in a Turkish retail centre in a €55m transaction, it said. The deal involves the Teras Park shopping centre, comprising of 55,000m2 of gross lettable area, current...
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New York State Teachers invests in two euro commingled funds
REAL ESTATE - The New York State Teachers Retirement System has approved real estate investments in two commingled funds outside the US. One was a €28m commitment to the CB Richard Ellis Strategic Partners UK Fund III. The other was a ?...
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ING opens delayed €500m Warsaw retail landmark
REAL ESTATE - After a one-and-a-half year’s delay, ING Real Estate has officially opened its €500m landmark retail centre Zlote Tarasy in Central Warsaw. The mixed-use project of Zlote Tarasy - ‘Golden Terraces’ - covers 6...
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Euro-REITS take off as US veterans de-list
REAL ESTATE - European investors are looking to real estate for high yields and low volatility – except Dutch pension funds, which are looking for geographic diversification, according to a RREEF report into the global real estate securities ma...
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HSBC considers selling Canary Wharf HQ
REAL ESTATE - UK banking giant HSBC is considering selling off its UK headquarters in Canary Wharf in a 15-year sale-and-leaseback deal. No price tag has yet been attached to the world’s largest single-occupier building. An HSBC spokesman s...
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ECP to focus on increased exposure in Sweden
REAL ESTATE - Euro Commercial Properties will focus on increasing its present exposure of 19% in Sweden, it announced. The property investor and developer has budgeted €220m for upgrading and developing its existing retail centres within its...
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Missouri pension fund creates real estate allocation
REAL ESTATE - The Missouri Local Government Employees Retirement System has established a real estate allocation for the first time. The amount that was approved is 5% of its total assets. The pension fund made this decision at its recent board m...
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European office ‘will continue to perform’
REAL ESTATE - European office will continue to perform overall in 2007, according to IVG’s recently published Real Estate Barometer. IVG attributed the sub-sector’s "extraordinary" sales volume last year to falling yields...
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EOP prefers Blackstone’s $39bn bid, spurning Vornado
REAL ESTATE - The Blackstone group has ended up as winner of the bidding war, by Equity Office Properties’ decision to agree with its $39bn all-cash offer. After EOP’s board of trustees had already reaffirmed their acceptance of the Bl...
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CalSTRS expands US apartment JV with BlackRock
REAL ESTATE - California State Teachers Retirement System is in the process of expanding its apartment joint venture with BlackRock Realty called BlackRock Cal I, LLC. The pension fund will be contributing $300m(€231m) of additional equity t...
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AP3 to set up Asian property fund
REAL ESTATE - AP3, the third Swedish buffer fund, has awarded a second mandate in as many weeks to Aberdeen Property Investors – this one for a €250m Asian property fund-of-funds. The fund is scheduled to complete its fundraising by Q2 20...
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London’s Croydon diversifies into real estate
The fund, which is currently exclusively invested in equities, is seeking a real estate investment manager for a 10-year contract to manage a property portfolio of between £40m—£60m (€60.5m—€91m).
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Rockpoint Group raises $500m for new commingled fund
REAL ESTATE - The Rockpoint Group has raised approximately $500m(€387m)of equity for its newest commingled fund, Rockpoint Finance Fund I. The commingled fund has a unique investment strategy. The large majority of its transactions will be ...
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VastNed mulls €50m shares offering for expansion
REAL ESTATE -The pan-European retail property investment fund VastNed Offices-Industrial is considering an €50m share offering to finance future acquisitions, it announced. VastNed intents to place the shares privately with institutional inv...
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Angelo Gordon raises $160m for net-lease fund
REAL ESTATE - Angelo, Gordon & Co recently finished the money raising portion of its latest commingled fund, AG Net Lease Realty Fund LP. The total amount of equity in the fund is $160m(€124m). The alternative investment manager attract...
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UK commercial outperforms equities – for now, says IPD
REAL ESTATE - Property outperformed both UK equities and bonds in 2006, returning 17.9% against 16.8% for UK equities and –0.1% for bonds, according to figures just published by IPD. However, at 3.7% Q4 delivered a return slightly down from...
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Pennsylvania Public School to place up to $525m in real estate
REAL ESTATE - The Pennsylvania Public School Employees Retirement System has approved investments in two commingled funds that could total $525m(€406m). The pension fund took this action at its recent board meeting Pennsylvania Public Schoo...
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Corio to invest €85m in European retail centres
REAL ESTATE - Property investor and manager Corio has entered into agreements on the extension and redevelopment of retail centres in France and Holland, for a total amount of over €85m, it has announced. In an €18.3m transaction, Cori...
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UBS in JV with Alder to exploit southeast US opportunities
REAL ESTATE - UBS Global Asset Management and the Alder Group have formed a joint venture to invest in up to $300m(€232m) worth of assets in the southeast in the US. The debt to equity ratio for the transactions are 60%-40%. The venture wil...
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Oklahoma pension fund to invest in real estate for first time
REAL ESTATE - The Oklahoma Police Pension and Retirement System has decided to invest in real estate for the first time with a new commingled fund manager search. The pension fund has Judy Collins at its chief financial officer. She said: "...
