More Top Stories – Page 1115
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Montana State to make real estate play
REAL ESTATE - The $7bn Montana State Board of Investment will be making a move into real estate for the first time in several years this month. The pension fund has a board meeting on April 26. At this meeting the board will discuss a minimum real...
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IVG targets schemes with bespoke funds
REAL ESTATE - Bonn-based IVG Immobilien is to target pension funds with bespoke vehicles invested in non-listed real estate – in addition to its growing portfolio of closed-end core, opportunistic and development funds. The firm has already...
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German REITs edge closer with new draft - paper
REAL ESTATE – The German finance ministry is apparently near completing a draft law that would legalise Real Estate Investment Trust (REITs) in Germany from the beginning of 2007. Germany’s Börsen-Zeitung reported that the ministr...
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Philips scheme buys into new project
REAL ESTATE – The €11.4bn Philips Pension Fund has acquired Amsterdam Symphony, a real estate project in Amsterdam’s main new real estate project called Zuid As. According to unnamed sources, the acquisition will have cost betwe...
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Pennsylvania to invest $100m in non-core funds
REAL ESTATE- The Pennsylvania State Employees Retirement System has decided to invest $25m into the Prudential Latin America Retail Fund and $75m into the Hawkeye Partners Scout Fund. Neither of these investments are typical of investment funds th...
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Credit Suisse nabs Deutsche Australia team
REAL ESTATE - Credit Suisse has poached senior managers from Deutsche Bank to head a new real estate finance business at its Australian investment bank. The Swiss bank says the team – comprising investment banking heads David Dixon and Step...
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Real estate M&A boosts banks
REAL ESTATE - Investment banks are building up their businesses in European real estate as property markets become increasingly sophisticated, cash-intensive and global. In a trend described as the “Anglicisation” of property markets,...
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DekaBank ahead on fund revamp
REAL ESTATE – Germany’s DekaBank says it expects to complete the restructuring of its embattled German property fund well ahead of a previously given date of 2009. Over the last two years, the fund has suffered more than €2bn in ...
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Bank association sees German REITs next year
REAL ESTATE - The Association of Foreign Banks in Germany (VAD) reckons that despite more recent anti-private equity rhetoric from the governing Social Democrats, Berlin will legalise Real Estate Investment Trusts from 2007. About a year ago, Fran...
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Los Angeles fund picks two REIT managers
REAL ESTATE- The Los Angeles Fire & Police Pension System has selected Adelante Capital Management and Morgan Stanley Investment Management as its first two managers for its first ever REIT investment program. Both of these managers were award...
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BRICs, REITs dominate in 2006 - E&Y
REAL ESTATE - Disparities in economic growth and new regulations will change the contours of the real estate market in 2006, according to Ernst & Young’s 2006 Global Trends for Real Estate. The report forecasts that the US real estate se...
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Pennsylvania scheme backs opportunity fund
REAL ESTATE- Pennsylvania Public School Employees Retirement System has approved an investment up to $200m into the Fortress Investment Fund IV. The pension fund made this decision at its board meeting last month. One of the people involved in th...
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Asian REITS – curb your enthusiasm?
REAL ESTATE - With Asia’s booming real estate market showing no sign of cooling off, demand for shares in the latest REIT IPOs looks to be as strong as ever. At the inaugural Asian Property Leaders Forum, held last week in Shanghai, the cal...
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Sweden’s AMF to double real estate allocation
REAL ESTATE – The SEK281bn (€29.8bn) AMF pension fund is looking to more than double its current 6% investment allocation in real estate. The scheme’s current real estate investment amounts to SEK16.2bn, but it is looking to stre...
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French insurance funds go for Euroffice
REAL ESTATE - French life insurance funds are among new investors in Euroffice fund, asset management firm IXIS AEW Europe said last week as it announced the fund’s first closure. The Eurozone office real estate fund, which has capital of &...
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Institution-backed Carnegie in SEK1.2bn deal
SWEDEN – “A small number of reputable institutions” are set to benefit as Carnegie Fastigheter seals a SEK1.2bn (€128m) Swedish property deal. Carnegie Fastigheter Sverige AB – set up last year by the investment bank ...
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Allianz’s DEGI in €110m Luxembourg buy
REAL ESTATE – Germany’s DEGI said its €1.3bn international property fund has made its first acquisition in Luxembourg city, investing €110m in two new office buildings in the Kirchberg financial district. DEGI, a unit of Al...
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Principal sets up retail joint venture
REAL ESTATE- Principal Real Estate Investors has put together a new joint venture to invest in retail properties in the Southeast region in the US. The real estate manager will be investing along with its partner, Charlotte, North Carolina-based G...
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UK relents on REITS – but leaves the cap on
REAL ESTATE - The UK real estate industry last week celebrated near-total victory in its bid to remove controversial conditions affecting companies that set up REITs from January 2007. IPE Real Estate reported in February that industry bodies incl...
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Unilever scheme holds real estate at 15%
REAL ESTATE - Progress, Unilever’s Dutch pension fund, is to maintain its real estate allocation at around 15%, despite a stunning outperformance in 2005 from equities, which returned 30.2%. Real estate in 2005 generated a return of 8.2%, a...
