More Top Stories – Page 898
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Lothian dismisses social housing over returns, reputational risk
UK – Scottish local authority fund says returns do not fit with its approach as growth investor.
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Yield-seeking investors shift from core to value-added
GLOBAL – Appetite for value-added strategies driven by concerns over core pricing.
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Chinese policy ‘no substitute for market reform’
CHINA – Attempts to restrict housing inflation targeting the wrong factors, says economist.
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UK government increases local authority infrastructure threshold
UK – Local authority funds allowed to invest additional 15% in limited partnerships.
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French civil servants pension fund awards SRI real estate mandates
FRANCE – ERAFP awards one active, two standby property mandates in France.
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Texas Employees approves $242m in real estate commitments
NORTH AMERICA – Pension fund makes number of allocations through emerging manager programme.
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M&G to take sale-and-leaseback model to public sector
UK – Company explores new asset classes, including social infrastructure, local authority projects.
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Court backs pension fund's claim in mortgage-backed securities lawsuit
GLOBAL – Royal Bank of Scotland, Deutsche Bank dealt blow by US Court of Appeals in Manhattan.
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US roundup: Alabama Trust Fund, Ohio Bureau of Workers
NORTH AMERICA – Alabama Trust Fund board earmarks $80m for core real estate.
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New York pension funds to invest $500m in Sandy Redevelopment
NORTH AMERICA – Funds to be combined with leverage to provide $1.5bn of capitalisation.
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UK retail property deal marks 'green lease breakthrough'
UK – Hermes Real Estate, Prupim agree deal with retailer Marks & Spencer.
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AnalysisNews analysis: Blowing bubbles
Property bubbles may be rational after all – and perhaps they're not all that bad.
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Generali, Zurich become shareholders in Spain's bad bank
EUROPE – Italian, Swiss insurers invest €5m each in subordinated debt positions.
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Ilmarinen returns 7.5%, agrees €100m shopping centre deal
FINLAND – Country's second-largest private pension provider sees fortunes rebound.
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APG mulling property portfolio shift towards residential
NETHERLANDS – Senior portfolio managers says 30% residential allocation a 'possibility'.
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Illinois Teachers expands co-investment programme
NORTH AMERICA – Teachers' Retirement System hires ORG, Real Asset Portfolio Management.
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German dentists Versorgungswerk buys Frankfurt offices
GERMANY – Transaction, brokered by BNP Baribas, will see offices owned by IVG Spezialfonds.
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AnalysisRational investors would not have prevented property bubble – IMF
GLOBAL – Paper questions assumption investors' 'irrational exuberance' caused property bubble.
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Alternatives managers to benefit from investor-sentiment shift – Moody's
EUROPE – Ratings agency expects smaller mandates for more traditional strategies.
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PensionDanmark achieves record-high return despite market turbulence
DENMARK – Danish fund targets real estate, infrastructure to keep portfolio 'robust'.
