More Top Stories – Page 986
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Investors back Sveafastigheter Nordic opportunity fund
SWEDEN – Sveafastigheter, the Stockholm-based private equity real estate fund manager, has made a second closing on its new Nordic opportunistic fund.
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OMERS, British Land team up to develop London's Cheesegrater
UK – Oxford Properties, the real estate division of Canadian pension fund OMERS, has entered into a 50:50 joint venture with British Land to develop the Leadenhall Building in the City of London, otherwise known as the Cheesegrater.
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Pacific Star Europe closes, Stürmer moves to Capital Dynamics
EUROPE – Pacific Star Europe, the start-up global fund of funds manager co-founded by the former head of real estate at E.ON Energie pension fund Matthias Stürmer, is to be dissolved.
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Canada Pension Plan swoops in on prime DC assets
GLOBAL – The Canada Pension Plan Investment Board (CPPIB) has invested $91m (€65m) in return for a 45% stake in two prime office buildings in Washington DC, its first investment in the US capital.
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Real estate markets failing to recover in Italy, Japan
GLOBAL – The Italian commercial real estate market has continued its gradual decline in capital values in the first half of 2010, according to Investment Property Databank (IPD).
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Former WP Carey colleagues launch global sale-and-leaseback venture
GLOBAL – Gordon DuGan and three other former W P Carey executives have launched a new investment company that will specialise in sale-and-leaseback real estate deals.
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UK government cuts social housing spending, backs infrastructure
UK – The coalition government in the UK has revealed it will cut funding for social housing projects by £4.4bn (€4.95bn), effectively a 50% drop on the previous government's commitment to spend £8bn between 2008 and 2011.
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Unilever Progress selects core Aberdeen product as it moves into funds
NETHERLANDS – Progress, the Dutch Unilever pension fund, has committed €35m to a core pan-European real estate fund managed by Aberdeen Property Investors.
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Mass PRIM hires AEW to take over RREEF separate account
GLOBAL – The Massachusetts Pension Reserves Investment Management Board has selected AEW Capital Management as its fifth core separate account manager.
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Alaska Retirement to hold back on real estate investments
GLOBAL – The Alaska Retirement Management Board has no plans to increase investment in real estate over the next 12 months.
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Pramerica targets Polish warehouse developments with Panattoni
EUROPE – Pramerica Real Estate Investors has entered into a joint venture with Panattoni Europe to develop a portfolio of as much as €100m of logistics warehouses in Poland, Czech Republic and Slovakia.
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Investors moderate their return expectations for US real estate, says ULI/PwC
GLOBAL – Investors have lowered their return expectations for investing in US real estate over the next few years, according to PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).
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Monday people roundup
GLOBAL – Tristan Capital Partners, Segro, AXA Real Estate, Goldman Sachs Asset Management, Franklin Templeton Real Estate Advisors
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BP Pension Fund's Cubemaker joint venture buys ITV assets
UK – Cubemaker Partnership, the joint venture between the BP Pension Fund and Cube Real Estate, has acquired three commercial real estate assets from television company ITV for £11.3m (€12.9m).
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Dutch experts question effectiveness of property as inflation hedge
NETHERLANDS – At a meeting to celebrate the fifteenth anniversary of IVBN – the Dutch association on institutional property investors – experts yesterday called into question many pension funds' assumption that real estate investments help offset inflation.
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Rockspring enters student housing through counter-cyclical strategy
UK – Rockspring Property Investment Managers has entered the student accommodation market for the first time with the acquisition of 123 Fountainbridge, Edinburgh, in a joint venture with Mansion Group.
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Pension funds targeting US multi-family housing
GLOBAL – Multi-family housing has been identified as the favoured sector for investment in the US by a number of European pension funds, a position backed up by new research from Pramerica Real Estate Investors.
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Capital flows to US real estate set to double, says DTZ
GLOBAL – Global investment capital targeting US real estate is set to double in 2011 as the outlook for the market completes a dramatic improvement over the past 12 months, according to DTZ.
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Poland back on the agenda for Germany's NAEV
EUROPE – German pension fund Nordrheinische Ärzteversorgung (NAEV) is considering returning to the Polish real estate market after having divested and taken profits from the region in recent years.
