More Top Stories – Page 993
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Union Investment sells prime UK office building after 12 months
UK – Union Investment has sold a prime London City office building to Hammerson and the Canada Pension Plan Investment Board (CPPIB) after buying it only 12 months ago, netting more than £34m (€41m) in capital appreciation in the process.
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Luxembourg Fund Partners to launch high-tech fund for CEE region
EUROPE – Luxembourg Fund Partners is set to launch a fund focusing on high-tech real estate in central and eastern Europe (CEE).
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Oregon scheme makes $100m commitment to pan-Asia fund
GLOBAL – The Oregon Public Employees Retirement Fund (PERF) has approved a $100m (€75.6m) commitment to the Angelo Gordon Pan Asia Real Estate Fund II.
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Oklahoma Teachers to invest $425m in core strategy
GLOBAL – The Teacher Retirement System of Oklahoma is planning to invest $425m (€324.1m) into a core, open-ended commingled fund strategy.
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Spain's BBVA offloads second round of bank branches
EUROPE – Banco Bilbao Vizcaya Argentaria (BBVA) has offloaded a second tranche of property assets to the group of RREEF Europe, Area Property Partners and Europa Capital for €364m.
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European office fundamentals remain strong, says Jones Lang LaSalle
EUROPE – Take-up of office space in Europe increased marginally in the second quarter despite growing economic uncertainty over austerity measures and concerns surrounding sovereign debt, according to Jones Lang LaSalle (JLL).
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Henderson targets local interest with German retail fund
GERMANY – Henderson Global Investors is seeking to tap demand from German institutional investors for exposure to their domestic retail sector.
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Brookfield Properties reinvents self, invests $1.4bn in offices
GLOBAL – Brookfield Properties is planning to invest more than $1.4bn (£885m) in 16 offices across Australia held by Brookfield Asset Management and reposition itself into a "global, pure-play office property company".
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Withdrawal of open-ended German funds will 'level playing field', says Invesco
EUROPE – Less investment activity on the part of German open-ended funds (GOEFs) would effectively level the playing field for other institutional investors in the European real estate markets, according to Invesco Real Estate.
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European institutional investors thinking twice about US
GLOBAL – Concerns over the fragility of the US economic recovery have caused European institutional investors to reassess the attractiveness of the country's real estate market.
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INREV tweaks investor due diligence checklist
EUROPE – INREV has revised its due diligence questionnaire to address investors' latest concerns when selecting fund managers in the current investment environment.
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Texas Teachers earmarks $1.1bn for real estate investment
GLOBAL – The Teacher Retirement System of Texas has approved $1.1bn (€849.5bn) worth of new commitments to real estate.
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Kansas PERS invests $30m in Harrison Street fund
GLOBAL – The Kansas Public Employees Retirement System has approved a $30m (€23.1m) commitment to the Harrison Street Real Estate Partners III commingled fund.
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German-owned Hypo Real Estate fails stress test
GERMANY – Government-owned Hypo Real Estate has failed a stress test by the Committee of European Banking Supervisors (CEBS).
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European occupancy markets dragged down by austerity measures
GLOBAL – While occupier demand is rising in the majority of countries across the globe, austerity measures to reduce fiscal deficits are causing a drag on euro-zone and UK real estate markets, according to the latest global report from the Royal Institute of Chartered Surveyors (RICS).
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Valad takes over management of €480m Swedish portfolio
SWEDEN – Valad Europe, the pan-European, multi-let real estate investment management business of Valad Property Group, has been appointed to take over the investment management of a €480m property portfolio in Sweden.
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Switzerland's Partners Group to manage Korean sovereign money
GLOBAL – Partners Group will help Korea Investment Corporation (KIC) invest in recapitalising opportunities in the real estate markets as part of the sovereign wealth fund's drive to double its exposure to alternative investments.
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BT and Royal Mail pension JV sells Brindleyplace assets
UK – A joint venture between the BT and Royal Mail pension funds, developer Argent and fund manager Tritax has sold five office buildings in Birmingham for £190m (€225m).
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Germany leads uptick in European occupier demand, says JPMAM
EUROPE – The decline in European commercial property rents is coming to an end, and tenants are responding by committing to new space, according to JP Morgan Asset Management (JPMAM).
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Specialist funds outperforming market in UK, says IPD
UK – Pooled UK real estate funds have delivered returns of more than 20% over the past 12 months, but only those with specialist and niche strategies outperformed the underlying direct market, according to Investment Property Databank (IPD).
