News – Page 1003
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INREV index reinforces economic downturn
EUROPE - The INREV index returned -26.8% in 2008, down from -2.7% in 2007, as European non-listed real estate funds continued to feel the effects of the global financial crisis.
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Tesco pension gets £500m property as every little helps £1bn deficit
UK – Tesco has revealed its pension deficit increased to £1.1bn (€1.2bn) by the end of February 2009, so the firm has pledged £500m of property to the scheme as contingent assets in a bid to improve its financial security.
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EC to regulate alternatives managers worth over €250m
EUROPE - Managers of hedge funds, private equity and real estate funds would escape regulation under a proposed European Commission directive targeting alternative investment fund managers, if their assets under management total less than €250m.
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Listed stocks could be a market turn indicator – study
GLOBAL - Listed real estate stocks tend to lead the underlying property markets by six months and can therefore be used as a leading indicator to enhance real estate investors’ returns, according to a study by Cohen & Steers.
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Texas Teachers to invest $475m in LLPs
UNITED STATES - Teacher Retirement System of Texas is in the process of setting up two limited partnership funds with assets of $475m (€358.1m) which could make it the only pension fund investor.
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Western Europe favoured in real estate trading
EUROPE - Investment activity in European commercial real estate was down significantly in the first quarter of 2009, especially in central and eastern Europe (CEE), although the retail sector saw stronger transaction volumes, according to property agencies.
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JER loses another key player
GLOBAL - Michael Pralle has resigned as chief operating officer at real estate opportunity fund manager JER Partners after joining 18 months ago.
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Maine adds to infrastructure portfolio
UNITED STATES - Maine Public Employees Retirement System is now moving ahead with plans to hold up to 5% of its assets infrastructure, and has made a further investment which could eventually lead the fund to invest up to $400m (€301.8m) in the asset class.
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ING REIM loses its head
GLOBAL - Robert Houston is stepping down as chief executive of ING Real Estate Investment Management in the summer.
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Pension funds advised to look to real estate
UK – UK pension funds seeking inflation-hedging investments should look to their domestic real estate market in the current economic uncertainty, according to Legal & General Property (LGP).
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AP3 completes venture into public real estate
SWEDEN – Tredje AP-fonden (AP3), the Third Swedish National Pension Fund, has completed the purchase of a 50% stake in Hemsö a subsidiary of the real estate firm Kungsleden AB.
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LA Fire and Police burns Adelante deal
UNITED STATES - Los Angeles Fire and Police Pensions has ended its relationship with Adelante Capital Management as a REIT manager after the firm massively underperformed its benchmark.
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CalPERS puts first real estate company on focus list
UNITED STATES - California Public Employees Retirement System has placed Hospitality Properties Trust, first publicly-traded real estate company, on its focus list following underperformance against its peers in terms of share value.
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Pension funds under pressure to get involved
GLOBAL - Institutional investors are coming under pressure to become more actively involved in the management of their commingled real estate funds as managers struggle with the effects of the downturn.
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PERE funds struggle to close
GLOBAL – Private equity real estate funds are finding it tough to reaching closing fund-raising positions and almost as many as last year have already abandoned the task, according to research conducted by Preqin.
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ING narrows focus in 'back to basics' shift
GLOBAL – ING, the Netherlands-headquartered banking and insurance group, is forming a single global investment management business and consolidating its operations to in future focus on retail banking and the retirement market.
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Swiss pension funds buy Schroders lease
SWITZERLAND/UK – AFIAA, the Swiss real estate investment adviser for state pension funds, has purchased the long leasehold on Schroders’ London headquarters for £70m (€76.5m).
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Pension funds pursue Gatwick purchase
UK – Major Canadian and British funds are understood to be one step closer in their rivalry to purchase London’s Gatwick airport after the Competition Commission ordered the British Airports Authority (BAA) to sell three of its airports within the next two years.
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Abbey buys its London HQ
UK – British Land has sold Abbey’s London headquarters to the banking giant for £115m (€126.4m).
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IPD claims German buoyancy may attract investors
GERMANY – The IPD Germany Annual Property Index showed Germany’s property returns proved more resilient during the downturn than most European real estate markets – a situation which the body argues is likely to draw more institutional investors into the market.
