News – Page 1008
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Illinois Teaches ends two separate account relationships
UNITED STATES – The Teachers Retirement System of the State of Illinois is terminating separate account relationships with Commonwealth Realty Advisors and Stone Levy, and has asked Heitman to manage some of the assets instead.
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Washington State extends real estate deal by $250m
UNITED STATES - Washington State Investment Board has approved a $250m ($195.3m) follow-on investment with Corporate Properties of the Americas.
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CalSTRS mulls shift to discounted property debt
US – The California State Teachers’ Retirement System (CalSTRS) is considering increasing its target allocation to real estate as the Board proposes temporarily shifting $6bn from global equities to higher returning debt investments.
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IPD unveils sustainability benchmarking
GLOBAL – The Investment Property Databank (IPD) today launched an environmental benchmarking service for commercial real estate occupiers.
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S&P predicts further gloom in US housing
US – The residential real estate market in the United States looks set to continue falling in 2009 after house price declines reached record lows at the end of 2008, according to Standard & Poor’s Case-Shiller Home Prices Indices.
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Hotels sector advised to build the brands
GLOBAL – Hotel markets worldwide will continue to suffer in 2009 but operators should use the downturn to step up their game, according to a report by Ernst & Young (E&Y).
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Outflows hit Invista REIM’s results
UK – Invista Real Estate Investment Management suffered a 32% drop in revenue in 2008, according to preliminary results for the year.
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Real estate helps limit Ilmarinen losses
FINLAND – Real estate investments helped limit losses by the Finnish pension fund Ilmarinen as it reported an overall loss of €4.34bn in 2008.
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Canadian real estate hits 14-year low
CANADA – Canadian real estate returns fell 12.1% in 2008 to a 14-year low, according to figures released by Investment Property Databank (IPD).
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CalPERS signs real estate exec
US – The California Public Employees’ Retirement System (CalPERS) has appointed James Lasher as senior portfolio manager of its real estate housing portfolio.
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Union to tap German GEOFs repricing
GERMANY – Union Investment Real Estate AG has welcomed proposals for regulation changes regarding German open-ended funds (GEOFs) and aims to take advantage of repricing to invest in traditionally core markets.
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Axa keeps on growing real estate
SCANDINAVIA – AXA Real Estate Investment Management (AXA REIM) has increased its retail investments and expanded its team in the Nordic and Baltic regions.
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Banks take over Spain’s real estate giant
SPAIN – Metrovacesa SA, Spain’s largest property firm, has handed over majority control of the company to six of its creditor banks in exchange for debt.
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Cross-border trading fell in 2008
EUROPE – Cross-border commercial property investment in Europe fell to 45% of the total activity in 2008, according to the latest research by CB Richard Ellis.
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JLL shakes up Asia
ASIA – Jones Lang LaSalle (JLL) has announced a series of management changes in its Asian division.
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Government action sought on infrastructure investing
GLOBAL – Pension funds are becoming increasingly attracted to investing in infrastructure but governments should do more to encourage them, according to the latest report published by the Organisation for Economic Co-operation and Development (OECD).
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Pennsylvania withdraws from commingled commitments
US – The Pennsylvania Public School Employees’ Retirement System (PSERS) has pulled out of $925m (€724m) worth of real estate commitments.
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Mass PRIM reviews its REIT strategy
UNITED STATES - Massachusetts Pension Reserves Investment Management Board is planning to conduct an in-depth analysis of its real estate securities programme in 2009.
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Scandinavia real estate looks attractive, say pension funds
Scandinavia – Scandinavian funds still consider non-listed real estate an attractive investment opportunity in the medium to long-term, according to a survey by Lymos BV Real Estate Capital Advisors.
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Axa taps European housing opportunities
EUROPE – AXA Investment Managers’ German branch has launched a residential fund for institutional investors following their increased appetite for the sector.
