News – Page 1011
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Los Angeles City alters hotel booking
UNITED STATES - Los Angeles City Employees’ Retirement System has asked Integrated Capital to change the agreement it made concerning the Capital Hospitality fund so it can go ahead with investment plans.
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North Carolina warns on real estate holdings
US – The North Carolina Retirement System lost $17bn (€12.8bn) in value in 2008 and is bracing itself for a steeper decline in real estate values, the Department of State Treasurer announced on Friday.
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Standard Life halts redemptions
UK – Standard Life, the UK insurance company, has delayed redemptions from six commercial property funds worth £2.7bn (€2.9bn) as a result of the slowdown in property transactions.
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UK local government pays tax on its own empty buildings
UK – British councils are paying a whopping £690m (€745m) in business rates on their empty properties, the Business Centre Association revealed this week.
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Arkansas searches property management
US – The $8.4bn Arkansas Teacher Retirement System (ATRS) it is looking to appoint a real estate manager to manage a $140m (€107m) property portfolio.
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Economic freeze hits Alaska’s investments
US – The Alaska Permanent Fund Corporation’s (APFC’s) real estate portfolio performed better than other assets but has still contributed to the fund’s $4.2bn (€3.2bn) drop in value in the second quarter of fiscal year 2009.
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Progress to sell property for unlisted strategy
NETHERLANDS - The Dutch pension fund of food giant Unilever will sell its entire Dutch direct property portfolio, and switch its real estate investment strategy to unlisted international real estate funds.
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Hermes' Evans moves into new role
GLOBAL – Hermes, the pension fund manager owned by the BT Pension Scheme, has reshuffled its property team as part of a new strategy that will focus on investing in debt and listed company shares.
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AIG puts real estate house on the market
US - AIG Global Real Estate has today announced the $12.4bn (€9.4bn) fund management business has been put up for sale, as part of the American International Group’s (AIG’s) divestment programme set out at the end of last year.
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Warburg-Henderson grows institutional client base
GERMANY – German real estate company Warburg-Henderson has launched a Master KAG subsidiary and already won its first client.
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Inflows see DEGI alter redemptions ban
GLOBAL – Deutsche Gesellschaft für Immobilienfonds mbH (DEGI), the German-based property investors, has announced it will end the suspension of redemptions from its DEGI International Fund at the end of this month following new capital inflows into the fund.
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Central London property presents a challenge - JLL
UK – Investment levels across Central London fell by 66% last year and could lead to “one of the most challenging years on record” for real estate take-up in the capital, according to Jones Lang LaSalle’s latest Central London report.
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UBS unwinds real estate secs team
SWITZERLAND – UBS, the Zurich-based bank, is to close its real estate and securitisation business and cut more jobs, following plans to downsize its fixed-income unit.
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Maine Public Employees pushes ahead with real estate strategy
UNITED STATES - Maine Public Employees Retirement System is moving ahead with plans to grow its real estate programme, as officials will begin the search for a real estate consultant with the next six months.
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LACERA changes real estate benchmark
UNITED STATES - Los Angeles County Employees Retirement Association has approved a new returns benchmark for investing in real estate.
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UK pooled funds lose almost a third
UK – Total annual returns for all pooled property funds hit -32% over 2008, according to the IPD UK Pooled Property Fund Indices’ fourth quarter results for 2008.
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Teesside hires LVAM to manage real estate
UK – The £2bn (€2.1bn) Teesside Pension Fund, administered by Middlesbrough Council, has appointed LV Asset Management (LVAM) to manage the pension fund’s direct UK commercial property portfolio.
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Infrastructure investors to buy Puget Energy
US – Puget Holdings LLC, a group of long-term infrastructure investors which includes the Canada Pension Plan Investment Board (CPPIB), expects to buyout Puget Energy and its wholly-owned subsidiary Puget Sound Energy (PSE) by early February.
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Morgan Stanley reopens revised infrastructure pool
UNITED STATES – Morgan Stanley Investment Management (MSIM) has re-opened its Morgan Stanley Global Infrastructure Fund 1 to new investors in the United States, in anticipation of growing investment opportunities across the globe.
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Land Securities warns of tenancy pressures
UK – Land Securities is retaining a “cautious outlook” of the property markets after registering an increase in empty properties within its portfolio, and fears property will continue on a downward spiral over the coming months.
