News – Page 1017
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Dubai acts to shore real estate from market risk
MIDDLE EAST - The Dubai Government has formed a committee to tackle the impact of the financial crisis on its previously affluent property market and to restore investors’ confidence.
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Grosvenor reviews its business priorities
EUROPE- Grosvenor is planning to concentrate on developing its fund management business in continental Europe.
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Aviva signs new real estate finance chief
UK – Aviva Investors has announced the appointment of Marcus Shepherd as the company’s new real estate finance director.
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Negative rental growth now global
GLOBAL – Rental growth has turned negative on a global scale and the downturn in emerging markets is accelerating, the Royal Institute of Chartered Surveyors (RICS) finds in its latest quarterly global report.
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UK sets new record for fall in capital values
UK – UK commercial property capital values fell by record levels last month, according to Investment Property Databank (IPD).
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UK will start to recover in 2010 – Schroders
UK – The UK commercial real estate market will not stabilise until the latter part of 2009 but should begin to recover in 2010 according to Schroder Property.
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PME looks for global opportunities
NETHERLANDS – Pensioenfonds van de Metalektro (PME) is diversifying its real estate exposure by investing opportunistically on a global basis.
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Europe to produce ‘acceptable’ returns in the medium-term
EUROPE – Investors can generate “acceptable or attractive” returns from most of the European markets over the medium-term, according to a report by Invesco Real Estate.
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Orion ready for European bargains
Europe – Orion Capital Managers has raised €900m of capital for its latest opportunistic property fund which will aim to buy bargain real estate across Europe.
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CalPERS’s housing values plummet
UNITED STATES – The California Public Employees’ Retirement System (CalPERS) announced yesterday a 35% decline in the market value of its residential real estate portfolio.
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Prologis loses chief and halts new developments
GLOBAL – ProLogis, the world’s largest logistics developer, has announced the resignation of chief executive officer Jeffrey Schwartz at a time when the company is halting further developments.
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CalSTRS forced to expand allocation limits
US – The California State Teachers Retirement System (CalSTRS) has temporarily increased its real estate allocation range to prevent the need to sell assets during a downturn.
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Sustainability should come first – Watson Wyatt
GLOBAL - Investors must place sustainability at the top of their agenda, because it is likely to have a significant impact on commercial real estate and even improve returns, according to Watson Wyatt.
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German funds hit hardest by institutional outflows
GERMANY – Recent redemptions from German open-ended funds (GOEFs) were “mainly driven by institutional investors rather than retail investors,” according to a senior analyst for CB Richard Ellis.
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Land Securities abandons demerger plans
UK – Land Securities announced yesterday in its half-yearly annual results that “adverse market conditions” have forced the firm to abandon its demerger plans in order to protect shareholders’ interests.
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LaSalle launches UK opportunity fund
UK – LaSalle Investment Management is raising a £400m (€487m) opportunity fund to take advantage of declining property values and potential distress in the UK real estate market.
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Foreign investors get smaller piece of the pie
CHINA – Domestic investors took an increasing larger share of the real estate investment market in China in the first half of the year, a report by property consultants DTZ shows.
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NYSTRS invests in warehousing and debt
UNITED STATES – New York State Teachers’ Retirement System (NYSTRS) has added to its real estate portfolio by investing in an industrial commingled fund and by making several investments in debt real estate.
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More flexibility or Spanish REITs will flounder – Testa
SPAIN – The Spanish government’s drafted legislation for real estate investment trusts (REITs) must be made more flexible in order to encourage the sector to develop, delegates heard at the latest Urban Land Institute (ULI) conference.
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Sustainable leases get the green light
UK – The first clear framework to help landlords and occupiers increase the environmental performance of existing buildings has been published, claims the UK’s Better Building Partnership (BBP).
