News – Page 1025
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Apollo creates AREFIN on new investor demand
UNITED STATES - Apollo Real Estate Advisors has attracted an additional $309m (€210.6m) for its commingled fund, Apollo Real Estate Finance Corp, and placed the new capital raising in a separate holding called AREFIN Co-Investment Corporation.
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Real estate markets continue to struggle
GLOBAL - Global property markets are continuing to slow, according to the latest research by specialist property performance analysis firm, IPD, as the value of properties in the UK, Japan and Australia all showed declines in recent months.
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Student housing firm’s projects to target graduates
UK – London-based specialist property development group Unite is planning to build two student residence blocks worth €68m in London, and expanding its repertoire to try and plug the demand for housing among graduates.
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Heathrow tops expense poll in warehouse focal shift
GLOBAL - London’s Heathrow airport has the most expensive warehouse market in the world, followed by Tokyo, Oslo, Dublin and Singapore, according to Boston-based global real estate firm Colliers International.
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‘Cheesegrater’ put on hold as UK economy falters
UK - British Land has postponed plans to build a gleaming 220m skyscraper in the City of London, as falling demand for office space underlines the downward spiral of the UK economy.
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ING Real Estate caps its property finance (amended)
NETHERLANDS - ING Real Estate is limiting its financing of property investments in the Netherlands in order to spread the risks within the ING Group.
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CalPERS sets new frontiers for markets and infrastructure
UNITED STATES - California Public Employees Retirement System has formulated ranges for investing additional capital in emerging and frontier markets and put unveiled its investment guidelines for investing in infrastructure.
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Pennsylvania Public School invests $775m
UNITED STATES - Pennsylvania Public School Employees Retirement System has approved new real estate commitments totaling $775m (€526.4m) in four commingled funds, including a $400m chunk with Beacon Capital.
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Pramerica venture to invest in Manhattan skyline
UNITED STATES - Pramerica Real Estate Investors has formed a joint venture with L&L Holding Company to invest in New York City office buildings.
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Contra Costa County seeks moves into wider space
UNITED STATES - Contra Costa County Employees Retirement System is looking to make some big moves into the opportunity fund sector of real estate.
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San Francisco City and County turn to distressed debt
UNITED STATES - San Francisco City and County Employees’ Retirement System has made a €20m commitment into the Apollo European Principal Finance fund, to tap into the growing demand for distressed debt support.
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USS confirmed among Tesco store buyers
UK – The £28.5bn (€35.6bn) Universities’ Superannuation Scheme was today officially named as one of four buyers involved in the latest £605m sale and leaseback of UK stores owned by supermarket giant Tesco.
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Institutional inflows raise IVG assets to 2007 level
GERMANY – German real estate company IVG has refilled its assets under management basket after a slump in the first quarter of 2008, thanks to institutional interest in indirect real estate.
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Rate margins push SNS' property profits
NETHERLANDS - Bancassurer SNS Reaal has revealed SNS Property Finance’s profit rose by 15.9% to €51m in the first half of 2008 thanks largely to a higher interest rate margin.
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SEPUT acts to protect pension fund returns
GLOBAL – Schroders has warned investor redemptions in its Exempt Property Unit Trust (SEPUT) could be reduced by as much as 25% if institutional investors withdraw their assets during the current property market downturn.
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CPPIB settles Auckland takeover costs
CANADA/NEW ZEALAND – The Canada Pension Plan Investment Board has managed to secure a deal with Auckland International Airport for costs related to the collapse of its partial takeover.
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Sources confirm Tesco/USS real estate deal
UK – Sources have confirmed the £30bn (€38bn) Universities Superannuation Scheme (USS), the second-largest pension scheme in the UK, is set to purchase a number of UK supermarket chain Tesco’s largest stores.
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Swiss-backed AIFAA expands US strategy to Texas
UNITED STATES - AIFAA, an investment company backed by 12 Swiss pension funds, has extended its real estate portfolio to Texas for the first time with the $82m (€54.8m) acquisition of the Wells Fargo Tower office building in Austin, Texas.
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Mass PRIM buys its first properties of ‘08
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has closed the deal on its first two direct property acquisitions in 2008 and paid a total of $177.1m (€118.6m) for the assets.
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MIT index sees price decline in Q2
UNITED STATES – The MIT Center for Real Estate has seen transaction sales prices of its commercial property sold by major institutional investors decline by 2.7% in the second quarter of 2008.
