News – Page 1027
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Cost of fraud triples for Philips fund
NETHERLANDS – The €13.4bn Dutch pension fund of electronics major Philips has executed several sequestrations in relation to its involvement in the recent property fraud, which is now estimated to have cost the fund €150m.
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Talking Point: Moving into the distressed debt gap
News has slowly emerged over recent months of plans by US pension funds in particular to allocate some of their real estate assets to distressed debt opportunities, in light of the credit crunch. But just open is the market to new investors, and are there the opportunities.
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Pension fund capital goes green
UNITED STATES – Pension funds in the United States are looking to make their real estate portfolios ‘greener’ so ING Clarion Partners has rolled out a sustainable growth initiative and its first investor is Los Angeles Fire and Police Pensions.
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Alaska Permanent Fund makes major commitment to infrastructure
UNITED STATES - The Alaska Permanent Fund Corporation has approved new commitments for infrastructure totaling $750m (€476.2m).
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Los Angeles City places capital into debt fund
UNITED STATES - Los Angeles City Employees Retirement System has made a $20m (€12.7m) to the Mesa West Real Estate Income Fund II, in a bid to capitalise on the supply and demand financing opportunities in the mid-size segment of the marketplace.
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Pennsylvania State moves capital into distressed fund
UNITED STATES - Pennsylvania State Employees Retirement System has approved a $15m (€9.5m) into Arden Real Estate Fund I - a distressed real estate fund.
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ING Clarion closes in on value-added space
UNITED STATES - ING Clarion Partners continues with its value-added strategy for some of its capital sources with the closing of $166m (€105.4m) worth of transactions.
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LPFA commits to ING’s global real estate FoF
UK - The London Pension Fund Authority has committed £150m (€190m) of capital to a new global property fund of funds (FoF) launched this week by ING Real Estate Select.
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ABP joint venture spends €2.7bn in shopping spree
NETHERLANDS – The €205bn Dutch pension fund ABP today revealed it now owns Scandinavia’s largest shopping centre owner and developer, Steen & Strøm, after buying the firm in a joint venture for NOK21.9bn (€2.7bn).
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Québec enters scramble for Russia
CANADA/RUSSIA - Ivanhoe Cambridge, the €8bn shopping centre subsidiary of the CA$155.4bn (€98.3bn) Caisse de dépôt et placement du Québec, has acquired a Moscow shopping centre for an undisclosed figure.
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Consortium completes German HighStreet purchase
GERMANY – A consortium comprising of RREEF Alternative Investments, the Borletti Group, the Generali Group, and Pirelli RE today announced it has completed the acquisition of a 49% stake in “Highstreet”, the investment company owning the majority of Karstadt’s German department store premises.
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Opt for Reading over Riyadh - fund manager
MIDDLE EAST – Pension fund real estate investors should steer clear of the Middle East property, use debt if you can get it, and wait for a property market turnaround in the UK, according to asset managers.
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F&C merges to expand
GLOBAL - Investors in fund manager F&C have backed a deal with property firm REIT that will give the UK-focused fund manager exposure to continental Europe and the nascent Indian market.
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Market expansion ends at Leipzig
GERMANY - The outward spread of Germany’s property market will halt at Leipzig, the outpost of international investibility, according to Sascha Hettrich, managing partner of King Sturge’s German office.
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Small pension funds re-enter property
UNITED STATES - Several smaller pension funds in the United States are thought to be looking to re-enter the real estate asset class, in a bid to diversify their portfolios.
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LA Fire and Police goes for safety with real estate assets
UNITED STATES - Los Angeles Fire and Police Pensions has chosen to make its real estate portfolio more conservative in the near term.UNITED STATES - Los Angeles Fire and Police Pensions has chosen to make its real estate portfolio more conservative in the near term.
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CalSTRS to tread cautious real estate path
UNITED STATES – The California State Teachers Retirement System is planning to take a cautious approach to real estate investment for its fiscal year in 2009.
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Rothschild raises $840m for new commingled fund
UNITED STATES - Rothschild Realty Managers has smashed its intended target for capital raising on its Five Arrows Realty Securities V commingled fund and collected $840m (€530m) through institional investors - $240m more than originally sought.
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Ohio PERS goes global with REITs
UNITED STATES – Officials at the Ohio Public Employees Retirement System have voted to allow investments in public real estate on an international basis.
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Germans top poll of European property optimism
GERMANY - German investors have topped a three-market poll of European investor sentiment.
