News – Page 1029
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Landmark move predicted on real estate FoFs
EUROPE –European institutional investors are likely to see a significant growth in more liquid real estate fund-of-funds in the market as a result of demand from investors, Landmark Partners has suggested.
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Sweden sells €4.4bn real estate arm to AP
SWEDEN – The Swedish government has agreed to sell the state-owned real-estate company Vasakronan to AP Fastigheter in a deal valued at SEK 41.1bn (€4.4bn).
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Manchester seeks property agent
UK – The £9.6bn (€12bn) Greater Manchester pension fund is seeking a new property management firm to manage part of its real estate portfolio.
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Maine PERS to double real estate portfolio
UNITED STATES – The $11.1bn (€7bn) Maine Public Employees Retirement System has increased the size of its targeted allocation to real estate from 5% to 10%.
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German fund seeks up to $1bn in US core
UNITED STATES - The Deka Global investment fund is looking to invest in United States’ core real estate, to the tune of $500m (€317.4bn) to $1bn.
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LaSalle raising shows less pensions capital in real estate
UNITED STATES - The recent capital raising by LaSalle Investment Management for its Income & Growth Fund V is further proof that pension funds in the United States are not as keen to move capital into real estate.
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US pension funds face slow activity
UNITED STATES – Pension funds have found activity in the buying and selling of real estate is slowing considerably in the United States, as a result of the downturn in prices and sentiment in the property markets.
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Los Angeles City approves non-core commitments
UNITED STATES - Los Angeles City Employees’ Retirement System has approved three new commingled fund investments totaling $50m (€31.5m), in a bid to diversify its non-core holding.
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Managers avoid dance with pension fund pests (amended)
GLOBAL - Smaller European pension funds are finding themselves marginalised by property fund managers tired of their requests for special terms, according to a US fund-of-funds manager.
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US-based PE funds struggle after record inflows
UNITED STATES - Investors are abandoning smaller US private equity property funds, and opting instead to commit capital to “megafunds” to avoid navigating a saturated market.
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Berks to increase alternatives exposure
UK – The £1.49bn (€1.88bn) Royal County of Berkshire Pension Fund has confirmed its intention to move into infrastructure, with the issue of a new manager tender.
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'Goodnight Europe', as RoW dominates returns ranking
GLOBAL - Europe accounted for only one of the world’s top five-returning property markets, according to the IPD Global Index launched last week.
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East Capital goes it alone in Baltics
BALTIC STATES - Fund manager East Capital has taken sole control of a joint venture set up to manage its Baltic property funds and expressed optimism for their performance despite an economic downturn in their target markets.
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Finnish PFs snap up Sponda bond
FINLAND - Finnish pension funds and insurers will be the primary investors in a €130m hybrid bond issued by Finnish real estate firm Sponda, according to chief executive Kari Inkinen.
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Experts question potential for Asian property
ASIA -The credit crunch and rising inflation have caused the real estate industry to question whether the rapid economic growth of Asia and double digit returns of its property markets can be sustained.
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RREEF sees three-year path to US market low
UNITED STATES – RREEF, the real estate investment giant, is predicting the US residential market still has a substantial way to go before reaching its lowest point.
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Washington State sinks $1.2bn into real estate and infrastructure
UNITED STATES - Washington State Investment Board is putting $1.2bn (€770.7bn) into a combination of real estate and infrastructure investments, and taking advantage of the need for debt liquidity in the market.
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CalSTRS invests $1bn in real estate in Q1
UNITED STATES - California State Teachers Retirement System approved investments totalling just over $1bn (€642.2m) into real estate for the first quarter of 2008, in a mixture of core and tactical investments.
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Orange County turns away from separate accounts
UNITED STATES - Orange County Employees Retirement System has started the process of investing in commingled real estate funds and moving away from separate accounts.
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New Jersey turns attention to non-core real estate
UNITED STATES - New Jersey Division of Investment has approved $250m (€161.4m) worth of commitments to non-core real estate.
