News – Page 1037
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Financial crisis will affect 2008 result – IVG
GERMANY – While real estate asset manager IVG and some of its competitors reported record earnings for 2007, the companies there will fear the financial crisis will have a major impact on this year's results.
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Arkansas Teachers takes real estate to 10%
UNITED STATES – The Arkansas Teacher Retirement System has approved a new target for estate investments that is almost twice as much as the previous allocation.
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Morgan Stanley to create real estate FoFs
UNITED STATES - Morgan Stanley Investment Management has formed a fund of funds (FoFs) business in real estate.
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New Jersey commits to high return fund
UNITED STATES - New Jersey Division of Investment has approved a $100m (€64.1m) commitment to the Lehman Brothers Real Estate Partners III commingled fund.
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San Diego City expands its international focus
UNITED STATES - San Diego City Employees’ Retirement System is growing its international real estate investment program by investing in a commingled fund and moving its domestic REIT program to a global stage.
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Ohio Police & Fire invest $162m in real estate
UNITED STATES - Ohio Police & Fire pension fund has approved a real estate strategy to invest $162m (€103.8m) in the asset class for 2008.
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PREA delegates call the real estate recession
GLOBAL - It will take around 18 months for capital markets in commercial real estate to return to normal – that was the consensus among the more than 700 delegates attending the PREA Spring Conference in Boston last week.
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BP pension fund signs central London JV
UK – BP’s UK pension fund has launched a joint venture that will give the £13.8bn (€19bn) scheme access to central London assets as part of a broader drive to increase its exposure to property.
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Logistics remains strong, except in UK
EUROPE - Logistics is still outperforming other European sectors despite a 12% fall in direct investment last year compared with 2006.
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Asia gains local real estate education
ASIA - The Asian Public Real Estate Association (APREA), which represents the listed sector, has launched a certification programme for regional real estate investors.
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Aberdeen pulls out of Swedish retail
SWEDEN - Aberdeen has radically reduced its exposure to Swedish retail, just weeks after the 2007 Swedish Annual Property Index claimed it as the year’s top-performing sector.
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Latecomer Swede enters Finnish market
FINLAND - The German fund management arm of Swedish bank SEB has acquired the first Finnish asset for its ImmoInvest open-ended fund, in a €23m deal for an airport-city office block outside Helsinki.
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Finnish fund’s property cap to stay
FINLAND - Investments in the €12bn Finnish state pension fund VER will continue to be driven mainly by “traditional risk limitations”, despite the growth in recent years of its real estate and infrastructure portfolios.
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RREEF enters German retail market
GERMANY - A RREEF-dominated consortium is to acquire 164 German properties housing Karstadt department stores, via a 49% stake in Canadian fund manager Highstreet.
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Pennsylvania State turns to RE fund of funds
UNITED STATES - Pennsylvania State Employees Retirement System has made a $75m (€48.7m) commitment into the fund of funds offering known as Oculus Small Cap real estate fund I.
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Protego seizes off-market opportunity to shop
FINLAND - Protego Real Estate Investors has acquired Helsinki’s Kamppi shopping centre for €452.5m in an off-market deal.
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Ohio PERS eyes overseas REITs
UNITED STATES - Ohio Public Employees Retirement System is looking at creating an international REITs investment strategy.
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Pramerica takes its next Latam leap
UNITED STATES - Pramerica Real Estate Investors has closed its latest Latin American commingled fund and completed its first transaction in Chile.
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Chicago Teachers buys Asian exposure
UNITED STATES - Public School Teachers’ Pension and Retirement Fund of Chicago has extended its international real estate exposure by agreeing to allocate $40m (€25.7m) to the Merrill Lynch Asia real estate opportunity fund.
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CB Richard Ellis enters entity level
UNITED STATES - CB Richard Ellis Investors has completed its first ever entity level transaction and acquired a majority share in Atlanta-based apartment developer Wood Partners.
