News – Page 1045
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Iowa PERS will only buy post-sale
UNITED STATES - Iowa Public Employees Retirement System has decided the only way it will be investing in real estate in 2008 is through reinvesting the sales proceeds from properties sold over the next 12 months.
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US pension funds putting capital in core strategy
UNITED STATES - Pension funds in the United States are still choosing to invest in core strategy real estate, despite evidence over recent months suggesting many funds are turning to wider diversification.
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CalPERS ups real estate allocation by 2%
UNITED STATES - The California Public Employees’ Retirement System (CalPERS) has increased its allocation to real estate by 2%, to provide around $4bn (€2.88bn) of extra investment into the sector.
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PGGM and PSP firm go for gas
CANADA/NETHERLANDS - Dutch pension fund PGGM and the Canadian Public Sector Pension Investment Board (PSP) are major shareholders in a recently-formed infrastructure vehicle which has acquired Natural Gas Pipeline Company of America (NGPL) for $6.5bn (€4.5bn).
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Pension funds see potential in credit turmoil
GLOBAL - Funds that can benefit from the turmoil and dislocation rising from the credit crunch will attract institution capital in 2008, say industry experts.
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Student firm offloads assets worth €307m
UK - Unite, the UK student accommodation firm 4.5% owned by Dutch civil service scheme ABP, last week sold £220.3m (€308m) of assets to the UK Student Accommodation Fund (USAF), in a move designed to fund its growth.
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Protego blames media panic for halted redemptions
EUROPE – Protego has become the latest real estate investment house forced to suspend redemptions last week, placing a one-year moratorium on investors pulling out of its UK property fund.
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UK market ‘will pick up by spring’
UK - Disagreement has emerged between real estate investment houses over the timing of the UK property market recovery.
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PFA leaps allocation to tap infrastructure growth
DENMARK – The huge Danish PFA corporate pension fund has boosted its infrastructure investment and plans to move even further into the asset class next year, probably including direct investments in the sector for the first time.
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Mass PRIM hires global REIT managers
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has selected European Investors and RREEF manage global REIT mandates with initial investment of $100m (€68.9m).
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Oregon PERF investment sees new forays
UNITED STATES - Oregon Public Employees Retirement Fund has agreed to invest $150m (€102.6m) into commingled funds focused on Asia and urban strategies.
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CalSTRS and Waterson seek apartment viewings
UNITED STATES - California State Teachers Retirement System and Waterton Associates have created a new apartment investment fund, to tap into what they anticipate will be a shift in the sector.
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Illinois Teachers allocates office space
UNITED STATES - Teacher Retirement System of the State of Illinois has approved two real estate investments totaling $187.5m (€127.4m) which contribute to the acquisition of office space.
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Courtland arrival firms West Coast division
UNITED STATES - Courtland Partners has hired Lou Canlas as a principal to boost its pension fund real estate consulting operations on the West Coast.
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Enfield mulls real estate update
UK – Concerns about the performance of the UK and European property markets mean the London Borough of Enfield is now looking closely at whether to further diversify its pension fund’s real estate allocation.
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Concerns raised as returns drive pensions diversity
GLOBAL - The argument for global diversification is becoming more compelling, but institutional investors are often simply investing according to total return expectations, say industry experts.
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Philips scheme dismantles real estate portfolio
NETHERLANDS – The besieged €14.6bn pension scheme of Dutch electronics major Philips has sold around 15% of its real estate holdings to Dutch real estate investment fund Vesteda.
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NAEV to cut direct real estate
GERMANY – The €8.5bn doctors’ fund Nordrheinische Ärzteversorgung (NAEV) will cut its direct real estate holdings in Germany in an overhaul of its property investments.
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Spikker leaves PGGM for ABP
NETHERLANDS - PGGM’s Hans Spikker is to join ABP at the end of 2007 as manager of its non-listed European real estate portfolio.
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Henderson names first German client relationship team
GERMANY – Sylvia Seeger has been named as the first German-language client relationship manager at Henderson’s German operations in Frankfurt.
