News – Page 1057
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Orange County commits to timberland
UNITED STATES- Orange County Employees Retirement System has made a selection of two managers to invest $140m (€102.2m) in timberland assets. Hancock Timber Resource Group and RMK Timberland Group have been awarded mandates to manage $100m a...
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Pension funds switch targets to gain returns
UNITED STATES – Pension funds are continuing to invest in real estate but may not follow their original allocation strategies in stable markets, suggest figures related to one US pension fund. New Jersey Division of Investment has now yielde...
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Ohio State Teachers maintains real estate for 2008
UNITED STATES- State Teachers Retirement System of Ohio has approved a real estate investment plan for fiscal 2008 which should see the pension fund maintain its annual allocation and move into global Reits. Ohio State Teachers figures on being a ...
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Jamestown Group to go after institutional investors
UNITED STATES - The Jamestown Group is going after the institutional investor capital source for the first time as it teams up with Griffin Realty Advisors to form the Griffin Realty Fund. Jamestown had previously invested $3bn (€2.2bn) of e...
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Investors ‘should ditch indirect for direct’
EUROPE - Investors including pension funds should focus on direct investment in European commercial real estate as a lower-risk alternative to volatile Reits, according to Seven Dials. The fund manager said high yields in mainland European markets...
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Canada pension plan in UK shopping spree
UK - A 50—50 joint venture involving the Canada Pension Plan Investment Board and fund manager Henderson Global Investors has acquired the UK’s Whitefriars Quarter shopping centre for £253m (€375m).
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Investors go for Euro-niche as leverage lessons
EUROPE - Despite market saturation in the UK and declining yields elsewhere in Europe, "the wall of money" surrounding real estate is showing few signs of collapse, claimed a report published last week by UK property firm Knight Frank....
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IVG sees Parisian charm in €323m deals
GERMANY – IVG Immoblien, Germany’s largest quoted real estate firm, has completed €323m worth of transactions in Paris which included selling an office building on the city’s "Rive Gauche" for €165m and buyin...
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ABP discloses budget hotels move after prime acquisition
NETHERLANDS - Dutch pension fund ABP has expanded its base in European hospitality sector with the acquisition of three high-end Belgian hotels. The €211bn civil service scheme has not disclosed the value of the deal, which carries a €...
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SBZ reduced property stake by one-third
NETHERLANDS – SBZ, the industry-wide pension fund for care insurers, said it has decreased its investments in property by 5% to 10% of its total portfolio and will focus its immediate attention on Dutch direct real estate.
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Europe sees ‘flight to quality’
GLOBAL - A slowdown in investment in some markets has done little to dent global investment in real estate, according to figures published by Jones Lang Lasalle (JLL). Direct investment in the first half of 2007 totalled US$382bn (€276bn), ...
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CalSTRS sells large industrial portfolio
UNITED STATES - California State Teachers Retirement System (CalSTRS) has sold one of its largest industrial portfolios to ProLogis, in a transaction worth $1.85bn (€1.34bn). ProLogis made the purchase, financed by cash and $100m of assumed ...
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SLI sells off property after cutting funds’ value
UK - Standard Life Investments (SLI) last week sold off a six-property portfolio from its Property Income Trust for £41.5m (€61.8m) – just days after it announced would cut the value of five of its property funds by 6.7%. In an a...
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PAIFs to match REITs tax status
UK – Pension funds and charities will no longer face a tax penalty if they invest in UK property authorised investment funds (PAIFs) from next year as government reforms will give the investments tax status equal to real estate investment trust...
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UK pooled property funds outperform equities
UK - Pooled property funds outperformed both real estate equities and real estate investment trusts (REITs) in the past year, despite evidence of cooling in the UK real estate market. According to data published last week by IPD, pooled real esta...
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LPFA moves property from UTs to mandate
UK - The London Pensions Fund Authority (LPFA) has appointed ING Real Estate to manage a £150m global property mandate. Philip Jones, investment manager at LPFA – which administers the pensions assets for 783,000 pension fund members &#...
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Pension fund’s shopping centre expands its remit
UNITED STATES - The Alaska Permanent Fund Corporation and Macerich Company are now in planning for the expansion of a 3.5 million retail real estate in Virginia which will see the retail project cross property sectors. The Tyson’s Corner Cen...
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LACERA eyes Asia in its portfolio
UNITED STATES - Los Angeles County Employees Retirement Association has increased its international real estate portfolio by committing capital to two new investment funds. Each investment was for $25m (€18.1m) into the AIG Asian Real Estate...
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SBZ reduced property stake by one-third
NETHERLANDS – SBZ, the industry-wide pension fund for care insurers, said it has decreased its investments in property by 5% to 10% of its total portfolio and will focus its immediate attention on Dutch direct real estate. At least 75% of th...
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IVG fires fund arm board member
GERMANY – Siegfried Cofalka has been fired with immediate effect as board executive at OIK, the fund arm of listed German real estate firm IVG Immobilien. IVG declined to disclose the reason for its abrupt dismissal of Cofalka but said Peter...
