News – Page 1068
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PensionDanmark widens its real estate ground
DENMARK – Danish pension provider PensionDanmark has acquired commercial real estate let to other pension funds in Denmark, and plans to increase its property exposure significantly over the next three years.
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Pension funds called on to invest in infrastructure
UK – The UK government has called on pension funds to consider investing in infrastructure, as officials admit hundreds billions of pounds of investments is needed over the next 10 years.
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New Jersey to tap structured credit...while it can
UNITED STATES – The New Jersey Division of Investment has established a $300m (€212m) separate account with Och-Ziff Capital Management to invest in structured credit investment products.
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Kansas PERS puts $150m into preferred REIT securities
UNITED STATES- Kansas Public Employees Retirement System has allocated $150m (€106m) to US preferred REIT securities through an existing REIT manager, Brookfield Redding.
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NY Common signs up to public-private programme
US – The New York State Common Retirement Fund has invested in the US government’s Public-Private Investment Program (PPIP) via to third-party real estate fund managers.
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Pension investors unveil environmental real estate index
GLOBAL – A study conducted on behalf of three major European pension investors has led to the launch of a global Environmental Real Estate index, after evidence showed few property managers meet the global standards pension funds expect when it comes to tackling environmental issues.
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IASB backs down from balance sheet property valuation plans
GLOBAL – The International Accounting Standards Board (IASB) has indicated it will not adopt proposals forcing real estate companies to remove property values and rental income from their balance sheets.
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Open real estate fund rules set to change
GERMANY – Large investors in German open real estate funds could be legally prevented from withdrawing their money at any time in situations where the funds are suffering liquidity problems.
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Real estate appetite shifts towards tighter core market
EUROPE – European institutional investors have developed a lower appetite for risk and a desire for greater control over real estate investments over the past two years, according to the European Association for Investors in Non-listed Real Estate Vehicles (INREV).
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Pramerica to target Mexican pension funds
UNITED STATES- Pramerica Real Estate Investors is creating a commingled investment fund which for the first time will encourage only Mexican pension funds to invest.
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Drivas Jones merges with Deloitte
UK – Drivas Jonas, the oldest real estate advisory firm in the UK, has become the first to join forces with one of the ‘big four’ accountancy firms.
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Inarcassa secures external route for real estate
ITALY – Italian fund manager Fabrica is to create and manage a new €600m real estate fund based on the property assets of Inarcassa, the Italian pension fund for self-employed engineers and architects in Italy.
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Cordea Savills to tap income from UK real estate
EUROPE – Cordea Savills has secured capital commitments from three investors, including an unnamed European pension fund, for a new fund that will invest in core, income-producing commercial real estate in the UK.
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SanFran CCERS moves assets from bankrupt Capmark
UNITED STATES – The San Francisco City and County Employees’ Retirement System is transferring the assets held in a separate account managed by Capmark Real Estate Equity Group following the asset manager’s bankruptcy.
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Merged Immofinanz dismisses Warsaw listing
EUROPE – The merger of the Austrian real estate companies Immofinanz and Immoeast has been approved by the shareholder meetings but the new joint Immofinanz is unlikely to replace Immoeast on the Warsaw stock exchange.
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Dutch pensions funds reduce direct property by €3.5bn
NETHERLANDS - The combined direct property investment of Dutch pension funds has decreased significantly, but schemes are still interested in holding office buildings, according to the Dutch regulator De Nederlandsche Bank.
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ICL pension plan moves into real estate
UK – The ICL Common Investment Fund, the investment vehicle for the ICL pension fund, made its first allocation to real estate in 2009, and invested £33m (€37.3m) through ING Real Estate Investment Management.
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Ohio PERS extends another $600m to core real estate
UNITED STATES - Ohio Public Employees Retirement System has approved new commitments totaling $600m (€412.4m) into the core open-ended JP Morgan Strategic Property and the UBS Trumbull Property funds.
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UK pension funds to invest in real estate recovery
UK – Aviva Investors has raised £200m (€226m) from a number of UK local authority and corporate pension schemes for a new fund designed to capitalise on the market recovery in the UK but without using gearing.
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Alecta outsources French real estate management
SWEDEN – The asset management arm of Swedish occupational pensions mutual Alecta is to transfer the management of its real estate portfolio in France.
