News – Page 1100
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European yields not deterring investors
REAL ESTATE – Recent figures from European real estate firms show that there’s continuing investment in the asset class despite declining average yields. Yet much of the investment is taking place outside investors’ domestic mar...
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UK REITS problems ‘ not insurmountable’
REAL ESTATE - A semi-optimistic consensus has emerged in the industry response to draft UK Real Estate Investment Trust legislation after initial responses slammed the proposals as opaque and prohibitive. The draft, published in January, even fou...
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HSBC the latest to set up infrastructure firm
REAL ESTATE - HSBC is to set up an offshore investment company to exploit seemingly limitless investor appetite for infrastructure. The bank predicts an initial dividend yield of 5.75% in the company’s first financial year. HSBC spokesm...
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RREEF and NexCore in medical venture
REAL ESTATE - RREEF and NexCore Group have created a joint venture to invest $500 million in medical office buildings. A specific equity allocation for the venture has not been decided. The relationship will be handled on a deal-by-deal basis. De...
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Danica to freeze real estate allocation
REAL ESTATE - Danica Pension, Denmark’s largest life insurer, is to freeze its real estate holdings after announcing plans to increase its equity holdings from 16% to 20%-25%. The A+ rated insurer, which invests primarily in the Danish mar...
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Finnish state fund hails Aberdeen’s AIPP
REAL ESTATE – The state pension fund of Finland has said how pleased it – as one of the lead investors – is with the first year of the Aberdeen Indirect Property Partners (AIPP) Fund. The fund-of-fund announced final closing at t...
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CalSTRS goes big on Beacon office fund
REAL ESTATE - The California State Teachers Retirement System (CalSTERS) has made a $350m commitment to the Beacon Capital Strategic Partners IV fund. The pension fund regards this commitment as a follow-up investment. It has invested in two prev...
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Schemes raising allocations – AREF’s Cooper
REAL ESTATE - Pension funds can’t get enough of real estate, according to Association of Real Estate Funds (AREF) chairman Nick Cooper, with many of those already in the market increasing their holdings to 10% and above. “Pension fun...
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UK funds 'need new real estate mindset'
REAL ESTATE - UK pension funds need to upgrade their real estate managers if they’re to expand mandates into mainland Europe and beyond, according to Mercer consultant Greg Wright. Wright argues that yield compression and the opportunity...
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ABP details global real estate strategy
REAL ESTATE – Stichting Pensioenfonds ABP, the €200bn Dutch civil Service scheme, has decided not to invest in Russian real estate but is currently enacting deals in Mexico and Brazil. Speaking at the PropInvest Europe conference in B...
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JP Morgan creates new development fund
REAL ESTATE – JP Morgan Fleming Asset Management has put together a new investment fund called Excelsior II and attracted $450m of institutional capital for it. The money came from three large public pension funds, one of which was the New ...
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Pennsylvania Public School Employees in $300m move
REAL ESTATE - The Pennsylvania Public School Employees Retirement System has decided to invest $300m (€250.8m) into two new commingled funds. The fund has made a $200m commitment to the ProLogis North American Industrial Fund (a real est...
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Ilmarinen real estate chief Kankuri exits
REAL ESTATE – Ilmarinen Mutual Pension Insurance Co. has hired Esko Torsti to take over from real estate head Timo Kankuri. Kankuri is to join Jaakko Pöyry Infra as president of the building services and telecom -business area of J...
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Bidding war over Town & Country REIT
REAL ESTATE - A bidding war has broken out for the rights to acquire Town & Country (TCT), the Baltimore, Maryland-based apartment REIT that owns 13,000 units on the eastern US seaboard. A third bidder entered the fray last week when investmen...
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Henderson sets up property fund of funds
REAL ESTATE - Henderson Global Investors has launched what it says is Europe’s first property fund of funds. The Indirect Property Fund Europe will invest in “eight or nine” funds across sub-sectors and geographical locations. ...
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Partnership targets ‘low risk’ PPP projects
REAL ESTATE - Land Securities Trillium and Mill Group have formed a 50/50 joint venture to bid for UK public private partnership (PPP) projects. The venture, Investment in the Community, will expand on Mill Group’s programme of the same nam...
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UCITS real estate definitions revamped
REAL ESTATE - More closed-end real estate funds could be marketed across Europe if the European Commission heeds advice from the Committee of European Securities Regulations (CESR). In a note published at the end of January, the CESR, which a...
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A real estate new fund manager is born
REAL ESTATE - A new real estate investment manager has been created - Quadrant Real Estate Advisors. This company has two parents, both Australian-based. The Mirvac Group is one while former senior executives of GMAC Institutional Advisors compris...
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Real estate no longer beating equities - Merrill
REAL ESTATE – Real estate is no longer outperforming equities, despite continued strong money flows, says Merrill Lynch. “The start of 2006 has been strongly positive both for global equity markets and property shares,” Merrill s...
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Tishman closes $1bn fund
REAL ESTATE - Asset manager Tishman Speyer has closed its largest fund to new investors after raising more than $1bn to invest in high-end US commercial property. The Tishman Speyer Real Estate Fund VI has invested in nine properties to date, inc...
