News – Page 1105
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Prupim signs new investment head
GLOBAL – Prupim, the real estate division of the UK life assurer Prudential plc, has appointed John Wythe as head of fund management.
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INREV uncovers concerns over secondary market
EUROPE – Approximately €1.1bn of secondary trades were executed in the past 12 months by 18 INREV member funds, with a further €230m of trades in the pipeline, but the prospect of an efficient secondary market for European non-listed real estate funds remains uncertain, INREV members discovered at this week’s ...
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New York CRF takes a dip in Lake fund
US - The New York State Common Retirement Fund (NYSCRF) has committed $300m (€239m) to the Lake Montauk Real Estate Fund, a fund of fund managed by Franklin Templeton Real Estate Advisors.
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CBRE buys on Broadway
US – CB Richard Ellis Investors, the international real estate investment management firm, has purchased a 44-storey office building in New York for a partnership of institutional investors, making it the largest transaction in the state this year.
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Campaign pushes for US-style infra tax scheme
UK – The British Property Federation (BPF) is backing developers’ calls for UK trials of a scheme for infrastructure funding, modelled on a strategy in the United States which borrows against future tax revenue.
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Illinois State pursues FoF strategy
UNITED STATES - State Universities Retirement System of Illinois has approved a $75m (€60m) commitment to AVP Advisors for a fund-of-funds real estate investment strategy.
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Downturn to focus buyers on Western Europe
EUROPE – Jones Lang LaSalle’s latest report on direct commercial real estate investment in Europe predicts investors will primarily focus on core Western markets in 2009.
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Kansas PERS commits to debt fund
UNITED STATES - Kansas Public Employees Retirement System has approved a $25m (€19.5m) commitment to the Square Mile Partners III structured finance commingled fund.
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Natixis closes €420m fund
US – Natixis Capital Partners (NCP), the international property investment firm, has closed its third private equity real estate fund with €420m raised from European institutional investors.
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Dawnay Day property bought by institutional investors
UK – AREA Property Partners and F&C REIT Asset Management have bought struggling investment firm Dawnay Day’s UK property portfolio for approximately £600m (€647m).
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IVG saw profits plunge on market drop
GERMANY – IVG Immobilien AG earlier this week announced it suffered a €471m loss in 2008 as a result of the severe fall in market values, though officials argue the firm remains robust.
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Savills slips into a loss
UK – UK property firm Savills has announced a £7.7m (€8.3m) loss for 2008 and is adopting a “cautious outlook” for 2009 as it expects challenging times ahead.
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Increased valuations 'now hurting real estate'
UK – Frequent valuations may now be harming property funds’ performance, according to experts speaking at the Investment Property Databank’s UK 2008 Benchmark launch today.
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JLL sees sustainability lifting pension prospects
EUROPE – Regulation is likely to play a big part in the future of property valuation but could actually benefit pension funds, according to valuation experts at Jones Lang LaSalle (JLL).
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Recession pressures force HSH to downsize
GERMANY – HSH Nordbank is to dismantle its real estate business in the United States and later Western Europe as part of its plans to downsize and cope with the tough economic climate.
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Atis looks to 2010 recovery
EUROPE – Atisreal, part of BNP Paribas Real Estate, has predicted the decline in European commercial real estate investment activity will slow sharply this year but will then recover slowly in 2010.
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Swedish pension funds buys from RREEF
SWEDEN – AMF, the SEK289bn (€24.7bn) Swedish pension fund, has bought an office building in Stockholm from RREEF, the alternative investment management business of Deutsche Bank’s Asset Management.
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Maryland to invest in real estate this year
US – The Maryland State Retirement and Pension System (SRPS) has committed around $600m ($477m) to real estate funds for 2009.
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US pension funds stick with Westbrook
UNITED STATES - Three pension funds in the United States have decided to keep their original commitments in the Westbrook Real Estate Fund VIII, despite being given the option to reduce their holdings.
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CalSTRS signed just one deal in Q4
UNITED STATES - California State Teachers Retirement System significantly slowed its real estate investing during the last quarter of 2008 and added just one small investment to its portfolio.
