News – Page 1108
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Kalsi’s 'leave' shakes up MS Asian real estate team
ASIA – Morgan Stanley has reshuffled its Asian real estate team after putting Sonny Kalsi, global head of real estate investments, on administrative leave.
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Geni to pull magic from property bottleneck
MIDDLE EAST – Geni Capital LLP (Geni), the London-based asset manager, has teamed up with AREIT Management Limited to launch a commercial property opportunities fund to take advantage of recently-adjusted property values in the Middle East.
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Hypo Real financing keeps climbing
GERMANY – Hypo Real Estate was granted an additional €10bn by the German Financial Markets Stabilisation Fund (SoFFin) last week, bringing the total bailout to €52bn.
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Investors still eye PERE for 2009
GLOBAL – Institutional investors in private equity real estate are still willing to invest in the asset class this year, albeit cautiously, and remain committed to their investment strategy going forward, suggests a survey conducted by Preqin.
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IPD predicts further gloom for Ireland
IRELAND – Ireland’s real estate industry has tough times ahead and is unlikely to recover any time soon, according to analysts at the SCS/IPD Annual Results presentation in Dublin this week.
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ING Clarion expands into the DC pensions space
UNITED STATES - ING Clarion Partners is entering the US defined contribution (DC) investor market for the first time, as officials believe there will be significant growth in the DC pensions arena.
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NYSTRS ends REIT relationship with Citigroup
UNITED STATES - New York State Teachers Retirement System has ended an arrangement with Citigroup Alternative Investments as the REIT manager is pulling out of this space.
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Property investment slumped €335bn last year
GLOBAL - Global investment in commercial property plummeted 59% to $435bn (€335bn) in 2008 and is likely to fall further in 2009, according to Cushman & Wakefield’s Investment Atlas 2009 analysis.
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ProLogis sells remainder of PEPF II
EUROPE – ProLogis European Properties (PEPR) has decided to sell its one-third stake in the ProLogis European Properties Fund (PEPF) II to further de-leverage the firm.
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British Land halves Meadowhall stake ahead of rights issue
UK – The British Land Company has exchanged contracts with London & Stamford Property to sell a 50% interest in the freehold of the Meadowhall Shopping Centre near Sheffield, but it is also raising additional funds through a £740m (€819.49m) rights issue.
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Demands spark student accommodation drive
UK – Coral Portfolio and Strutt & Parker Real Estate Financial Services (SPREFS) are launching a student accommodation fund in response to strong market demand.
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Klépierre rolls on with real estate sale
FRANCE – Klépierre, the French real estate investment company, will continue its disposal programme to boost liquidity and expects positive growth in 2009, executives announced yesterday.
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Market conditions bite into CBRE’s business
GLOBAL – CB Richard Ellis (CBRE) will continue trying to reduce expenses this year as net income plummeted to $83.9m (€65.37m) in 2008 compared to $390.5m recorded the previous year.
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French property market 'must adapt to survive'
FRANCE – Property experts have predicted the French real estate industry is set to deteriorate even further in 2009 as a result of the financial crisis and will have to adapt itself to investors’ demands in order to recover.
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Derivatives are not an indicator of property values - IPD
GLOBAL - Property derivatives trading remains strong compared to direct property but should not be used to estimate property values, according property experts speaking at the launch of the IPD UK 2008 results.
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Push to reduce climate change on property values
GLOBAL – The Institutional Investors Group on Climate Change has issued a report encouraging pension fund trustees to seek advice on ways of reducing the negative impact of climate change on property values.
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Duncan heads First Industrial
US – First Industrial Realty Trust, the North American Real Estate Investment Trust (REIT), has appointed Bruce Duncan as president and chief executive officer.
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JLL sees earnings drop in tough times
US – Jones Lang LaSalle (JLL) suffered a 61% fall in earning in the fourth quarter of 2008, bringing the firm’s total net income for the year to $84m (€65.2m).
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Real estate recovery predicted for 2011
GLOBAL – Institutional investors believe the ongoing financial crisis will be a major obstacle for investors looking to allocate to non-listed real estate funds this year and do not expect property markets to start recovering until 2011, according to the INREV Investment Intentions Survey 2009.
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BNP Paribas confirms real estate rebranding
FRANCE – BNP Paribas is uniting all of its real estate subsidiary businesses under the BNP Paribas Real Estate brand as part of a change in strategy, it was confirmed at the Atisreal Année Immobiliere meeting on Tuesday.
