News – Page 1176
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CBRE launches US property derivatives market
REAL ESTATE - A year after they set up a market for real estate derivatives in the UK, CB Richard Ellis and derivatives broker GFI have done it again – this time in the US. GFI’s Phil Barker, who will staff the venture’s New Yor...
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USS backs new student housing fund
REAL ESTATE - The Universities Superannuation Scheme is among the institutional backers for a new £515m (€764m) student accommodation fund being launched by real estate firm Unite Group. Unite said the new UK Student Accommodation Fund ...
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CalSTRS looks into infrastructure investment
REAL ESTATE - The California State Teachers Retirement System is taking a look at making infrastructure part of its overall investment strategy, although no formal policy has been established yet. The fund had an educational session on this invest...
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Warburg Pincus raises $1.2bn for real estate fund
REAL ESTATE - Warburg Pincus has raised $1.2bn of equity for its first dedicated real estate investment fund - the commingled fund is Warburg Pincus Real Estate I, L.P. The global private equity firm attracted capital from some of the largest pens…
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Principal buys central San Francisco office
REAL ESTATE - Principal Real Estate Investors has made its acquisition of 333 Market Street its first office building purchase in the central business district of San Francisco. The real estate manager had its Managing Director Mark Hanrahan work ...
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German government green lights REITs
REAL ESTATE – Germany’s federal cabinet has approved the legalisation of German real estate investment trusts (G-REITs) from January 1, though, as reported, the vehicles will not include residential property. The relevant draft law now...
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New board at Bouwfonds
NETHERLANDS – Rabobank is replacing the board members of the Bouwfonds property development, which it is about to acquire from ABN Amro for €845m. Rabo, which expects to complete the deal with ABN Amro on December 1, said that the fund...
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UK REITs final draft released
REAL ESTATE - The UK government has formally laid out the REITS legislation that will come into force at the beginning of 2007. The regulations, as presented last week to the UK parliament, laid out the conditions for "10% condition"...
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Invista backs UK commercial, residential
REAL ESTATE - Invista chief executive Duncan Owen said last week he saw "a couple of good years" left in the central London office market as he reported strong asset growth in Invista’s Insight Foundation Property Trust. In a tr...
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European growth boosts Lasalle revenues
REAL ESTATE - Jones Lang Lasalle last week reported operating income of $37.3m for Q3 2006 – a 40% increase over the same period of 2005. The firm also posted Q3 revenues of $462m, a 42% increase over Q3 2005. Europe, the Middle East and A...
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US academic fund in local retail venture
REAL ESTATE - US pension fund TIAA-CREF last week announced that it is to acquire community retail real estate in a complex $3bn joint venture. The venture, with Developers Diversified, will acquire 67 local retail sites across southeastern state...
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NYSTRS takes action on $500m in real estate
REAL ESTATE - The New York State Teachers Retirement System has made decisions on $550m worth of real estate investments. This activity took place at the pension fund’s board meeting on October 26. The pension fund made two commitments to r...
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CBRE Investors hires China head
REAL ESTATE - CB Richard Ellis Investors last week progressed its Asian expansion with the long-awaited appointment of a managing director for its China operations. Hao Zhou, former president and managing partner of the Yangtze Special Situations...
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Smaller schemes chase ‘more liquid’ property
REAL ESTATE - Robin Goodchild, head of European investment at property firm LaSalle, this week urged large pension funds to invest directly in real estate and claimed smaller ones were re-thinking their lack of exposure.
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Hearthstone to market next investment fund
REAL ESTATE - Hearthstone will be marketing its next single-family investment fund after the first of the year. The name of the fund is Path of Growth Investors II. The company’s Chief Financial Officer Mark Porath said: "We are now i...
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Cordea seeks pension fund backing for land fund
REAL ESTATE - Cordea Savills is to raise £50m (€74.5m) from pension funds to invest in acquiring and parcelling land for residential development. Spokesman Steve Taylor said Cordea’s second opportunistic fund would target both pe...
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Sacramento County makes new allocation
REAL ESTATE - The Sacramento County Employees Retirement System has awarded Cornerstone Real Estate Advisers a new $15m allocation for its separate account relationship. This action was taken at its board meeting on October 19. The pension fund m...
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Allianz acquires Laing in push for PFI
REAL ESTATE - German pensions and insurance giant Allianz last week outbid Henderson Global Investors to acquire John Laing, the UK infrastructure firm, for £957.5m (€752.5m). Allianz hopes the acquisition – which is subject to r...
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US pension funds bank on Europe, Asia
REAL ESTATE - Cash-rich US pension funds are driving a move by real estate funds into European markets. RREEF’s Real Estate Opportunities Funds Group has raised $1.6bn in the final closing of a fund designed to US institutional investors ex...
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Manila property sell-off for soldiers’ pensions
REAL ESTATE - The Philippines army is to sell its massive real estate portfolio to fund pay-outs to retired service personnel. Real estate – including golf courses and at least one country club – and property equities make up P9.6bn (...
