News – Page 968
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Canada Pension Plan swoops in on prime DC assets
GLOBAL – The Canada Pension Plan Investment Board (CPPIB) has invested $91m (€65m) in return for a 45% stake in two prime office buildings in Washington DC, its first investment in the US capital.
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Real estate markets failing to recover in Italy, Japan
GLOBAL – The Italian commercial real estate market has continued its gradual decline in capital values in the first half of 2010, according to Investment Property Databank (IPD).
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Former WP Carey colleagues launch global sale-and-leaseback venture
GLOBAL – Gordon DuGan and three other former W P Carey executives have launched a new investment company that will specialise in sale-and-leaseback real estate deals.
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UK government cuts social housing spending, backs infrastructure
UK – The coalition government in the UK has revealed it will cut funding for social housing projects by £4.4bn (€4.95bn), effectively a 50% drop on the previous government's commitment to spend £8bn between 2008 and 2011.
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Unilever Progress selects core Aberdeen product as it moves into funds
NETHERLANDS – Progress, the Dutch Unilever pension fund, has committed €35m to a core pan-European real estate fund managed by Aberdeen Property Investors.
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Mass PRIM hires AEW to take over RREEF separate account
GLOBAL – The Massachusetts Pension Reserves Investment Management Board has selected AEW Capital Management as its fifth core separate account manager.
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Alaska Retirement to hold back on real estate investments
GLOBAL – The Alaska Retirement Management Board has no plans to increase investment in real estate over the next 12 months.
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Pramerica targets Polish warehouse developments with Panattoni
EUROPE – Pramerica Real Estate Investors has entered into a joint venture with Panattoni Europe to develop a portfolio of as much as €100m of logistics warehouses in Poland, Czech Republic and Slovakia.
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Investors moderate their return expectations for US real estate, says ULI/PwC
GLOBAL – Investors have lowered their return expectations for investing in US real estate over the next few years, according to PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).
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Monday people roundup
GLOBAL – Tristan Capital Partners, Segro, AXA Real Estate, Goldman Sachs Asset Management, Franklin Templeton Real Estate Advisors
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BP Pension Fund's Cubemaker joint venture buys ITV assets
UK – Cubemaker Partnership, the joint venture between the BP Pension Fund and Cube Real Estate, has acquired three commercial real estate assets from television company ITV for £11.3m (€12.9m).
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Dutch experts question effectiveness of property as inflation hedge
NETHERLANDS – At a meeting to celebrate the fifteenth anniversary of IVBN – the Dutch association on institutional property investors – experts yesterday called into question many pension funds' assumption that real estate investments help offset inflation.
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Rockspring enters student housing through counter-cyclical strategy
UK – Rockspring Property Investment Managers has entered the student accommodation market for the first time with the acquisition of 123 Fountainbridge, Edinburgh, in a joint venture with Mansion Group.
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Pension funds targeting US multi-family housing
GLOBAL – Multi-family housing has been identified as the favoured sector for investment in the US by a number of European pension funds, a position backed up by new research from Pramerica Real Estate Investors.
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Capital flows to US real estate set to double, says DTZ
GLOBAL – Global investment capital targeting US real estate is set to double in 2011 as the outlook for the market completes a dramatic improvement over the past 12 months, according to DTZ.
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Poland back on the agenda for Germany's NAEV
EUROPE – German pension fund Nordrheinische Ärzteversorgung (NAEV) is considering returning to the Polish real estate market after having divested and taken profits from the region in recent years.
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Ohio scheme to invest $400m in real estate funds
GLOBAL – The Ohio Public Employees Retirement System is conducting due diligence on investments into two new commingled funds totalling $400m (€287.4m).
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Los Angeles tenders RFI for separate account manager
GLOBAL – The Los Angeles City Employees Retirement System (LACERS) has approved a request for information (RFI) to hire a real estate manager for a separate account.
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First Property wraps up USS mandate, returns to Poland
POLAND – First Property Group has returned to its previous business model of launching successive Polish opportunity funds, having concluded its mandate with the Universities Superannuation Scheme (USS).
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German institutions swapping bonds for real estate, says Greenwich Associates
GERMANY – German institutional investors, in their search for stable returns without increasing risk, are turning away from European fixed income to real estate, while faith in external managers and consultants remains low, according to a survey by Greenwich Associates.
