News – Page 978
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Finland's Veritas offloads residential portfolio to Germany's Patrizia
EUROPE – Finnish pensions insurer Veritas has sold a 113-asset portfolio to German fund manager Patrizia in the first residential deal involving an investor based outside the region.
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Wisconsin State Investment Board drops domestic REIT managers
GLOBAL – The Wisconsin State Investment Board has dropped AEW Capital Management and Heitman as domestic REIT managers to adopt a more "global perspective".
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Texas Teachers commits $800m to real estate investment
GLOBAL – The Teacher Retirement System of Texas has made more than $800m (€650.5m) in real estate investment – a mixture of core, value-added and infrastructure strategies – in the last month.
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BPF Bouw opens Dutch portfolio to other pension funds
NETHERLANDS – BPF Bouw, the pension fund for Dutch construction workers, will offer other pension funds access to its €4bn domestic real estate portfolio so it can increase its weighting to global property markets.
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Slovenia's PRVA makes first foray into real estate
SLOVENIA – The €185m PRVA second-pillar fund has bought a property in Ljubljana, making its first foray into real estate.
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Fund of funds managers switch to core and debt strategies
GLOBAL – Investment strategies in the fund of funds (FoF) sector have changed significantly over the past two years, and opportunistic and value-added products have lost out as a result, according to new research.
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Redington, M&G talk up UK social housing debt opportunity
UK – Pension funds in the UK are being encouraged to consider financing social housing as an alternative to inflation-linked bonds.
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Investors back L&G’s tried and tested industrial fund
UK – Legal & General Property (LGP) has raised new equity for its Industrial Property Investment fund (IPIF) following interest from existing investors to increase their exposure.
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CalPERS acquires 12.7% stake in London Gatwick Airport
GLOBAL – The California Public Employees' Retirement System (CalPERS) has acquired a 12.7% stake in London Gatwick Airport from Global Infrastructure Partners (GIP).
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Czech investors and foreign institutions go separate ways
CZECH REPUBLIC – Property transaction volumes in the Czech Republic have picked up in the first quarter of 2010 relative to the same period last year, as cross border and local investors targeted different ends of the market, according to DTZ.
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No risk of major crash in Chinese property market, says Henderson
GLOBAL – The Chinese real estate market may be surging, but it is at no risk of crashing and burning, according to Henderson Global Investors.
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Swiss pension funds to invest in India and Japan this year
GLOBAL – AFIAA, the global property investor owned by 18 Swiss pension funds, is aiming to make real estate investments in Japan and India before the end of 2010.
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Texas Municipal selects ORG Portfolio as first-ever consultant
UNITED STATES – The Texas Municipal Retirement System has chosen ORG Portfolio Management as its first-ever real estate consultant.
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CalSTRS makes €81m allocation to Thomas Properties Group
UNITED STATES – The California State Teachers Retirement System (CalSTRS) has awarded a $100m (€81.3m) allocation to Thomas Properties Group.
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Barings: China will tread carefully on real estate market
CHINA – The Chinese government will continue to tread cautiously over policy measures aimed at cooling the real estate market amid the near-certain postponement of a property tax originally scheduled for introduction this month, according to Barings.
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Hermes Real Estate acquires core London office
UK – Hermes Real Estate, the property fund manager owned by the £35.3bn (€42.5bn) BT pension scheme, has acquired an office asset on the outskirts of London for £58m.
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Pension funds to buy 'problem' infrastructure in second wave of privatisation
UK – Pension fund and private equity investors could mop up UK infrastructure assets in a second major wave of privatisation, according to a report by the Adam Smith Institute, a free-market think tank.
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Whitbread wannabes in UK underestimate complexity, says Punter Southall
UK – UK pension funds considering property to plug their pension gaps are looking at overly complex structures to do it, according to research by consultancy Punter Southall on the recent Whitbread property partnership.
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Emerging markets to lead revival of luxury retail sector, says Colliers
GLOBAL – Rents in the luxury retail sector are set to increase in the near term after a two-year hiatus, according to Colliers International.
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INREV committee calls for more independent fund directors
EUROPE – More European non-listed real estate funds must appoint independent directors to their management boards if corporate governance in the sector is to be improved, according to a new report.
