News – Page 991
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Orion’s Europe III captures €1bn
EUROPE – Orion Capital Managers has closed the capital raising programme for its latest European opportunity fund, breaking its publicly-stated fundraising target of €1bn.
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Texas Teachers moves into Pan-Asian real estate
UNITED STATES – The Teachers Retirement System of Texas has approved a $150m (€101.2m) into the Fudo Capital Fund II commingled fund, to gain exposure to the Asian real estate market.
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Fresh Fof expertise decamps to Aviva
EUROPE – The transferral of BlackRock’s European fund of funds expertise to Aviva Investors continued last week as fund manager Catriona Allen is the latest to move to the asset manager.
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USS swaps retail for more warehouse space
UK – A complex deal between Universities Superannuation Scheme (USS) and Henderson Global Investors has enabled the pension fund to diversify its UK retail warehouse portfolio, while the investment manager has reduced the leverage in one of its funds.
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UK property debts reduce but covenant breaches double
UK – The volume of debt secured against UK commercial real estate fell in 2009, but the value of loans reported to be in breach of financial covenant almost doubled in the first half of the year, according to a new study.
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ING RE FoF shake-up shakes out Cooper
GLOBAL – Global multi-manager ING Real Estate Select is to lose its founder and chief executive because it is relocating to its parent company’s home country.
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CalSTRS’ real estate falls another $327m
UNITED STATES - The California State Teachers Retirement System saw the value of its real estate portfolio fall by another $327m (€217m) during the third quarter of 2009, confirming the difficult market conditions that US pension funds are still suffering.
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Schroder predicts volatile UK property upswing
UK – The sharp turnaround in the performance of the UK commercial real estate market is set to continue through the first six months of 2010 although activity will not be smooth, according to Schroder Property Investment Management.
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Florida pension fund dips into real estate
UNITED STATES – The City of Lakeland (Florida) Employees’ Pension and Retirement System is planning to invest in real estate for the first time.
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Secondary real estate trading dried up - INREV
EUROPE – Most European real estate fund of funds (FoF) managers turned their backs on the practice of trading secondary fund interests in 2009, as the number of transactions has dropped from 50 in 2008 to just five deals so far this year.
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REITS body predicts market upturn, as HSBC predicts down
GLOBAL – Real estate investment trusts (REITs) and other listed property companies could be in a position to “mount a startling about-turn in fortunes” as investors begin to allocate capital back to the sector, according to Reita.
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State Street acquires Mourant to build alternatives presence
GLOBAL – State Street Corporation has made a fresh move to build its presence in the global administration market and acquired alternative investments administrator Mourant International Finance Administration (MIFA) in a cash deal.
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Impact of Dubai shock still polarised - analyst reactions
GLOBAL – Concerns that Dubai World’s need to deleverage will place a downward pressure on global real estate prices are unfounded, according to Dan Fasulo, head of research at Real Capital Analytics. Yet officials at real estate specialists Hatfield Phillips disagree.
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FirstProperty to target UK pension funds
EUROPE – First Property is aiming to move back into the UK commercial real estate market, after concentrating for several years on Central and Eastern Europe (CEE), with the launch of a new vehicle for pension funds.
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Nordic real estate predicted to take a hit
NORDICS – Investments in the Nordic real estate markets are expected to deliver negative returns for 2009, according to a new report from Aberdeen Property Investors.
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Market downturn holds back funds growth
GLOBAL – More than 200 new unlisted real estate funds are estimated to have come to the market in 2009, but this represents a 73% reduction in the number of funds launched globally since the height of the market in 2007.
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CalPERS signs to infrastructure with long-term view
UNITED STATES - California Public Employees Retirement System has made a commitment of $300m (€201m) to Alinda Capital Partners’s Infrastructure Fund II, even though the value of its earlier investments have yet to reach their original capital value.
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SanFran C&C switches CMBS managers
UNITED STATES - San Francisco City and County Employees’ Retirement System has fired Brookfield Investment Management as one of its high-yield commercial mortgage-backed security managers, and handed the account to its other existing high-yield CMBS manager, Pyramis Global Advisors.
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Swedish pensions break into secure locations
SWEDEN – A consortium of Swedish pension funds has purchased two ongoing real estate projects from developer Skanksa, which specialise in crime prevention.
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CalPERS endures fresh $4.2bn real estate hit
UNITED STATES – The California Public Employees Retirement System has revealed it suffered a $4.2bn (€2.82bn) loss on its real estate portfolio during the second quarter of 2009.
