News – Page 1094
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NYSTRS extends separate account contracts
UNITED STATES - New York State Teachers Retirement System has agreed to extend the manager contracts with three separate account managers for a non-US REIT investment strategy.
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Pension funds to up focus on 'creeping' climate change
EUROPE – A group of UK-based institutional investors, including the Universities Superannuation Scheme (USS), has urged investors to engage with companies and policymakers on the issue of climate change adaptation, and to incorporate the related risks into their analysis and decision-making.
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CBRE takes over Merseyside contract
UK – The Merseyside Pension Fund has appointed CB Richard Ellis Real Estate Finance as its strategic property adviser, replacing Savills , following a detailed tendering exercise.
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Korea’s pension reserve buys HSBC tower
UK – HSBC Bank has agreed to sell its London headquarters in Canary Wharf to the National Pension Service of Korea (NPS) for £772.5m (€861m) in cash.
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CalSTRS takes first step in real estate shift
UNITED STATES – California State Teachers Retirement System (CalSTRS) is in the process of making some changes to its real estate investment policy which could reduce its investment in core strategies, in favour of higher-returning investments.
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SRI real estate fund gains positive pensions start
UK – Local authority pension funds have given their financial backing to a new socially-responsible real estate fund based in the UK and launched by Bridges Ventures.
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Orange County targets core and debt strategies
UNITED STATES - Orange County Employees Retirement System and its consultant, Callan Associates, have determined that core and distressed debt opportunities will offer the most compelling investment possibilities in the near future real estate market.
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Unite signs real estate deal with popular M&G fund
UK – Student housing specialist manager Unite has agreed to a sale-and-leaseback arrangement for one of its flagship assets in Bristol with the M&G Secured Property Income Fund for a total cash consideration of £21.5m (€24m).
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Avon pension fund to invest in secondary real estate
UK – The Avon Pension Fund will invest through the secondary market to gain access to real estate funds via its recently-appointed global property investment manager.
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Fimit and Pirelli eye asset pooling 'merger'
ITALY – Real estate investment management company Fimit, which is partly owned by Italian pension funds, is planning to merge with real estate arm of Pirelli.
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US pension funds warned of prolonged property dislocation
US – There are concerns in the US that pension fund allocations to real estate could suffer as a result of prolonged dislocation and modest performance in the coming years, the latest report by PricewaterhouseCoopers and ULI has revealed.
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Korea’s NPS moves into London offices
UK/South Korea – Rockspring Property Investment Managers has acquired the first two UK real estate assets for the National Pension Service (NPS) of South Korea, after being appointed to target prime central London assets.
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Investor demand sees Hermes shift money into PUT
UK – Hermes Real Estate will “phase” new investments into its UK Property Unit Trust (HPUT) following an upturn in demand from corporate pension funds and local authorities.
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Consultancy LCP encourages return to UK property
UK – Consulting firm Lane, Clark & Peacock is advising its pension fund clients to move back into investing in UK property, following recently improved sentiment towards the UK commercial sector.
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Maudsley lands a new role
EUROPE – Charles Maudsley, currently co-head of Europe for LaSalle Investment Management alongside Simon Marrison, is leaving to work for British Land and will not be replaced.
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USS makes industrial move
UK – The Universities Superannuation Scheme (USS) has continued to build its exposure to the UK industrial sector with the purchase of the Great Western Industrial Park in Southall, West London for £110.4m (€124m).
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SanFran City & County suffers fresh real estate drop
UNITED STATES - San Francisco City and County Employees Retirement System took another hit on its real estate portfolio in the first half of 2009, as the falling market continued to hurt investment returns and income.
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Mercer expands its real estate staff
UNITED STATES - Mercer Investment Consulting has expanded its US real estate team and hired Chad McWhorter as an associate.
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'Stuck' on governance: perspectives at PREA
Governance issues and the investor/manager relationship occupied centre stage at this year’s PREA Annual Plan Sponsor Real Estate Conference in Beverly Hills, as Martin Hurst reports.
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BP Pension Scheme rethinks real estate rental risk
UK – The BP Pension Scheme has reduced its rental risk by selling a number of UK real estate assets with lease break clauses due in the next four to six years.
