News – Page 1104
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Financial performance is linked to ESG - research
EUROPE - Most European real estate fund managers believe there is a relationship between environmental performance and financial returns, according to a survey by the UK’s Environment Agency Pension Fund and Aviva Investors.
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Rockwood Capital hits fundraising target
UNITED STATES - Rockwood Capital has closed the money raising on its Rockwood Capital Real Estate Partners Fund VIII just shy of its target, at $964m (€720.6m).
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Gellatly leaves BlackRock for new base
EUROPE – John Gellatly has left BlackRock as head of real estate fund of funds to join Aviva Investors’ global multi-manager team in Europe.
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NYSTRS extends its real estate limits
UNITED STATES - New York State Teachers Retirement System has bought a further share in a real estate backed by a European pension fund, as well as extending current management contracts.
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Big fish seek smaller ponds
GLOBAL - Large institutional investors are looking to invest with smaller, more intimate groups of ‘like-minded’ investors, according to pension fund-related investors, as concerns have arisen about commingled funds with large, often anonymous, investor bases.
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Real estate valuation model within sight?
GLOBAL - There are signs that the long-established debate between proponents of mark-to-market valuations and champions of the German long-term sustainable approach value are beginning to move towards a compromise.
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Alternatives EC directive ‘too wide’ for real estate
EUROPE - The EU’s proposed directive on alternative investment fund managers is too wide ranging in its current form and does not make enough distinction between real estate funds and other alternative investment vehicles, according to legal consultants.
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Prime office rents tumble in Q1
EUROPE - European prime office market rents fell by 8% during the first quarter of 2009, the greatest quarterly decline ever recorded by Jones Lang LaSalle’s (JLL) European Office Property Clock index.
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Sustainability catches eye of pension funds
UNITED STATES - The Bond Companies has pending investments from two pension funds for its sustainability fund as the Los Angeles Department of Water and Power Pension Fund and the Teacher Retirement System for the State of Illinois have both allocated $20m (€15.3m).
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Diversity widened performance of non-listed funds
EUROPE - Differences in geography and leverage levels, as well as currency movements, meant European non-listed real estate funds experienced a wide range of performance levels in 2008, according to International Property Databank (IPD).
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Wisconsin extends commitments
UNITED STATES - Wisconsin State Investment Board has made two follow-on commitments to commingled funds, in a bid to preserve capital during the market downturn.
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UK seeks pension fund investment in housing
UK - Plans to encourage pension funds to invest in private rented housing have been announced by the UK government’s Housing and Communities Agency (HCA).
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APG makes sustainability call to pension funds
EUROPE - APG Investments, asset manager for the ABP pension fund, is planning to launch a global real estate sustainability survey with the University of Maastricht.
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Illinois State Universities to build infrastructure
UNITED STATES – The State Universities Retirement System of Illinois has issued its first Request for Proposal (RFP) for infrastructure managers.
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INREV uncovers worries over LTV covenants
EUROPE – Many institutional investors are concerned that their non-listed real estate funds may breach loan-to-value (LTV) covenants, but they are often reluctant to inject fresh equity into vehicles, according to an INREV survey.
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Texas School Fund allocates to real estate
UNITED STATES - The Texas Permanent School Fund has established a 6% targeted allocation to real estate, making this its foray into the asset class.
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INREV index reinforces economic downturn
EUROPE - The INREV index returned -26.8% in 2008, down from -2.7% in 2007, as European non-listed real estate funds continued to feel the effects of the global financial crisis.
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Tesco pension gets £500m property as every little helps £1bn deficit
UK – Tesco has revealed its pension deficit increased to £1.1bn (€1.2bn) by the end of February 2009, so the firm has pledged £500m of property to the scheme as contingent assets in a bid to improve its financial security.
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EC to regulate alternatives managers worth over €250m
EUROPE - Managers of hedge funds, private equity and real estate funds would escape regulation under a proposed European Commission directive targeting alternative investment fund managers, if their assets under management total less than €250m.
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Listed stocks could be a market turn indicator – study
GLOBAL - Listed real estate stocks tend to lead the underlying property markets by six months and can therefore be used as a leading indicator to enhance real estate investors’ returns, according to a study by Cohen & Steers.
