North American Investors News – Page 191
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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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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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Texas Teachers moves into core investments
UNITED STATES - Teacher Retirement System of Texas has widened its investments in core real estate and hired three real estate managers to look after $800m (€532.7m).
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Illinois State funds to follow FoFs real estate path
UNITED STATES – The State Universities Retirement System of Illinois has allocated $75m (€50.1m) for a fund of funds investment strategy with Franklin Templeton Real Estate Advisors.
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NY Common adds $200m to affordable housing
UNITED STATES - The New York State Common Retirement Fund has made another $200m (€134m) investment with the Community Preservation Corporation to extend its existing relationship.
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GI Partners fund attracts fresh pension fund assets
UNITED STATES - GI Partners has raised $1.9bn (€1.3bn) for its latest commingled fund, GI Partners Fund III, through a mixture of both new and existing pension fund capital, although the firm failed to meet its $2.5bn fundraising target.
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Principal raises $214.4m for green fund
UNITED STATES - Principal Real Estate Investors has raised $214.4m (€144.6m) in equity commitments for its Green Property Fund.
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Urdang opens way to new debt strategy
UNITED STATES - Urdang Capital Management has taken a novel approach to building a new real estate debt strategy by hiring eight people from Capmark Investments, as the move means it will also act as a non-discretionary sub-adviser for two of Capmark’s commingled funds.
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Sovereign wealth funds hit by US property tax
GLOBAL - Sovereign wealth funds (SWFs) have been dealt “a significant blow” by changes to the US tax regime, according to Steve Renna, president of the National Association of Real Estate Investment Managers (NAREIM).
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Sacramento County votes against fund extension
UNITED STATES – The Sacramento County Employees’ Retirement System has said it will not support proposals to extend the investment period of the Hines US Office Value Added Fund II commingled fund.
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Return targets are aimed too high, say real estate experts
US/UK – Return expectations for opportunistic real estate strategies targeting the UK and US may be too high, experts have warned.
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Rothschild and Shaner to hotel loans REIT
UNITED STATES - Rothschild Realty and Shaner Hotel Group have formed a new investment entity called Shaner Mortgage REIT, which will invest $200m (€135.1m) in the purchase of whole loans secured by US hotel properties.
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Invesco eyes slush fund over real estate distributions
UNITED STATES - Invesco Real Estate may cease issuing quarterly distributions to investors in its Invesco Core Real Estate Fund during the third quarter, in favour of building additional cash reserves for the fund.
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CalSTRS in European move
UNITED STATES - California State Teachers Retirement System (CalSTRS) has made one new real estate investment and transferred one existing asset to a different manager during the second quarter of 2009.
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AXA REIM appoints new CIO
GLOBAL – AXA Real Estate Investment Managers (AXA REIM) has appointed Dennis Lopez as global chief investment officer.
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Pension funds write off investments in NYC apartment complex
UNITED STATES - At least two pension funds in the US have suffered major losses on their investments in the Stuyvestant Town and Peter Cooper Village apartment complex in Manhattan.
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Ohio Police and Fire to allocate $260m over next several years
UNITED STATES- Ohio Police and Fire Pension Fund is to invest $260m (€183m) in real estate over the next three years, with $50m of that amount to be invested between now and the end of 2009.
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Texas Employees plans major push to private real estate
UNITED STATES – The Employees Retirement System of Texas is preparing to make commitments to private real estate totalling $2.1bn (€1.5bn) over the next five years with almost half coming in 2010 and 2011.
