North American Investors News – Page 196
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Infrastructure investors to buy Puget Energy
US – Puget Holdings LLC, a group of long-term infrastructure investors which includes the Canada Pension Plan Investment Board (CPPIB), expects to buyout Puget Energy and its wholly-owned subsidiary Puget Sound Energy (PSE) by early February.
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Morgan Stanley reopens revised infrastructure pool
UNITED STATES – Morgan Stanley Investment Management (MSIM) has re-opened its Morgan Stanley Global Infrastructure Fund 1 to new investors in the United States, in anticipation of growing investment opportunities across the globe.
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Texas Teachers gets new head
US – The Teacher Retirement System of Texas (TRS) has appointed Linus Wright as the system’s new chairman, following Jim Lee’s decision to resign from the post to pursue a new business venture.
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San Bernardino to cash in real estate
UNITED STATES - San Bernardino County Employees Retirement Association has voted to issue redemption queues in three open-ended commingled funds amounting to $106m (€80.3m).
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Wisconsin extends commingled fund relations
UNITED STATES - Wisconsin State Investment Board has approved two new commitments worth €42m with existing commingled fund managers.
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US Reits fall over a third
UNITED STATES - Real Estate Investment Trusts lost on average 37.3% in 2008, according to the latest report by the National Association of Real Estate Investment Trusts (REITs) in the United States.
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Interest in US derivatives picks up
UNITED STATES – The use of property derivatives by institutional investors, including pension funds, has increased in the United States, following their losses resulting from the financial crisis, according to data analysts.
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PBGC moves into real estate with three ‘strategic partners’
US – The Pension Benefit Guaranty Corporation (PBGC) has selected BlackRock, Goldman Sachs and JP Morgan to mange $2.5bn (€1.9bn) in real estate and private equity assets.
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Rene Tremblay joins Caisse de Depot
CANADA – Caisse de dépôt et placement du Québec, manager of public pension plans in Québec, has appointed Rene Tremblay as executive vice-president of real estate.
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Over-exposed Alaska Retirement issues redemption queues
UNITED STATES – Alaska Retirement Management Board (ARMB) is to issue $103m (€76.3m) of redemption queues on three open-ended commingled funds as its allocation to real estate exceeds its strategic target.
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Illinois State Universities to capitalise on 2009 opportunities
UNITED STATES – State Universities Retirement System of Illinois has entered into the opportunistic real estate space by making a $40m (€29.4m) commitment to the Dune Real Estate Fund II.
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Goodman and L&G raise equity for ABPP
GLOBAL – Australia’s Goodman Group and the UK’s Legal & General have raised £350m (€383m) of equity for real estate fund Arlington Business Park Partnership (ABPP).
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Hypo Real Estate faces claims for damages
GLOBAL – Pension funds are making the first claims for damages against Hypo Real Estate (HRE) for failing to reveal its financial difficulties sooner.
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Ohio PERS looks to 2009
UNITED STATES - Ohio Public Employees Retirement System has approved an annual real estate investment plan for 2009 which will see some fresh investments but will eventually lead to more properties being disposed of.
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Ohio Police and Fire quenches real estate blaze
UNITED STATES - Ohio Police and Fire Pension Fund has found it can only allocate $50m (€36.1bn) to real estate investing for the entire of 2009.
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NAREIM fears loss of carried interest CGT
US – The National Association of Real Estate Investment Managers (NAREIM) fears the new US presidential administration will make changes to the way carried interest is taxed and make real estate a less attractive investment and deterring entrepreneurs from taking risks.
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Investment options widened by CalPERS
UNITED STATES - California Public Employees Retirement System has approved a temporary new allocation range for real estate, and selected consultants for both timberland and infrastructure investing.
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Iowa PERS withholds new capital
UNITED STATES - Iowa Public Employees Retirement System has decided not to allocate any new capital for real estate investing into the 2009 calendar year.
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US investors are feeling the pressure - PwC
US – Investor sentiment around North American commercial real estate has plummeted following further weakening of the industry, according to PricewaterhouseCoopers.
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Pru relocates its real estate divisions
US - Prudential Financial is integrating its Real Estate and Relocation businesses as Prudential Real Estate and Relocation Services Inc, in a bid to streamline the firm’s business and operational services.
