North American Investors News – Page 205
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Real estate portfolio at CalPERS appreciates by 13.5%
GLOBAL – The value of the California Public Employees Retirement System's real estate portfolio to the end of June has increased by $171m (€125m), or 1.1%, from the previous quarter and by more than $1.8bn (13.5%) year on year.
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US apartment market in early period of recovery, says Pramerica
GLOBAL – The US apartment market is in the early parts of a recovery, according to Pramerica Real Estate Investors.
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Texas Employees commits $60m to value-added fund
GLOBAL – The Employees Retirement System of Texas has made a $60m (€43m) commitment to the Madison International Real Estate Liquidity Fund IV.
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Iowa PERS to conduct search for REIT manager
GLOBAL – The Iowa Public Employees Retirement System is set to conduct a search for a real estate investment trust (REIT) manager focusing on the US market.
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Deutsche Bank's RREEF buys industrial portfolio in US Pacific Northwest
GLOBAL – RREEF, the real estate investment management business of Deutsche Bank's Asset Management division, has acquired the 940,654 square foot Kent Valley Industrial Portfolio in Kent and Tukwila, Washington.
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Ontario pension funds take over UK's high-speed rail network
UK – The UK government has sold the high-speed rail network connecting London to the Channel Tunnel to two Canadian pension funds for £2.1bn (€2.43bn).
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Texas Teachers-backed property fund makes first investment
GLOBAL – An office building investment fund backed by the Teacher Retirement System of Texas has completed its first investment.
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Orange County Employees mulling investment in Buchanan, Cornerstone funds
GLOBAL – The Orange County Employees Retirement System (OCERS) in the process of evaluating three new funds – managed by Angelo, Gordon & Co, Buchanan Street and Cornerstone Real Estate Advisors – as part of its value-added investment strategy.
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OPERS considering €143m investment in Credit Suisse secondary market fund
GLOBAL – The Ohio Public Employees Retirement System (OPERS) is conducting due diligence on a $200m (€143m) commitment to Credit Suisse's Strategic Partners V Real Estate fund.
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Swiss investor tenders $1.8bn mandates for Latin America, Asia Pacific and Canada
IPE – A Swiss institutional investor is looking to award three direct real estate mandates worth more than $1.8bn (€1.3bn), using IPE Quest.
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Penn State Employees to change benchmark for real estate investment
GLOBAL – The Pennsylvania State Employees Retirement System has decided to change its benchmark for private real estate investment.
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Maine approves $75m allocation to debt fund
GLOBAL – The Maine Public Employees Retirement System has approved a $75m (€54m) commitment to the Prima Mortgage Investment Trust (PMIT), aiming to take advantage of a lack of debt players in the market.
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Illinois Municipal hires Cornerstone, INVESCO for core strategy
GLOBAL – The Illinois Municipal Retirement Fund has hired Cornerstone Real Estate Advisers and INVESCO Real Estate as core open-ended commingled fund managers.
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NCREIF index shows improved returns for third quarter running
GLOBAL – The National Council of Real Estate Investment Fiduciaries (NCREIF) has reported improved returns for the NCREIF Property index (NPI) for the third straight quarter.
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Lack of European prime stock slows global transactional recovery
GLOBAL – The recovery in global real estate transactions has levelled off, driven by a constrained availability of prime properties in Europe, according to Jones Lang LaSalle (JLL).
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OMERS, British Land team up to develop London's Cheesegrater
UK – Oxford Properties, the real estate division of Canadian pension fund OMERS, has entered into a 50:50 joint venture with British Land to develop the Leadenhall Building in the City of London, otherwise known as the Cheesegrater.
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Canada Pension Plan swoops in on prime DC assets
GLOBAL – The Canada Pension Plan Investment Board (CPPIB) has invested $91m (€65m) in return for a 45% stake in two prime office buildings in Washington DC, its first investment in the US capital.
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Mass PRIM hires AEW to take over RREEF separate account
GLOBAL – The Massachusetts Pension Reserves Investment Management Board has selected AEW Capital Management as its fifth core separate account manager.
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Alaska Retirement to hold back on real estate investments
GLOBAL – The Alaska Retirement Management Board has no plans to increase investment in real estate over the next 12 months.
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Investors moderate their return expectations for US real estate, says ULI/PwC
GLOBAL – Investors have lowered their return expectations for investing in US real estate over the next few years, according to PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).
