North American Investors News – Page 208
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Shorenstein buys into mezzanine gap
UNITED STATES - Shorenstein Properties plans to increase its appetite for mezzanine debt deals on office buildings over the next couple of months, to take advantage of the dislocation in the debt markets.
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State of Alaska branches out into timber
UNITED STATES - Alaska Retirement Management Board has expanded into timberland for the first time with a $200m (€142.5m) allocation.
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Select-service hotels hit Warburg Pincus’ radar
United States - Warburg Pincus Real Estate Fund I and Triyar Hospitality have formed a joint venture to develop and acquire ‘select-service’ hotels.
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Mass PRIM abandons small cap REITs
UNITED STATES – Massachusetts’ Pension Reserves Investment Management Board has decided to drop a small cap investment mandate for its publicly-traded real estate securities program in the United States.
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Texas Teachers to approve $800m in real estate
UNITED STATES- Teacher Retirement System of Texas is in the process of approving $800m ($568m euros) in new real estate commingled fund investments.
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Ohio Police & Fire sells separates
UNITED STATES - Ohio Police & Fire Pension Fund has voted to approve the transfer of seven separate account assets and move them into a commingled fund.
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CalSTRS expands JV to $500m
UNITED STATES - California State Teachers Retirement System has expanded its real estate joint venture relationship with Pacific Coast Capital Partners by investing a total of $500m (€353m) into two ventures.
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San Diego City targets non-US real estate
UNITED STATES - San Diego City Employees Retirement System has approved its first ever targeted allocation for non-United States real estate investments.
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Thomas Properties goes green
UNITED STATES - Thomas Properties Group has formed its first green investment fund as pension funds are now turning their attentions to sustainable real estate investments.
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New Jersey tries on separates
UNITED STATES - The New Jersey Division of Investment is shifting into the use of real estate separate accounts and has hired General Motors Investment Management for a $150m (€106.4m) equity mandate.
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RREEF expects US cap rates to climb
UNITED STATES – RREEF has predicted cap rates on the purchase of existing US properties will rise by 50 basis points by the end of 2007.
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IPD reveals global property outshone Europe
GLOBAL - Global real estate performed well last year, according to IPD figures published, delivering returns only slightly down on their 2005 peak.
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US pension funds buy opportunity
UNITED STATES - Pension funds in the United States are investing more capital into commingled funds with opportunistic investment strategies.
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Pension funds fuel urban investment trend
UNITED STATES - Pension funds in the United States are putting more capital into an urban investment strategy on the back of young professionals’ demand.
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LACERA to fund account through real estate sale
UNITED STATES - Los Angeles County Employees Retirement Association has approved an annual real estate investment plan for 2007/2008 which will see property worth $700m sold and as much as $900m (€648m) invested through a domestic separate account strategy.
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Land investment is the new real estate
UNITED STATES - Real estate managers are investing in land as a new specialist investment strategy.
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CalSTRS extends senior housing exposure
UNITED STATES - California State Teachers Retirement System has expanded an existing joint venture with California-based Vintage Senior Advisors and invested more money in its senior housing venture.
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Investment managers supply industrial property access
UNITED STATES - Real estate managers looking after major US pension funds' assets are still seeking large industrial deals to accommodate the local pensions market.
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Montana State grows international focus
UNITED STATES - Montana State Board of Investment has increased its exposure to international real estate with committing capital to two new commingled funds.
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CalPERS approves infrastructure pilot program
UNITED STATES - California Public Employees Retirement System has approved a pilot program to invest up to $1.5bn (€1.44bn) in infrastructure on a global basis.
