North American investors – Page 209
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Oregon to follow on Guggenheim fund
UNITED STATES - Oregon Public Employees Retirement Fund has approved a $100m (€78.6m) commitment into the Guggenheim Fund II(a),which follows a fund launched in 2006.
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Ohio School Employees to redeem real estate assets
UNITED STATES - School Employees Retirement System of Ohio is in the process of issuing redemption queues on the RREEF America REIT II and BlackRock Strategic Apartment funds.
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Oregon to follow on Guggenheim fund
UNITED STATES - Oregon Public Employees Retirement Fund has approved a $100m (€78.6m) commitment into the Guggenheim Fund II(a),which follows a fund launched in 2006.
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Negative rental growth now global
GLOBAL – Rental growth has turned negative on a global scale and the downturn in emerging markets is accelerating, the Royal Institute of Chartered Surveyors (RICS) finds in its latest quarterly global report.
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CalPERS’s housing values plummet
UNITED STATES – The California Public Employees’ Retirement System (CalPERS) announced yesterday a 35% decline in the market value of its residential real estate portfolio.
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Prologis loses chief and halts new developments
GLOBAL – ProLogis, the world’s largest logistics developer, has announced the resignation of chief executive officer Jeffrey Schwartz at a time when the company is halting further developments.
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CalSTRS forced to expand allocation limits
US – The California State Teachers Retirement System (CalSTRS) has temporarily increased its real estate allocation range to prevent the need to sell assets during a downturn.
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NYSTRS invests in warehousing and debt
UNITED STATES – New York State Teachers’ Retirement System (NYSTRS) has added to its real estate portfolio by investing in an industrial commingled fund and by making several investments in debt real estate.
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Opportunistic funds continue to attract capital – Clerestory
GLOBAL – Capital continues to be raised globally for opportunistic real estate funds, albeit at a slower pace, despite the credit crunch and falling economic growth, according to research from Clerestory Capital Partners.
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US may correct by 30% - JER Partners
UNITED STATES - With the US entering the worst recession for 25 years, "the US real estate market may reprice by up to 30% following the correction of 10-20% that has already taken place," Michael Pralle, CIO and COO of US-based fund manager JER Partners, has told IPE Real Estate.
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Illinois Teachers reviews five-year strategy
UNITED STATES - Teacher Retirement System for the State of Illinois is looking at making several changes to its real estate strategy as part of its five-year plan for real estate.
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Tennessee Consolidated extends manager relations
UNITED STATES - Tennessee Consolidated Retirement System is beefing up the range of separate account real estate managers it invests with.
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CPPIB invests fresh CA$1.4bn in real estate
CANADA – The Canada Pension Plan Investment Board has expanded its real estate portfolio with $1.4bn worth of new investments, bringing the fund’s total real estate commitments to $8.4bn.
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Survey finds investors still want to tap real estate
UNITED STATES - Investors are ready to make the most of a predicted decline in value of commercial real estate, the results of Ernst & Young ‘s “Reality Check Survey” suggest.
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Santa Barbara County plans international expansion
UNITED STATES - Santa Barbara County Employees’ Retirement Association is looking at expanding into international real estate for the first time.
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California Uni puts real estate on ice
UNITED STATES - The University of California Retirement Plan has put plans to increase its real estate target allocation on hold until markets turbulence and returns have calmed.
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US managers begin switch from deals to strategy
UNITED STATES - US real estate investment managers are shifting their focus away from deal-specific research to strategic portfolio analysis, more in line with their European counterparts, as a side effect of the current market uncertainty, according to the International Property Databank (IPD).
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Prupim phases sustainability push beyond the UK
UK/GLOBAL – Prupim, the real estate investment manager, is planning to expand its approach towards sustainability worldwide and address the performance of its international portfolio, with research due to start in North America next month.
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Financial stress showing on apartment complex
UNITED STATES- The Stuyvesant Town/Peter Cooper Village apartment complex in New York, which is backed financially by pension funds, is going through some financial stress.
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Mass PRIM makes additions in real estate
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has selected a new real estate consultant and added an office building to its real estate portfolio.
