North American investors – Page 216
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Pennsylvania eyes opportunities in $461m placement
UNITED STATES - Pennsylvania Public School Employees Retirement System has approved new real estate commitments totaling $461.5m (€293.5m) in the opportunistic sector.
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San Francisco extends real estate holdings
UNITED STATES - San Francisco City and County Employees’ Retirement System made changes to its real estate portfolio to take advantage of market dislocation.
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CalSTRS buys into opportunistic projects
UNITED STATES - California State Teachers Retirement System has grown its opportunistic real estate portfolio by $154m (€100.2m) through two new commitments, including one to a new development project in Washington DC.
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Chicago Police eyes more real estate
UNITED STATES - Chicago Policemen’s Annuity and Benefit Fund has increased its allocation to real estate from 5% to 7%.
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Principal creates California JV
UNITED STATES - Principal Real Estate Investors has created a new joint venture with The Martin Group to invest in Californian real estate.
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Arizona State cuts follow-ons to limit market impact
UNITED STATES - Arizona State Retirement System is cutting back on its follow-on commitments to existing real estate investments but still diversifying some assets to prevent ‘denominator’ damage of over-allocation.
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LaSalle warns of poor Reits performance
United States - LaSalle Investment Management Securities has indicated the performance of US REITs was lackluster in the fourth quarter of 2007 and further is likely to be for the coming months.
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Virginia to ups its real estate potential
UNITED STATES - Virginia Retirement System has approved a policy to increase its real estate allocation from 7% to 10%.
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Texas buys into Latam real estate
UNITED STATES - Teacher Retirement System of Texas has approved $250m (€164.4m) worth of real estate commitments so far in 2008, including an investment in Pramerica’s Latin American residential offering.
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New Jersey considers $350m for non-core
UNITED STATES - New Jersey Division of Investment is looking at placing $350m (€232m) into non-core real estate investments through commitments to six commingled funds.
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Chicago Teachers reviews 'emerging managers' status
UNITED STATES- Public School Teachers’ Pension and Retirement Fund of Chicago is looking at investing $125m (€84.3m) this year, in international real estate and emerging managers, once the scheme has reviewed its definition of an ‘emerging manager’.
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Oil powers Canada returns
CANADA - Commercial property in oil-rich provinces contributed to Canadian returns of 16.1%, compared with 10.5% for equities, and 4.7% for bonds, according to IPD figures published last week.
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CalPERS approves €850m in real estate
UNITED STATES - California Public Employees Retirement System has allocation $859.8m (€587.9m) of new real estate investments in commingled funds containing a mixture of local and international real estate, and debt.
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AVP Advisors raises $400m in ‘alternative real estate’ play
UNITED STATES - AVP Advisors attracted $400m ($273.5m euros) of institutional capital, including pension fund assets, to a new type of commingled fund combining indirect investment with direct holdings.
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NYSTRS creates new industrial JV
UNITED STATES - New York State Teachers Retirement System (NYSTRS) has created a new joint venture to invest in western US industrial properties.
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SanFran Employees selects global REIT managers
UNITED STATES - San Francisco Employees’ Retirement System has selected European Investors and ING Clarion Real Estate Securities as its global Reit managers.
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Russell Investments adds real estate staff
UNITED STATES - Russell Investments has expanded its real estate staff with the hiring of Dawne Clark as a portfolio manager.
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Hotel investors build at home, buy abroad
US/GLOBAL -US hospitality investors are looking to Asia for returns but will face increasing competition from local investors, according to a report by Ernst & Young.
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Credit crunch cost $3-4trn – JP Morgan
GLOBAL – JP Morgan officials say investment market turbulence sparked by the US subprime housing crisis may already have cost in excess of $3trn (€2.04trn) in lost credit and warn there could be more to come under tightened credit pricing.
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ING Clarion targets $5bn in 2008
UNITED STATES - ING Clarion is expecting to invest $5bn (€3.44bn) in real estate in the United States and Mexico in 2008 - equal to its accomplishments in 2007 despite the recent market downturn.
