All Real Assets articles in November 2005 (Online)
View all stories from this issue.
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News
Funds put faith in urban investment
US – Two California-based pension funds have committed capital to an urban investment strategy using commingled funds. The Los Angeles County Employees’ Retirement Association has made a $60m investment into UrbanAmerica II and the Los...
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Ohio Police & Fire joins value-added US fund
US – The Ohio Police & Fire Pension Fund has made a $20m commitment to the CB Richard Ellis Strategic Partners IV commingled fund. The investment forms part of Ohio Police & Fire’s high-return investment strategy. It will be o...
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Pension funds surge into US REITs
US – Several large public pension funds are preparing to jump into publicly traded real estate securities (REITs). Industry insiders are predicting that $500m (€422m) of new capital will be invested in REITs by public pension funds ov...
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Macquarie Goodman prepares Hong Kong REIT
Macquarie Goodman is expected to be third in line to launch a Hong Kong REIT. The move is expected sometime in early 2006, according to Colliers director in Hong Kong, Herrick Lee. Lee says that following on from the Link and Prosperity REITs,...
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IPE-QUEST: Two new searches on system
GLOBAL – There are two new searches on IPE-QUEST.com. One is for a US and Canada real estate manager, and the second is for an Asia Pacific (including Japan) real estate manager. More than one manager can be selected for each region. ...
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Shurgard reconsiders
US – After rejecting unsolicited buy-out overtures from self-storage REIT giant, Public Storage, for four months, the board of US self-storage REIT Shurgard Storage Centers has done an about-face and decided to explore the sale of the company. ...
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Protego in €120m buy for UBS fund
UK - Protego Real Estate Investors has made two UK property acquisitions with a combined value of £81.2m (€120.7m) on behalf of UBS' Wealth Management UK Property Fund. The acquisitions are comprised of the Newlands Shopping Centre in...
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IPD rescued in €16m deal
UK - Investment Property Databank (IPD) became the biggest news at its own annual conference last week when it announced its independence had been guaranteed by a "white knight" consortium of investment managers and developers. Hermes, M...
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Aareal commitments rise 23% as loss narrows
GERMANY - German real estate bank Aareal says new commitments rose 23% in the first nine months of the year to €5bn - and losses narrowed. The Wiesbaden-based outfit said: "A rise of 59.8% was posted over the third quarter of 2004 alone...
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ING Real Estate portfolio rises 28%
GLOBAL - ING Real Estate's total portfolio has risen by almost 28% to €64bn, parent ING Group said. "ING Real Estate's total portfolio, including real estate finance, increased 27.7% to €64bn at the end of September 2005 from S...
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Arizona scheme commits to Rothschild
US - The Arizona State Retirement System (ASRS) has become the latest investor in Rothschild Realty's Five Arrows Realty Securities IV fund. The €22bn pension scheme has made a $75m (€64.1m) commitment. Gary Dokes, ASRS' chief investm...
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AXA REIM opens Budapest office
HUNGARY - AXA Real Estate Investment Managers has opened an office in Budapest, headed by former DTZ executive John Verpeleti. AXA said the initial acquisition focus would be on the Czech Republic, Hungary, Poland and Slovakia. "The team will...
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Illinois Teachers up core office component
US - The Teachers' Retirement System for the State of Illinois has added to its exposure of core office buildings with a $100m (€85.4m) commitment to the Hines-Sumisei US Core Office Fund. The teachers' pension made the investment to address...
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LaSalle's Lewis joins Cordea Savills
UK - LaSalle Investment Management's Chris Lewis is to join Cordea Savills in January next year as director of UK fund management. Cordea said Lewis brings experience of managing segregated mandates for corporate pension schemes and a track record...
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Corio to invest $500m in Turkish retail market
NETHERLANDS - Dutch real estate firm Corio is planning to invest some $500m (€427m) into Turkish retail real estate market in the next three years. “Corio aims at investing approximately $500m in Turkey within the next three years, whi...
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Substantial yield differences seen across Europe
EUROPE - Real estate measurement firm IPD, Investment Property Databank, has found “substantial” differences in the yields of investment property in Europe. “Despite a benign environment of low inflation and low interest rates ac...
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German coalition agrees on REITs
GERMANY - The Conservatives and the Social Democrats, about to form the next government, have agreed that German-style Real Estate Investment Trusts (REITs) should be introduced - but only under certain conditions. In their coalition agreement, th...
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German association calls for EU passport
GERMANY - Fund industry association BVI has urged the European Commission to enable German real estate funds qualify for a so-called “EU passport,” which would permit their sale across the bloc. “Our view is that German real esta...
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Blackstone buys La Quinta hotel REIT
US - New York-based equity firm Blackstone Group has agreed to buy Texas-based hotel REIT La Quinta for $3.4bn (€2.9bn). It's the latest acquisition in the firm's 18-month shopping spree in the hotel sector. The deal means Blackstone will pa...
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Rodamco boosted by Jones Lang revaluation
EUROPE - Dutch-based real estate group Rodamco Europe has seen a more than 240% boost in shareholder profit after Jones Lang LaSalle revalued around 70% of its portfolio. The Rotterdam-based firm said JLL's revaluation led to a €719.5m incre...
