All Real Assets articles in November 2007 (Online)
View all stories from this issue.
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News
Reits design described as “wrong”
GLOBAL - European Reits are being formulated to appeal to the “wrong audience”, according to Europroperty Consulting.
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CEE pricing 'still a concern'
EUROPE - Central and Eastern Europe is still too overpriced to be worth investing in, despite greater differentiation between prime and secondary real estate pricing, according to Scottish Widows Investment Partnership’s head of property Malcolm Naish.
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French study suggests derivatives 'over-hyped'
EUROPE - European institutional investors have little appetite for property derivatives, despite claims from investment banks suggesting they offer an effective hedge against inflation, suggests academic research.
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CalPERS drops RREEF after key staff losses
UNITED STATES – RREEF has lost the contract to manage California Public Employees Retirement System’s CalWest Industrial Investors LLC separate account following the departure of several key officials earlier this year.
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Corio to divest office and industrial portfolios
NETHERLANDS - The €6bn property investment and management company Corio has decided to go ahead with divesting the major part of its offices and industrial portfolios, and to further focus on its retail activities.
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Washington State ups real estate allocation
UNITED STATES - Washington State Investment Board has decided to boost its real estate allocation from 12% to 13%.
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Infrastructure will escape credit crunch
GLOBAL - Continuing pension fund appetite will help infrastructure escape the current credit squeeze, despite pressure on the credit quality of infrastructure assets, according to Standard & Poor's.
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Texas Teachers invest in land banking
UNITED STATES - Teacher Retirement System of Texas has approved a commitment of $150m ($101.4m euros) into the Stratford Land Fund III commingled fund, as there is now less appetite for building physical developments.
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Apartments hit most by market shift – Pramerica
UNITED STATES - Pramerica Real Estate Investors is predicting the apartment market will be the most affected of all major property types by the recent changes in the residential housing and credit markets.
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US pensions shift further into structured finance
UNITED STATES – Increased pension fund capital in the United States is expected to flow into structured finance over the coming months, following moves by two schemes to invest in the sector.
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Director arrested in Philips pensions fraud
NETHERLANDS - Dutch fraud police have arrested the former and current directors of real estate at PREIM, the real estate arm of the €14.5bn Philips pension fund, as part of their investigation into fraud connected with the scheme’s property portfolio.
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BNL fund to outsource real estate
ITALY – The €970m pension fund of the Italian Banca Nazionale del Lavoro (BNL) is looking to outsource the management of its real estate portfolio.
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Fitch rethinks property fund managers
GLOBAL - Ratings agency Fitch has claimed its revamped rating system for real estate asset managers would better reflect not only the proliferation of specialist and niche funds but also the increased sophistication of investment mandates.
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NY State Teachers to pull out of two core funds
UNITED STATES - New York State Teachers Retirement System is thinking of withdrawing $225m (€153m) from two US core open-ended commingled funds.
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Lehman Brothers creates retail JV in Italy
UNITED STATES - Lehman Brothers Real Estate Partners has formed a new joint venture with B Consulting for the development of new retail properties in Italy.
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LaSalle expands REIT strategy to Taiwan
UNITED STATES - LaSalle Investment Management has expanded its REIT securities arm to Taiwan for the first time, with the creation of Taishin Global Real Estate Securities Fund.
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Sainsbury JV to unlock property value
UK - UK supermarket giant Sainsbury’s has entered into a joint venture with property firm Land Securities, aimed at active management of its property portfolio.
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CalPERS commits $250m to int'l opportunity
UNITED STATES - California Public Employees Retirement System has approved a $250m (€171.1m) commitment into the Rockpoint Real Estate Fund III which is currently only holding investments in Japan.
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Fillmore Capital to expand into UK and China
UNITED STATES - Fillmore Capital Partners is looking at expanding its investment operations into the United Kingdom and China for the first time.
