Nyree Stewart
- News
Tesco moves to release value from property portfolio
LONDON – Tesco has agreed a second sale and leaseback of properties with the Tesco Pension Fund Trustees in an effort to release value from its property portfolio.
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Strathclyde to increase focus on RI in property review
UK – Strathclyde Pension Fund's current review of its property portfolio will include 'further consideration' of the application of its responsible investment (RI) strategy.
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Pension funds to up focus on 'creeping' climate change
EUROPE – A group of UK-based institutional investors, including the Universities Superannuation Scheme (USS), has urged investors to engage with companies and policymakers on the issue of climate change adaptation, and to incorporate the related risks into their analysis and decision-making.
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Tesco continues property deals with pension funds
UK – Tesco has formed a fourth joint venture with a UK pension fund to sell and leaseback property assets, in an effort to release value from its property portfolio.
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Hampshire to target UK property in next 12 months
UK – Hampshire County Council is looking to almost double its pension fund's exposure to UK commercial property over the next year to meet the 8% target allocation agreed before the market downturn.
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Camden to consider real estate increase
UK – The London Borough of Camden is considering the next stage of the restructure of its pension fund investment portfolio including a potential increase in property.
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Tesco pension gets £500m property as every little helps £1bn deficit
UK – Tesco has revealed its pension deficit increased to £1.1bn (€1.2bn) by the end of February 2009, so the firm has pledged £500m of property to the scheme as contingent assets in a bid to improve its financial security.
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AP3 completes venture into public real estate
SWEDEN – Tredje AP-fonden (AP3), the Third Swedish National Pension Fund, has completed the purchase of a 50% stake in Hemsö a subsidiary of the real estate firm Kungsleden AB.
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Norway-Global faces delay on real estate move
NORWAY – The Government Pension Fund – Global has warned market conditions and the need for new rules means it is unlikely to reach its 5% allocation to real estate for "several years".
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Real estate helps limit Ilmarinen losses
FINLAND – Real estate investments helped limit losses by the Finnish pension fund Ilmarinen as it reported an overall loss of €4.34bn in 2008.
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Goodman and L&G raise equity for ABPP
GLOBAL – Australia’s Goodman Group and the UK’s Legal & General have raised £350m (€383m) of equity for real estate fund Arlington Business Park Partnership (ABPP).
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North Yorks awards ING global property mandate
UK – North Yorkshire County Council has agreed to appoint ING Real Estate as global property manager for its £1.07bn (€1.26bn) local government pension fund.
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Capri goes international
UNITED STATES - Capri Capital Partners has expanded its efforts to international real estate with its plans to develop a $2bn (€1.27bn) mixed-use project in Saudi Arabia.
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Sweden sells €4.4bn real estate arm to AP
SWEDEN – The Swedish government has agreed to sell the state-owned real-estate company Vasakronan to AP Fastigheter in a deal valued at SEK 41.1bn (€4.4bn).
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Berks to increase alternatives exposure
UK – The £1.49bn (€1.88bn) Royal County of Berkshire Pension Fund has confirmed its intention to move into infrastructure, with the issue of a new manager tender.
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NPRF targets Irish infrstructure
IRELAND – The National Pension Reserve Fund (NPRF) has reaffirmed its desire to invest at least €200m in domestic public sector infrastructure projects, particularly as there is likely to be a shortage of assets for these projects going forward.
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Norway to push sustainability in real estate
NORWAY – The Norwegian Ministry of Finance has issued a public consultation on the evaluation of ethical guidelines for the Government Pension Fund – Global, which reveal environmental concerns will be an important factor in the management of its real estate portfolio.
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Teesside offers £1.75m direct property mandate
UK - Middlesbrough Borough Council has issued a tender for a manager to take responsibility for the direct property portfolio of its local government pension scheme.
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LGPI allocates €75m to Asian property
FINLAND – The Finnish Local Government Pensions Institution (LGPI)has invested $75m (€48m) into an Asian real estate fund of funds managed by Aberdeen Property Investors (API).
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Bank of Finland scheme awards real estate mandate
FINLAND – Suomen Pankki, the Bank of Finland Pension Fund, has awarded Aberdeen Property Investors a real estate mandate valued at approximately €10m.
