All Real Assets articles in October 2008 (Online)
View all stories from this issue.
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Progress redirects Unilever’s real estate
NETHERLANDS – Progress, the €4bn Dutch pension fund of Unilever Netherlands, is altering its real estate strategy by replacing direct real estate holdings with indirect real estate investments.
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Texas Teachers commits €200m to Europe
UNITED STATES - Teacher Retirement System of Texas has approved a €200m commitment to the Blackstone Real Estate Partners Europe III commingled fund.
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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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CalSTRS to stick with changing First Industrial
UNITED STATES - California State Teachers Retirement System anticipates its relationship with First Industrial Realty Trust will not be affected by a major change in the firm’s upper management.
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Sacramento County puts manager search on hold
UNITED STATES - Sacramento County Employees’ Retirement System has put plans to conduct a new manager search on hold until at least the first quarter of next year.
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Apollo plans a rebrand
GLOBAL – Apollo Real Estate Advisors, the global firm with $11.6bn of equity commitments to investments worldwide, is changing its name to AREA Property Partners from the beginning of next year.
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Townsend retains its job in San Diego
UNITED STATES - San Diego City Employees’ Retirement System has chosen to retain The Townsend Group remain as its real estate consultant.
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CBRE trust widens into UK retail
UK - The CB Richard Ellis Realty Trust has expanded its property holdings outside of the United States after purchasing a second major UK retail park.
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REITs are worth it in the long-term – S&P
GLOBAL - Real Estate Investment Trusts (REITs) are still solid, long-term investment choices despite their recent poor returns, according to Standard & Poor’s (S&P) latest global property and REIT report.
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'Flat' review sparks talk over UK housing potential
UK – A government-commissioned report on proposed reforms for UK rented housing has sparked a debate which suggests the country’s top property experts disagree on the best way to help investors tap opportunities in the UK’s residential marketplace.
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Grosvenor to buy a ride on the Chinese dragon
ASIA/UK – Grosvenor, the London-based group of international property investment, development and fund management businesses, has launched a $600m (€468.7m) China retail fund.
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Alameda County opts out of JP Morgan commingled fund
UNITED STATES - Alameda County Employees Retirement Association has decided it wants to pull out of its commitment to JP Morgan’s Alternative Property Fund.
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Ohio PERS grabs opportunity to look beyond the value-add
UNITED STATES - Ohio Public Employees Retirement System will be shifting some of its investment capital in real estate to an opportunistic strategy in a bid to tap the little investment likely to surface over coming months.
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CalPERS reserves $400m for hotel fund
UNITED STATES - California Public Employees Retirement System has made a $400m (€300.4m) commitment to the Starwood Capital Hospitality Fund II, following earlier success with an first version of Starwood’s specialist fund.
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SanFran to become selective in real estate
UNITED STATES - San Francisco City and County Employees’ Retirement System is slowing down its real estate decisions to match the state of the US market and will make very selective investment decisions for the rest of the year.
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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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APG pushes forward to meet infrastructure target
NETHERLANDS – APG, the asset manager of the €193bn ABP pension fund, is pushing forward to meet its infrastructure investment target of €4.5bn for 2009, even though opportunities are now drying up in the asset class.
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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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Mixed opinions surface over Middle Eastern property
MIDDLE EAST – Experts are predicting the Middle Eastern real estate markets will significantly outperform all other regions yet the latest data from a central bank suggests real estate valuations in the region have already been hit by the credit crunch.
