All Real Assets articles in October 2009 (Online)
View all stories from this issue.
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NewsAlecta gains ground in Stockholm
SWEDEN – Swedish property company Jernhusen has sold a land site under the World Trade Center (WTC) in Stockholm to Alecta Pensionsforsakring, and bought neighbouring property Orgelpipan 6 from Folksam.
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NewsNY Common adds $200m to affordable housing
UNITED STATES - The New York State Common Retirement Fund has made another $200m (€134m) investment with the Community Preservation Corporation to extend its existing relationship.
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NewsAviva pensions vehicle buys a stake in Sainsbury’s
UK – Aviva Investors’ pooled UK real estate vehicle for pension funds has returned to the market by agreeing to buy a Sainsbury’s food store under development in County Durham, England.
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NewsUK pension fund sells LandSecs HQ
UK – LaSalle Investment Management has sold the headquarters of Land Securities in London on behalf of an unnamed pension fund client.
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NewsGI Partners fund attracts fresh pension fund assets
UNITED STATES - GI Partners has raised $1.9bn (€1.3bn) for its latest commingled fund, GI Partners Fund III, through a mixture of both new and existing pension fund capital, although the firm failed to meet its $2.5bn fundraising target.
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NewsIVG Immobilien to cast its net wider
GERMANY - German-based fund manager IVG Immobilien, which has €22.7bn of assets under management, is planning to broaden its client base.
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NewsSavills sets focus on real estate alternatives
UK – Savills has launched a series of papers to identify alternative property sectors, in response to unprecedented volatility seen in the mainstream UK commercial real estate market.
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NewsING to divest investment management
NETHERLANDS - ING will split its banking and insurance businesses and divest all of its asset management operation within four years.
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NewsVBV re-grades real estate as higher risk
AUSTRIA – The financial crisis has prompted Austrian pension fund VBV to view real estate investing as more risky and tactical in nature than previously assumed, and requiring a more flexible allocation policy.
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NewsINREV members fear market will not recover until 2011
EUROPE – Investor sentiment among the unlisted real estate funds community in Europe has deteriorated since the end of 2008 to the extent that most believe markets will not improve before 2011.
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NewsVarma acts on real estate regrowth
FINLAND – VR Pension Fund has re-entered the real estate market after a two-year absence, following the decision by a Finnish construction company to sell assets to local pension funds.
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NewsING to focus on mixed use real estate projects
GLOBAL – Dutch-headquartered real estate investor ING Real Estate Development is planning to invest in and develop projects over the next few years which provide secure but mixed origin revenue.
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NewsPrincipal raises $214.4m for green fund
UNITED STATES - Principal Real Estate Investors has raised $214.4m (€144.6m) in equity commitments for its Green Property Fund.
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NewsL&B Realty expands to Europe
UNITED STATES - L&B Realty Advisors is making its first venture into Europe with a partnership being formed with Mayfair Capital Investment Management.
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NewsReal estate future still uncertain for CEE
CENTRAL/EASTERN EUROPE – While Poland and the Czech Republic are showing signs of recovery, other CEE real estate markets are still suffering from a major investment withdrawal of assets over the last 12 months, according to Austria’s Erste Group.
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NewsUrdang opens way to new debt strategy
UNITED STATES - Urdang Capital Management has taken a novel approach to building a new real estate debt strategy by hiring eight people from Capmark Investments, as the move means it will also act as a non-discretionary sub-adviser for two of Capmark’s commingled funds.
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NewsSovereign wealth funds hit by US property tax
GLOBAL - Sovereign wealth funds (SWFs) have been dealt “a significant blow” by changes to the US tax regime, according to Steve Renna, president of the National Association of Real Estate Investment Managers (NAREIM).
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NewsINREV sees continued delays to fund terminations
EUROPE – Investors in unlisted real estate vehicles are more often than not opting to delay fund terminations due in the next two to three years.
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NewsSacramento County votes against fund extension
UNITED STATES – The Sacramento County Employees’ Retirement System has said it will not support proposals to extend the investment period of the Hines US Office Value Added Fund II commingled fund.
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NewsLiability-driven investment ‘should contain property’
UK – Liability driven investment (LDI) portfolios should include commercial real estate, according to Pramerica Real Estate Investors.
