All Real Assets articles in October 2009 (Online)
View all stories from this issue.
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News
San Bernardino County turns to European debt
UNITED STATES - San Bernardino County Employees Retirement Association is planning to invest a total of €60m (€41m) the Apollo European Principle Finance Fund, although at least $20m of those assets are being as co-investments to specific transactions.
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Oregon tops up distressed debt real estate holdings
US – Oregon Public Employees Retirement Fund has demonstrated its ongoing commitment to Lone Star Funds by committing a further $400m (€273.6m) of capital to the distressed real estate debt specialist.
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SWIP re-enters European retail property
EUROPE – Scottish Widows Investment Partnership (SWIP) has signalled its intention to re-enter the continental European real estate market with the launch of retail fund run in partnership with Cushman & Wakefield Investors (CWI).
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INREV’s van Doorn returns to ING roots
EUROPE – Lisette van Doorn is leaving the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) to rejoin ING Real Estate Investment Management.
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USS snaps another high street bargain
UK – The Universities Superannuation Scheme (USS) has made another retail acquisition in the UK, taking its total UK real estate investment in 2009 to £300m (€327m).
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Invesco predicts equity/property correlation will lessen
GLOBAL – Real estate will go back to offering full diversification effects, having lost some of its credibility as a decorrelated asset class, research from Invesco has predicted.
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CalEast CEO resigns
UNITED STATES - Russ Blackwell, chief executive of CalEast Global Logistics, has resigned as head of the company but is staying on with the company until the end of the year.
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GE pension fund caught up in real estate loan battle
FRANCE – Creditors of Paris office complex Coeur Défense may appeal a court ruling which forced them to extend a securitised €1.5bn loan to the property’s joint owners, one of which is a General Electric pension fund.
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Heitman buys into shopping venture
UNITED STATES – Heitman, the real estate asset manager, has formed a joint venture with Macerich, the US shopping centre owner, and bought a major stake in two US regional shopping centres.
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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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BBC pension fund moves out of London’s Regent Street
UK – CB Richard Ellis Investors has confirmed the sale of Mutual House, owned by the pension scheme of the British Broadcasting Corporation (BBC), for £30m (€32.1m), reflecting a yield of 5.4%.
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Aberdeen pension fund goes shopping in East Anglia
UK – Aberdeen Property Investors has purchased five retail units in the UK on behalf of the Aberdeen City Council Pension Fund.
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USS disposes of industrial space
UK – The Universities Superannuation Scheme (USS) has sold 11 industrial assets from its recently acquired Equiton portfolio to Scottish Widows Investment Partnership Property (SWIP) Trust.
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Liability-driven investment ‘should contain property’
UK – Liability driven investment (LDI) portfolios should include commercial real estate, according to Pramerica Real Estate Investors.
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Sacramento 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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INREV 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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Sovereign 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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Urdang 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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Real 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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L&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.
