Office – Page 168
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Italian real estate scraped a positive return in 2009
ITALY – Capital values in Italian commercial property suffered the steepest decline in its seven-year history, falling by -4.6% in 2009, according to Investment Property Databank (IPD).
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Tennessee Consolidated nears real estate commingled holdings
UNITED STATES - Tennessee Consolidated Retirement System is getting close to making new investments in two core open-ended commingled funds, in a bid to gain diversification into office and retail real estate.
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London’s iconic Tower 42 is put up for sale
UK – Hermes Real Estate, the wholly owned property fund management arm of the BT pension fund, has put the Tower 42 office building in the City of London on the market for £300m (€342m).
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Spain tops the losses for IPD European returns
EUROPE – Spain experienced its second consecutive year of negative commercial real estate returns in 2009, while Germany and Switzerland remained relatively stable over the same 12-month period, according to Investment Property Databank (IPD).
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Illinois State to boost real estate holdings by $300m
UNITED STATES - Illinois State Board of Investment has approved plans to invest $300m (€223.1m) in real estate in 2010.
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Norwegian pension fund snaps up new office
NORWAY – Akershus Fylkeskommunale Pensjonskasse (AFKP), a local authority pension fund for the employees of the municipality adjacent to the north and west of Oslo, has acquired a newly-developed office building in Drammen.
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BRIC-built recovery expected - JLL
GLOBAL – The BRIC countries will lead the global real estate market recovery as their economic expansion boosts occupier demand across all sectors and cross-border investment returns, according to Jones Lang LaSalle (JLL).
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Arizona Public Safety takes opportunistic strategy in real estate
UNITED STATES - Arizona Public Safety Retirement System intends to make at least two more real estate commitments to commingled funds by investing through a US opportunistic strategy in 2010.
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Danish pension funds take on sustainable office development
DENMARK - Danish pension funds PensionDanmark and Lægernes Pensionskasse, and Swedish financial group Nordea Life have purchased a sustainable office development in Denmark through a joint venture.
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L&S makes 36% gain on 9-mth investment
UK – London & Stamford Property, the listed company managed by Raymond Mould and Patrick Vaughan, has sold a UK office building for £51.3m (€56.6m), nine months after buying it for £37.6m
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Wisconsin eyes debt as part of $250m signing
UNITED STATES – The State of Wisconsin Investment Board is in process with making new investments in real estate totalling $250m (€183.9m).
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Manchester pension fund to rebuild office eyesore as beauty
UK – The £7.39bn (€8.48bn) Greater Manchester Pension Fund, the largest local authority scheme in the UK, has been given the green light for a major office redevelopment project in Manchester city centre.
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Mass PRIM to invest $1bn in 2010
UNITED STATES - Massachusetts Pension Reserves Investment Management Board has approved its 2010 annual real estate investment plan and could allocate as much as $1bn (€729.7m) to the asset class over the next 12 months.
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Europe heading for 'slow' real estate recovery
EUROPE – European real estate faces a “long, slow haul” to recovery, according to the latest report from the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC).
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PensionDanmark widens its real estate ground
DENMARK – Danish pension provider PensionDanmark has acquired commercial real estate let to other pension funds in Denmark, and plans to increase its property exposure significantly over the next three years.
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Cordea Savills to tap income from UK real estate
EUROPE – Cordea Savills has secured capital commitments from three investors, including an unnamed European pension fund, for a new fund that will invest in core, income-producing commercial real estate in the UK.
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Dutch pensions funds reduce direct property by €3.5bn
NETHERLANDS - The combined direct property investment of Dutch pension funds has decreased significantly, but schemes are still interested in holding office buildings, according to the Dutch regulator De Nederlandsche Bank.
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Alecta outsources French real estate management
SWEDEN – The asset management arm of Swedish occupational pensions mutual Alecta is to transfer the management of its real estate portfolio in France.
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Strathclyde pension fund buys BREEAM green office
UK – The Strathclyde Pension Fund has purchased a sustainable office development in Glasgow, which is seen as the first building in the city to achieve a BREEAM (BRE Environment Assessment Method) ‘excellent’ status.
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Hermes swoops on property for BT
UK – Hermes Real Estate has acquired a series of commercial properties, known as the ‘Hawk’ portfolio, on behalf of the BT Pension Fund.
