Office – Page 171
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Prime office rents tumble in Q1
EUROPE - European prime office market rents fell by 8% during the first quarter of 2009, the greatest quarterly decline ever recorded by Jones Lang LaSalle’s (JLL) European Office Property Clock index.
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Swiss pension funds buy Schroders lease
SWITZERLAND/UK – AFIAA, the Swiss real estate investment adviser for state pension funds, has purchased the long leasehold on Schroders’ London headquarters for £70m (€76.5m).
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Abbey buys its London HQ
UK – British Land has sold Abbey’s London headquarters to the banking giant for £115m (€126.4m).
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IPD claims German buoyancy may attract investors
GERMANY – The IPD Germany Annual Property Index showed Germany’s property returns proved more resilient during the downturn than most European real estate markets – a situation which the body argues is likely to draw more institutional investors into the market.
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Pensions investors enticed by Catalyst opportunities
EUROPE – Catalyst Capital LLP, a European investment and asset management firm, has secured the support of major institutional investors for its €228.5m pan-European property fund.
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San Diego City plans tactical moves in real estate
UNITED STATES - San Diego City Employees’ Retirement System is planning to take advantage of tactical investment opportunities in the second half of this year in certain property types.
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Norway sees property slip into the red
NORWAY –Norwegian commercial property returns fell into negative territory in 2008 after delivering 15% plus returns for three consecutive years, according to the IPD Norway Annual Property Index.
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France to bounce back after poor 2008 - API
FRANCE - French property investments more than halved in value in 2008, however experts are confident activity will pick up, according to the Aberdeen Property Investors’ French quarterly property snapshot.
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CBRE buys on Broadway
US – CB Richard Ellis Investors, the international real estate investment management firm, has purchased a 44-storey office building in New York for a partnership of institutional investors, making it the largest transaction in the state this year.
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Atis looks to 2010 recovery
EUROPE – Atisreal, part of BNP Paribas Real Estate, has predicted the decline in European commercial real estate investment activity will slow sharply this year but will then recover slowly in 2010.
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Swedish pension funds buys from RREEF
SWEDEN – AMF, the SEK289bn (€24.7bn) Swedish pension fund, has bought an office building in Stockholm from RREEF, the alternative investment management business of Deutsche Bank’s Asset Management.
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Office to recover in 2010 – C&W
GLOBAL – Global office property markets continue to face uncertainty and tough times ahead but should start recovering in 2010, suggests the latest research by Cushman & Wakefield.
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MagazineMost wanted
Munich and Hamburg have been hailed as the top European investment destinations by ULI and PwC’s Emerging Trends report. Paul Benjamin explores the outlook for both markets and German real estate as a whole
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Sweden sees first signs of real estate downturn
SWEDEN – Swedish commercial real estate returns fell to -3.3% in 2008, according to latest figures from the SFI/IPD Index published by the Investment Property Databank (IPD).
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Lancashire lays groundwork for infrastructure investing
UK - The Lancashire County Council Pension Fund is considering investing around £80m (€89.55m) in infrastructure as part of a new strategy to diversify its investments.
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Pension funds to raise real estate holdings to over 10%
GERMANY – German retirement vehicles are among the institutional investors planning the largest increase in their real estate holdings over the next two years, according to research conducted by Feri Advisors.
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Canadian real estate hits 14-year low
CANADA – Canadian real estate returns fell 12.1% in 2008 to a 14-year low, according to figures released by Investment Property Databank (IPD).
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Banks take over Spain’s real estate giant
SPAIN – Metrovacesa SA, Spain’s largest property firm, has handed over majority control of the company to six of its creditor banks in exchange for debt.
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NYSTRS ends REIT relationship with Citigroup
UNITED STATES - New York State Teachers Retirement System has ended an arrangement with Citigroup Alternative Investments as the REIT manager is pulling out of this space.
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Property investment slumped €335bn last year
GLOBAL - Global investment in commercial property plummeted 59% to $435bn (€335bn) in 2008 and is likely to fall further in 2009, according to Cushman & Wakefield’s Investment Atlas 2009 analysis.
