Office – Page 172
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News
Alecta 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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UK 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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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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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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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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MagazineWindow on the capital
Time to invest in central London office? The end of the year may be a good opportunity, but investors must move quickly, says Clive Castle
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MagazineGlimmers in the gloom
There is not much good news around unless you are cash rich. Opportunities are ripening but many buyers are waiting for distress to worsen as Stephanie Schwartz-Driver reports
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News
BBC receives offer for London office
UK – The pension fund of the British Broadcasting Corporation (BBC) has confirmed that it has been offered £30m (€34m) for its office building in London.
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Hampshire to target UK property in next 12 months
UK – Hampshire County Council is looking to almost double its pension fund's exposure to UK commercial property over the next year to meet the 8% target allocation agreed before the market downturn.
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BPF Bouw and Progress sell Unilever HQ
NETHERLANDS – Dutch pension funds BPF Bouw and Progress have sold the headquarters of food giant Unilever in Rotterdam to German fund manager Real IS.
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Sentiment in UK CRE improving but more pain to come
UK – Average property yields in the UK fell by 15 basis points to 7.03% in August, the lowest level since November 2008, according to Cushman & Wakefield.
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Korean NPS to invest in central London prime
KOREA/UK – The National Pension Service of Korea (NPS), the fifth largest pension fund in the world, has awarded a mandate to UK-based Rockspring Property Investment Managers to invest in prime central London real estate.
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Crown Estate signs first green lease
UK – The Crown Estate has signed its first green lease for part of its £750m (€860m) Regent Street regeneration programme in London.
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Ropemaker set to make UK acquisitions
UK - Ropemaker Properties, the direct real estate investment arm of the BP Pension Fund, is expected to complete two real estate acquisitions in the UK.
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UBS and Oxford in major pre-letting deal
UK - UBS Global Asset Management and Oxford Properties, the real estate arm of Canada’s Ontario Municipal Employees Retirement System, have achieved one of the largest speculative lettings in the City of London.
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National Grid pension considers UK real estate
UK – The National Grid UK Pension Scheme has invested approximately £70m (€81m) in UK real estate this year and its advisers expect to commit a similar amount again during the second half of this year and in 2010.
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CPPIB and GIC turn to Brazilian real estate
AMERICAS – The Canada Pension Plan Investment Board (CPPIB), investment manager of the $105bn (€73.9bn) Canada Pension Plan, has entered into a joint venture with Brazilian property developer Cyrela Commercial Properties (CPP) to invest in commercial real estate in Brazil.
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KEL pension moves into office space
UK – The pension fund of UK-based software company KEL has acquired a UK office for £2.81m (€3.29m).
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European offices show signs of improvement
EUROPE – Cushman & Wakefield says European commercial real estate markets are beginning to show signs of stabilising, just as International Property Databank (IPD) has announced the return of yield compression in UK West End office markets.
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Florida Board of Administration reassigns MS managed assets
UNITED STATES - Florida State Board of Administration has signed contracts to transfer 85% of the $2.7bn (€1.93bn) separate account assets previously managed by Morgan Stanley Real Estate to Heitman, L&B Realty Advisors and Invesco Real Estate.
