Office – Page 173
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News
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.
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NPS buys rooms with a view of Sydney Harbour
GLOBAL – South Korea’s National Pension Service (NPS) has bought an office building in Sydney for A$685m (€440m) as it continues to snap up prime assets across the world’s top cities.
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USS beefs up its real estate strategy
UK – Universities Superannuation Scheme (USS) has poached Alex Turner from Hermes Real Estate to manage its UK office portfolio, just as other changes are being made to improve its performance.
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HSBC Pension Fund sells UK real estate holding
UK – The HSBC Pension Fund has sold Wilmslow Park in central Manchester to Legal & General (L&G) Property’s Managed Fund.
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Orion’s Europe III captures €1bn
EUROPE – Orion Capital Managers has closed the capital raising programme for its latest European opportunity fund, breaking its publicly-stated fundraising target of €1bn.
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Korea’s pension reserve buys HSBC tower
UK – HSBC Bank has agreed to sell its London headquarters in Canary Wharf to the National Pension Service of Korea (NPS) for £772.5m (€861m) in cash.
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Korea’s NPS moves into London offices
UK/South Korea – Rockspring Property Investment Managers has acquired the first two UK real estate assets for the National Pension Service (NPS) of South Korea, after being appointed to target prime central London assets.
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SanFran City & County suffers fresh real estate drop
UNITED STATES - San Francisco City and County Employees Retirement System took another hit on its real estate portfolio in the first half of 2009, as the falling market continued to hurt investment returns and income.
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BP Pension Scheme rethinks real estate rental risk
UK – The BP Pension Scheme has reduced its rental risk by selling a number of UK real estate assets with lease break clauses due in the next four to six years.
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UK office sees institutional resurgence
UK – An influx of cross-border investors caused investment activity in the central London office market to surge to a value of £2.7bn (€3bn) in the third quarter of 2009, according to CB Richard Ellis.
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Texas Teachers moves into core investments
UNITED STATES - Teacher Retirement System of Texas has widened its investments in core real estate and hired three real estate managers to look after $800m (€532.7m).
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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.
