All articles by Poppy Sketchley – Page 8
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Chinese REIT hits the drawing board
CHINA - China’s central bank is drafting proposals to introduce Real Estate Investment Trusts (REITS) in a bid to lessen liquidity constraints for domestic real estate developers.
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Activity sees IVG buy German retail from AEW
Europe – AEW Europe’s pan-European fund has sold its prime retail asset in Hamburg for €94m, proving the German real estate market is still showing signs of activity despite the credit crunch.
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Higher yields allude to lower income growth - CBRE
EUROPE – Yields across all commercial sectors in Europe, Middle East and Africa markets have increased in the fourth quarter of 2008 and may reflect a poor outlook for rents, according to latest data from the CB Richard Ellis EU-15 yield indices.
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Pressured Hypo wins time extension
GERMANY- Hypo Real Estate Group has received an extension on the €30bn framework guarantee granted by the German Financial Markets Stabilisation Fund (SoFFin) amid rumours that the German Government is considering taking a stake in the company.
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US Reits fall over a third
UNITED STATES - Real Estate Investment Trusts lost on average 37.3% in 2008, according to the latest report by the National Association of Real Estate Investment Trusts (REITs) in the United States.
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ING enters Polish retail space
Czech Republic – ING Real Estate Investment Management has acquired a €125m shopping centre in the Czech Republic and added it to the ING Property Fund Central Europe.
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Real estate loses a fifth for UK pensions
UK – Property generated a loss of 21% for the WM UK Pension Fund and Charity Fund universe in 2008, according to preliminary results released by State Street Investment Analytics.
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JPM’s Schwab moves to Abu Dhabi
GLOBAL – The Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, has hired Bill Schwab as global head of real estate, it was announced last week.
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Henderson weds Croom for retail property (amended)
EUROPE – Henderson Global Investors has appointed Katherine Groom as portfolio manager for its pan-European retail property fund, Herald.
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More than €50bn waiting to be deployed in Europe
EUROPE – More than €50bn of equity is targeting European commercial real estate this year, according to the latest European capital markets research carried out by Jones Lang LaSalle (JLL).
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Interest in US derivatives picks up
UNITED STATES – The use of property derivatives by institutional investors, including pension funds, has increased in the United States, following their losses resulting from the financial crisis, according to data analysts.
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PBGC moves into real estate with three ‘strategic partners’
US – The Pension Benefit Guaranty Corporation (PBGC) has selected BlackRock, Goldman Sachs and JP Morgan to mange $2.5bn (€1.9bn) in real estate and private equity assets.
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Land Securities sells Trillium
UK – Land Securities Group, the UK’s largest real estate investment trust (REIT), announced today it has agreed the sale of Trillium to Telereal, a property investment company, for £750m (€832m).
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Rene Tremblay joins Caisse de Depot
CANADA – Caisse de dépôt et placement du Québec, manager of public pension plans in Québec, has appointed Rene Tremblay as executive vice-president of real estate.
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Barclay made associate at Nordic Retail Fund
EUROPE – Protego Real Estate Investors has appointed Calum Barclay as an associate within its Nordic Retail Fund, it was announced this week.
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EDHEC launches French index
FRANCE – French business school EDHEC has launched a monthly index for commercial property in France with the help of the Institut de l'Epargne Immobilière et Foncière (IEIF), an independent French real estate research institute.
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Hypo Real Estate faces claims for damages
GLOBAL – Pension funds are making the first claims for damages against Hypo Real Estate (HRE) for failing to reveal its financial difficulties sooner.
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UniCredit sells Italian bank assets to new fund
ITALY – Italian bank UniCredit has sold 72 commercial properties worth approximately €800m to a real estate investment fund run by Italian fund manager Fondi Immobiliari Italian (Fimit).
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CalSTRS joint venture gains new financing
US – First Industrial, the North American Real Estate Investment Trust (REIT), has arranged a new $110m (€78.6m) debt facility for its ventures with the California State Teachers’ Retirement System (CalSTRS).
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ProLogis steps up to support European Properties
US – ProLogis, the international logistics developer, has stepped in to help ProLogis European Properties (PEPR) by buying a 20% interest in the ProLogis European Properties Fund II (PEPF II).
