Real Estate News – Page 727
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AXA REIM returns with development strategy
EUROPE – AXA Real Estate Investment Managers has attracted strong interest in its first European real estate development fund in six years and expects to be able to raise at least €600m by September.
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University of California to invest $300m in REITs
GLOBAL – The University of California Retirement Plan and General Endowment Plan are planning to make a $300m (€238m) investment in REITs.
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CalSTRS to conduct core search in the next 12 months
GLOBAL – The California State Teachers Retirement System (CalSTRS) is planning to send out a Request for Proposal for core managers within the next 12 months.
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No property bubble in China, says HSBC's Geoghegan
CHINA – HSBC chief executive Michael Geoghegan has dismissed predictions of a Chinese property bubble.
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Birmingham airport secures credit facility from Santander, RBS
GLOBAL – A UK airport part-owned by the CA$96.4bn (€74bn) Ontario Teachers Pension Plan has won promises of more than €50m in short-term funding for an ongoing expansion programme.
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Bouwinvest converts direct property investment into funds
NETHERLANDS – Bouwinvest, the property manager of the €26bn pension fund for the Dutch building industry bpfBouw, has converted all of its direct property investment into property funds in a bid to increase flexibility and spread risk.
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Warburg-Henderson launches follow-up Austrian fund
AUSTRIA – Warburg-Henderson, the German business of Henderson Global Investors, is seeking to raise capital from German, Austrian and Swiss institutional investors for its second Austria-focused real estate fund.
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Carlyle Group snaps up six landmark assets in UK
UK – Private equity firm The Carlyle Group has acquired six landmark central London office properties – formerly part of the portfolio of assets linked to the troubled White Tower 2006-3 commercial mortgage-backed securitisation (CMBS) – for £671m (€802m).
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European governments under pressure to sell real estate, says CBRE
EUROPE – European governments will be forced to sell real estate assets to balance public finance in the next 12 months, according to CB Richard Ellis (CBRE).
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Global real estate recovery to slip next year, says Aberdeen
GLOBAL – The global real estate recovery will falter in 2011, leading to a rise in yields, before resuming a stronger trajectory in 2012, according to Aberdeen Asset Management.
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Tesco moves to release value from property portfolio
LONDON – Tesco has agreed a second sale and leaseback of properties with the Tesco Pension Fund Trustees in an effort to release value from its property portfolio.
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New York State Teachers makes $90m investment in shopping centre company
GLOBAL – New York State Teachers Retirement System (NYSTRS) has made a $90m (€71.6m) investment in Donahue Schriber Realty Group.
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Santa Barbara County hires ORG as real estate consultant
GLOBAL – ORG Real Property has won a real-estate consultancy tender from the Santa Barbara County Employees Retirement System that will give the company full investment discretion.
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IPE Forum: Retail threatened by internet, austerity and demographics
GLOBAL – Retail property assets have become increasingly popular for institutional investors, but the sector is fraught with challenges, listeners heard during IPE Real Estate's Investor Forum webcast last week.
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Strathclyde drops Aberdeen, makes first global real estate allocation
UK – The Strathclyde Pension fund has replaced the manager of its £750m (€906m) direct UK property portfolio for the first time in 20 years and made its first strategic allocation to global real estate.
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Global real estate transactions faltering, says RCA
GLOBAL – Preliminary data suggests the growth in global real estate transactions slipped significantly in the second quarter of 2010, as the sovereign debt crisis and fears of a double-dip recession took hold, according to Real Capital Analytics (RCA).
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Denmark's AP Pension targets UK through Rockspring
EUROPE – Denmark's AP Pension has invested in Rockspring Property Investment Managers' new UK real estate fund.
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CBRE Investors' pan-Asian fund of funds to target 'club deals'
GLOBAL – CBRE Investors' global multi-manager business, which has just raised $269m (€218m) from European pension funds for its new Asian fund of funds vehicle, expects to invest increasingly in 'club deals' in the future.
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CalSTRS makes pair of real estate investments in first quarter
GLOBAL – The California State Teachers Retirement System (CalSTRS) has made two real estate investments totaling $215.5m (€177m) during the first quarter, as market transactions slowly increased from historically low levels.
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Mass PRIM issues request for core separate account manager
GLOBAL – Massachusetts Pension Reserves Investment Management (Mass PRIM) has issued a Request for Proposal for a core, separate account real estate manager.
