Real Estate News – Page 743
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San Bernardino County turns to European debt
UNITED STATES - San Bernardino County Employees Retirement Association is planning to invest a total of €60m (€41m) the Apollo European Principle Finance Fund, although at least $20m of those assets are being as co-investments to specific transactions.
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APG-led action forces ProLogis into talks
EUROPE – Prologis European Properties (PEPR) has postponed an extraordinary general meeting (EGM) following shareholder activism led by APG.
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Return targets are aimed too high, say real estate experts
US/UK – Return expectations for opportunistic real estate strategies targeting the UK and US may be too high, experts have warned.
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RBS pension fund signs airspace tenants
UK – Standard Life Investments has let over 105,000 square feet of warehouse space in the South East of England on behalf of the pension fund of the Royal Bank of Scotland.
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German real estate potential leapfrogs London and Paris
EUROPE – Munich has overtaken London and Paris as the best European city for real estate investment over the medium-term, according to LaSalle Investment Management.
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APREA opens its doors to pension funds
ASIA – Pension funds will be able to join the Asian Public Real Estate Association for the first time after the organisation created a new membership category.
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Rothschild and Shaner to hotel loans REIT
UNITED STATES - Rothschild Realty and Shaner Hotel Group have formed a new investment entity called Shaner Mortgage REIT, which will invest $200m (€135.1m) in the purchase of whole loans secured by US hotel properties.
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Ohio PERS raises real estate allocation
UNITED STATES - Ohio Public Employees Retirement System has decided to increase its targeted allocation to real estate from 7% to 10%.
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Institutions turning to rented housing
EUROPE – Institutional investors are seeking safety in housing real estate as an investment option but not all opportunities are equal, the German real estate company Patrizia has suggested in a study.
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UK real estate has bottomed, claims IPD
UK – The commercial real estate market in the UK bottomed out in July, according International Property Databank.
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Progress almost complete on real estate disposal
NETHERLANDS – Progress, the Dutch pension fund of food giant Unilever, is close to completing the disposal of its entire directly-held real estate portfolio.
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BAE Pension taps coastal space
UK – The pension fund of BAE Systems in the UK has bought a retail warehouse through property fund managers LaSalle Investment Management.
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Birmingham shoppers to support Australian pensions
AUSTRALIA/UK – The Australian government’s Future Fund has bought a 33% stake in the Bullring in Birmingham, England from Land Securities.
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Invesco eyes slush fund over real estate distributions
UNITED STATES - Invesco Real Estate may cease issuing quarterly distributions to investors in its Invesco Core Real Estate Fund during the third quarter, in favour of building additional cash reserves for the fund.
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Secondary market receives transparency boost
UK - CB Richard Ellis and property derivatives specialists GFI have attempted to cultivate the nascent secondary market in unlisted property funds with the launch of a dedicated portal.
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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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CalSTRS in European move
UNITED STATES - California State Teachers Retirement System (CalSTRS) has made one new real estate investment and transferred one existing asset to a different manager during the second quarter of 2009.
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UK PFs in healthcare gain
UK – Several UK pension funds have gained exposure to a specialist real estate fund through the secondary market.
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AXA REIM appoints new CIO
GLOBAL – AXA Real Estate Investment Managers (AXA REIM) has appointed Dennis Lopez as global chief investment officer.
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Pension funds write off investments in NYC apartment complex
UNITED STATES - At least two pension funds in the US have suffered major losses on their investments in the Stuyvestant Town and Peter Cooper Village apartment complex in Manhattan.
