Real Estate News – Page 753
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Lancashire lays groundwork for infrastructure investing
UK - The Lancashire County Council Pension Fund is considering investing around £80m (€89.55m) in infrastructure as part of a new strategy to diversify its investments.
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Preqin reveals record debt interest
GLOBAL – Distressed debt fundraising from institutional investors reached record highs in 2008 as a result of the volatile markets, according to Preqin’s latest monthly report.
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Pension funds to raise real estate holdings to over 10%
GERMANY – German retirement vehicles are among the institutional investors planning the largest increase in their real estate holdings over the next two years, according to research conducted by Feri Advisors.
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Real estate holding lessened pain for OMERS
CANADA – The Ontario Municipal Employees Retirement System (OMERS) suffered an overall net loss of $8bn (€6.25bn) in 2008, although its real estate investments performed relatively well despite the financial downturn.
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Fund fall forces Alaska to shelve alternatives plans
US – The Alaska Permanent Fund Corporation (APFC) Board has scrapped some of its alternative investment plans following the corporation’s decline in value in 2008.
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Illinois Teaches ends two separate account relationships
UNITED STATES – The Teachers Retirement System of the State of Illinois is terminating separate account relationships with Commonwealth Realty Advisors and Stone Levy, and has asked Heitman to manage some of the assets instead.
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Washington State extends real estate deal by $250m
UNITED STATES - Washington State Investment Board has approved a $250m ($195.3m) follow-on investment with Corporate Properties of the Americas.
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CalSTRS mulls shift to discounted property debt
US – The California State Teachers’ Retirement System (CalSTRS) is considering increasing its target allocation to real estate as the Board proposes temporarily shifting $6bn from global equities to higher returning debt investments.
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IPD unveils sustainability benchmarking
GLOBAL – The Investment Property Databank (IPD) today launched an environmental benchmarking service for commercial real estate occupiers.
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S&P predicts further gloom in US housing
US – The residential real estate market in the United States looks set to continue falling in 2009 after house price declines reached record lows at the end of 2008, according to Standard & Poor’s Case-Shiller Home Prices Indices.
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Hotels sector advised to build the brands
GLOBAL – Hotel markets worldwide will continue to suffer in 2009 but operators should use the downturn to step up their game, according to a report by Ernst & Young (E&Y).
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Outflows hit Invista REIM’s results
UK – Invista Real Estate Investment Management suffered a 32% drop in revenue in 2008, according to preliminary results for the year.
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Real estate helps limit Ilmarinen losses
FINLAND – Real estate investments helped limit losses by the Finnish pension fund Ilmarinen as it reported an overall loss of €4.34bn in 2008.
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Canadian real estate hits 14-year low
CANADA – Canadian real estate returns fell 12.1% in 2008 to a 14-year low, according to figures released by Investment Property Databank (IPD).
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CalPERS signs real estate exec
US – The California Public Employees’ Retirement System (CalPERS) has appointed James Lasher as senior portfolio manager of its real estate housing portfolio.
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Union to tap German GEOFs repricing
GERMANY – Union Investment Real Estate AG has welcomed proposals for regulation changes regarding German open-ended funds (GEOFs) and aims to take advantage of repricing to invest in traditionally core markets.
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Axa keeps on growing real estate
SCANDINAVIA – AXA Real Estate Investment Management (AXA REIM) has increased its retail investments and expanded its team in the Nordic and Baltic regions.
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Banks take over Spain’s real estate giant
SPAIN – Metrovacesa SA, Spain’s largest property firm, has handed over majority control of the company to six of its creditor banks in exchange for debt.
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JLL shakes up Asia
ASIA – Jones Lang LaSalle (JLL) has announced a series of management changes in its Asian division.
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Pennsylvania withdraws from commingled commitments
US – The Pennsylvania Public School Employees’ Retirement System (PSERS) has pulled out of $925m (€724m) worth of real estate commitments.
