Real Estate News – Page 755
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French property market 'must adapt to survive'
FRANCE – Property experts have predicted the French real estate industry is set to deteriorate even further in 2009 as a result of the financial crisis and will have to adapt itself to investors’ demands in order to recover.
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Push to reduce climate change on property values
GLOBAL – The Institutional Investors Group on Climate Change has issued a report encouraging pension fund trustees to seek advice on ways of reducing the negative impact of climate change on property values.
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Duncan heads First Industrial
US – First Industrial Realty Trust, the North American Real Estate Investment Trust (REIT), has appointed Bruce Duncan as president and chief executive officer.
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Real estate recovery predicted for 2011
GLOBAL – Institutional investors believe the ongoing financial crisis will be a major obstacle for investors looking to allocate to non-listed real estate funds this year and do not expect property markets to start recovering until 2011, according to the INREV Investment Intentions Survey 2009.
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BNP Paribas confirms real estate rebranding
FRANCE – BNP Paribas is uniting all of its real estate subsidiary businesses under the BNP Paribas Real Estate brand as part of a change in strategy, it was confirmed at the Atisreal Année Immobiliere meeting on Tuesday.
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Investors sets their sights on the UK
UK – The United Kingdom is the most attractive country for institutional investors and pension funds looking to invest in real estate in 2009, according to property analysts at the Atisreal Année Immobiliere conference in Paris this week.
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Oregon PERF swaps one deal for four
UNITED STATES - Oregon Public Employees Retirement Fund has terminated a real estate investment trust (REIT) relationship with Cliffwood Properties LLC and signed deals with three other managers to diversify its risk.
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Six years of UK growth wiped out - IPD
UK - The entire capital growth made over the last six years in the UK commercial real estate market has been eroded in only 18 months, according to the IPD UK Quarterly Property Index Q4 2008 published this week.
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Cabot Properties expands into Europe
EUROPE/UNITED STATES - Cabot Properties is planning to expand its industrial acquisition efforts into Europe for the first time.
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Danish Engineers sell €65m portfolio to Aberdeen
DENMARK – DIP, the DKK24bn (€3.22bn) pension fund for Danish engineers, has sold a €65m commercial property portfolio to Aberdeen Property Investors and taken a stake in its Danish fund as part of a shift in its investment strategy.
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C-Reits could lift Chinese economy - APREA
CHINA – Chinese Real Estate Investment Trusts (REITs) could play a vital part in helping the country’s real estate markets recover from the economic crisis, according to the Asian Public Real Estate Association (APREA).
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Cohen & Steers predicts “outstanding” returns…in time
GLOBAL – Cohen & Steers, the US investment firm specialising in real estate, remains confident that the majority of global listed real estate companies will weather the economic crisis despite the poor lending environment, according to its latest Review and outlook for the international real estate markets.
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Spain to see second property giant collapse
SPAIN – Nozar, a major property company in Spain, is on the brink of going into administration with debts of over €4bn, which could make it the second- largest corporate default in the country.
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Pramerica expands mezzanine position
EUROPE – Prudential Real Estate Investors (PREI) has hired a team of real estate financers to build a commercial property mezzanine platform in Europe to take advantage of immediate opportunities created by the volatile markets.
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New Jersey changes strategy with commingled capital
UNITED STATES - New Jersey Division of Investment has decided to shift $250m (€190.5m) worth of commitments planned for commingled funds into different investment opportunities on the back of market performance worries.
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Los Angeles City alters hotel booking
UNITED STATES - Los Angeles City Employees’ Retirement System has asked Integrated Capital to change the agreement it made concerning the Capital Hospitality fund so it can go ahead with investment plans.
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UK local government pays tax on its own empty buildings
UK – British councils are paying a whopping £690m (€745m) in business rates on their empty properties, the Business Centre Association revealed this week.
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Arkansas searches property management
US – The $8.4bn Arkansas Teacher Retirement System (ATRS) it is looking to appoint a real estate manager to manage a $140m (€107m) property portfolio.
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Economic freeze hits Alaska’s investments
US – The Alaska Permanent Fund Corporation’s (APFC’s) real estate portfolio performed better than other assets but has still contributed to the fund’s $4.2bn (€3.2bn) drop in value in the second quarter of fiscal year 2009.
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Hermes' Evans moves into new role
GLOBAL – Hermes, the pension fund manager owned by the BT Pension Scheme, has reshuffled its property team as part of a new strategy that will focus on investing in debt and listed company shares.
