Real Estate News – Page 765
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Washington State agrees $1.15bn investment
UNITED STATES - Washington State Investment Board has made three commitments in real estate and the tangible asset classes amounting to $1.15bn (€782m).
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Ohio School Employees moves into Asia
UNITED STATES - The School Employees Retirement System of Ohio has approved a commitment of $50m (€34.2m) in the Carlyle Asia Real Estate Partners II commingled fund.
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ING Clarion raises $200m for development fund
UNITED STATES - ING Clarion Partners has signed $202m through the capital raising on its latest commingled fund, Clarion Development Ventures III, following support from seven institutional investors, including New York State Teachers Retirement System.
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Non-listed real estate stays top buy in poor conditions
EUROPE - Non-listed real estate funds remain the asset class of choice among institutional investors looking to increase their investments in European real estate in turbulent times, according to a study by INREV, the Amsterdam-based European association for investors in non-listed real estate vehicles.
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Student accommodation contrasts economic slowdown
UK - The UK student accommodation sector is continuing to thrive while most other property sectors feel the pinch in tough economic conditions, according to real estate consultancy group King Sturge.
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Knight Frank expands Middle East operations
MIDDLE EAST - London-based global real estate management and advisory firm Knight Frank has extended its global network by opening a office in Bahrain to cover the burgeoning Middle Eastern property market.
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MEAG appoints new managing director for real estate
GERMANY - Munich Ergo Asset Management (MEAG) has appointed Günter Manuel Giehr as head of its global real estate operations.
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Swiss cut real estate investment limit
SWITZERLAND – The Swiss government has passed new investment regulations for Pensionskassen which put more emphasis on the prudent person principle and the responsibility of heads of Pensionskassen but which also lower the investment limits on assets such as real estate.
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REIT changes demanded
GERMANY – German REIT companies have a long list of demands on how to change the REIT legislation, according to the online information portal www.reits-in-deutschland.de.
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IVG and Metzler lose their heads
GERMANY – German real estate company IVG will have to look for a new chief executive as Wolfhard Leichnitz is leaving the company at the end of September.
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CalPERS uses $700m to tap opportunity
UNITED STATES - California Public Employees Retirement System is continuing to pursue its international real estate investment strategy by placing $700m (€493.8m) in real estate commingled funds generating targeted net IRRs of 20%.
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Los Angeles City nears commitment to debt fund
UNITED STATES - Los Angeles City Employees’ Retirement System is getting close to making a $25m (€17.6m) commitment to the ING Clarion Debt Opportunity Fund III.
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ABP extends hotel holdings in key European cities
EUROPE - Europe’s second-largest pension scheme ABP, the Netherland’s huge €215bn public service fund, has expanded its European real estate portfolio with the purchase of six hotels in Paris, Amsterdam and Düsseldorf.
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Propinvest seals largest ever European property deal
SPAIN - London-based real estate investment and management specialist Propinvest has acquired the global headquarters of Spanish banking giant Banco Santander, for €1.9bn – the largest ever European real estate deal.
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AvalonBay falls short of capital raising goal
UNITED STATES - AvalonBay Communities has raised $333m (€234.2m) of equity for its latest commingled fund, AvalonBay Value Added Fund II – but this is short of the $500m goal established early in the process.
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CalSTRS expands real estate debt investments
UNITED STATES - California State Teachers Retirement System is in the process of increasing its efforts investing capital into real estate debt, having just invested $500m (€354.5m) in that arena.
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Kansas PERS moves into senior housing
UNITED STATES - Kansas Public Employees Retirement System has expanded its real estate strategy into senior housing by making a $35m (€24.6m) commitment to AEW Senior Housing Investors LP.
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Orange County considers opportunistic allocations
UNITED STATES - Orange County Employees Retirement System has approved a plan to explore the idea of creating a separate allocation for opportunistic or innovative investments.
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Pramerica sees capital waiting on the sidelines
UNITED STATES - Pramerica Real Estate Investors have found a huge sum of investible capital is currently sitting on the sidelines in the United States, as investors are unsure whether now is a good time to invest given market conditions.
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Corio to widen emerging markets presence
NETHERLANDS - Property investor and manager Corio is looking to increase its 6% allocation in emerging markets real estate to 20%, in a bid to maximise the differentials between emerging and mature markets.
