Real Estate News – Page 781
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US pension funds see 5% drop on real estate
UNITED STATES - The Transaction-Based Index compiled by the MIT Center for Real Estate has indicated the value of commercial real estate owned by the large pension funds in the United States fell 5% in the fourth quarter of 2007.
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CalSTRS expands industrial JV with new partner
UNITED STATES - California State Teachers Retirement System has expanded its joint venture industrial program beyond First Industrial Trust by creating a new relationship with Sealy & Company.
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Pramerica sets up hotel JV
UNITED STATES - Pramerica Real Estate Investors has formed a new joint venture with Ashford Hospitality Trust to invest in hotel properties through structured debt and equity.
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Hewitt urges caution on Irish property
IRELAND – Consultants have urged pension fund trustees to diversify away from Irish property in the medium term, despite property funds averaging 6.9% returns in 2007.
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Canada scheme bags prime office
CANADA - CPP Investment Board (CPPIB), the investment arm of Canada’s CA$121.3bn (€82bn) public pension fund, has upped its exposure to domestic prime commercial with the CA$64m (€43m) investment in an Edmonton office block.
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Ireland returns 10% despite Q4 slide
IRELAND - Irish property returned just under 10% in 1007, despite dropping 2.3 percentage points to 1% in Q4, according to IPD data published last week.
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German 2nd tier delivers 7.5%
GERMANY - Investment in secondary German commercial is paying off, according to Swiss private equity investor Corestate Capital.
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GIC’s Russian venture comes with promise of disclosure
RUSSIA - The real estate subsidiary of GIC, the Singapore sovereign wealth fund (SWF), is to develop a new suburb outside Moscow via a joint venture with Russian residential developer PIK.
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AXA latest to lock in fund investors
EUROPE - AXA last week became the latest manager to halt investor withdrawals when it imposed a six-month deferral on “switches out, surrenders from and transfers out of” its AXA Pension property fund.
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Investor confidence sinks UK property
UK – The UK commercial property market saw its biggest fall in value for more than a decade in 2007, according to the Investment Property Database, but experts warn there could be more to come as investors have been selling more liquid, prime real estate.
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Vervoer invests in RaboBouw infrastructure
NETHERLANDS –Vervoer, the €6.4bn industry-wide pension fund for the private transport sector, has been cited as one of the main investors for a new infrastructure investment fund created by Rabobank’s subsidiary Rabo Bouwfonds.
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CA Immo postpones G-Reit
AUSTRIA/GERMANY – The €3.5bn Austrian real estate company CA Immo has decided to postpone the launch of a German Reit because of current market conditions.
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Orange County adopts commingled strategy
UNITED STATES - Orange County Employees Retirement System is adopting a real estate investment strategy which will see it only invest in commingled funds.
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Pramerica widens LatAm operations
UNITED STATES - Pramerica Real Estate Investors has extended its real estate investment area into South America and made its first investment in Argentina, but the firm is looking for its first deal in Chile.
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Ohio Police & Fire shifts direct property into core fund
UNITED STATES - Ohio Police & Fire Pension Fund has made a $200m (€135.4m) investment with Invesco, as part of a deal which sees some of its properties move into its core real estate fund.
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LACERA commits to pan-European fund
UNITED STATES - Los Angeles County Employees Retirement Association has approved a $25m (€16.9m) commitment into the Europa fund III commingled fund, which is also expected to contribute to Nordic and Swiss property deals.
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Valuations lack supporting evidence - Segro
EUROPE - Valuers are being urged by an increasingly desperate industry to make valuations despite a dearth of market evidence, according to Segro.
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New Jersey eyes $2bn in real estate
UNITED STATES - New Jersey Division of Investment will be looking at investing as much as $2bn (€1.38bn) in real estate for 2008.
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UK rally 'will be short-lived'
UK - Property shares will rally by up to 20% between now and mid-year before halving in value over the subsequent 18 months as the economy slides into recession, according to a research note from Morgan Stanley, the investment bank.
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AP Pension makes first direct Asia property bet
DENMARK -- AP Pension, the Danish occupational pension scheme, haschannelled DKK130m (€17.4m) into an Asian property fund with aportfolio of shopping centres – its first direct foray into Asian realestate funds.
