Real Estate News – Page 782
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Serbia: 'the new Poland'
EUROPE - Investors will target Balkan states for returns fast disappearing from Central and Eastern European (CEE) property markets, judging by an Serb acquisition announced last week by Merrill Lynch.
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RREEF heads for Hyderabad homes
INDIA - Deutsche Bank property subsidiary RREEF has entered the Indian market with a $70m (€47.6m) indirect investment in residential developer Golden Gate Properties.
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Washington State commits to Brazil
UNITED STATES - Washington State Investment Board has decided to allocate $100m (€68.4m) into a commingled fund providing debt and equity investments in Brazilian real estate.
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RV Kuhns adds real estate presence
UNITED STATES - RV Kuhns & Associates has become the latest general investment consultant in the United States to have its own real estate team.
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US pension funds see new opportunity
UNITED STATES – Pennsylvania State Employees Retirement System and the Teacher Retirement System of Texas are two of the latest US pension funds to place capital into opportunity funds.
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JP Morgan creates $726m apartment JV
UNITED STATES - JP Morgan Asset Management has setup a $726m (€498.6m) joint venture with Apartment Investment and Management Company to gain a co-ownership of three apartment complexes in West Los Angeles.
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ABP to move back into listed
NETHERLANDS – ABP is to up its investment in listed property, just months after the €215bn Dutch pension scheme divested part of its listed portfolio in Europe and US.
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Segro deal to realise Berlin airport city
GERMANY - Berlin Airport Authority and Segro have agreed the development of a 38-hectare business and logistics park next to Berlin’s Schönefeld airport after the London-listed property investor acquired the land for €34m.
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French institutions to diversify real estate
FRANCE – As much as 60% of French institutional investors will diversify their real estate portfolios either geographically or into different investment strategies, the ratings firm MultiRatings has found.
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CalSTRS expands industrial JV to Europe
UNITED STATES - California State Teachers Retirement System CalSTRS) and First Industrial Realty Trust have moved their industrial joint venture program to Europe for the first time.
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'Mid-sized funds charge more' - INREV
GLOBAL - The larger the fund, the lower the management fee is the conclusion of an INREV survey of fees charged by 160 European non-listed real estate funds, except in funds with assets of €100—299m, as they levy the highest fees.
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NEPR quits Finland for Russia
NORDIC/RUSSIA - One of Finland’s key international investors indicated the market was approaching saturation last week as it sold off its remaining 39 hotel assets.
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ING Clarion redevelops mixed-use site
UNITED STATES - ING Clarion Partners and Panattoni Development Company have formed a joint venture to redevelop a former Boeing Company site as a major mixed-use project in Anaheim, California.
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Alaska Permanent Fund resettles in Chicago
UNITED STATES - Alaska Permanent Fund Corporation has moved back into investing in the Chicago real estate market for the first time in several years, through the purchase of The Shops at North Bridge.
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Cap rates stay low on in retail shopping
UNITED STATES - The Oregon Public Employees Retirement Fund has been able to pick up new purchases which suggests cap rates on grocery anchored shopping centers are staying low and have yet to be hit impacted by the changes in the debt market.
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Shorenstein taps investors for mezzanine deals
UNITED STATES - Shorenstein Properties LLC has decided to reopen its last closed-end mezzanine commingled fund Shorenstein Realty Investors Nine to existing investors, in a bid to make gains before financing capital hits the market.
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PGGM extends US apartments
UNITED STATES - PGGM has decided to expand its investment in US residential property with Behringer Harvard by as much as an additional $200m (€136.3m).
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Enrichment claims send ‘inadequate’ OMERS board to court
CANADA - Ontario’s appellate court has passed for trial the main substance of a claim arguing the CA$48bn (€32bn) Ontario Municipal Employees Retirement System (OMERs) pension scheme was duped into “unjust enrichment” of directors of its real estate management firm.
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Equity build-up 'not evidence of bottomed-out market'
EUROPE - Industry analysts reaffirmed their forecasts for a mid-2008 return to fair value in the UK property market last week after GIC’s acquisition of shares in British Land triggered speculation the market had already started to bottom out.
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Morgan Stanley forms solar project fund
UNITED STATES - Morgan Stanley has put together a $200m (€135.9m) solar project fund to invest with Recurrent Energy and provide solar power to institutionally-owned real estate across the country.
