Real Estate News – Page 787
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CPPIB to make direct bid to airport shareholders
NEW ZEALAND - The CA$120.5bn (€89bn) Canada Pension Plan Investment Board (CPPIB) is to approach Auckland International Airport (AIAL) shareholders directly after the firm called off talks on its bid to acquire a 49% stake.
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DTZ strikes oil with Canada buy
CANADA - As Canadian pension funds continue to invest aggressively in overseas infrastructure, DTZ has announced it is entering the market through the CA$31m (€22.5m) acquisition of property services firm JJ Barnicke.
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Pennsylvania State signs to $1bn Mexico fund
UNITED STATES - Pennsylvania State Employees Retirement System is thinking of making a commitment to a $1bn (€681.3m) Latin America residential fund being launched by Pramerica Real Estate Investors.
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Illinois Teachers widens separate account plans
UNITED STATES - Teachers Retirement System of the State of Illinois is planning a shift in its separate accounts real estate programme when it makes its next manager search.
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Principal study calls end of cap rate compression
UNITED STATES - Principal Real Estate Investors feels that time of the cap rate compression in the United States has run its course, according to a report investigating current real estate market potential.
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Alternative investments to carry more weight - ING
UK - Alternatives sectors are likely to register more on the agenda as UK pension funds seek to gain more exposure to real estate assets, according to ING Real Estate Investment Management.
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Buchanan Street looks to European expansion
UNITED STATES - Buchanan Street Partners is considering investing in Europe for the first time by using the proceeds from a recent sale.
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To Russia, with cash
RUSSIA - Majority pension fund-owned property firm Sponda is to invest up to €400m in Russia by the end of 2009.
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UK property delivers negative return
UK - Real estate delivered a negative return of 1.1% in Q3, according to the IPD UK Quarterly Index – the first in its history – but real estate still outperformed property equities, which had a negative return of –10.3% for the three months to September.
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Quebec pension fund to invest in India office
INDIA - The Caisse de dépôt et placement du Québec, Canada’s largest pension fund, is weeks away from its entry into Indian property as part of a strategy to switch 15% of its portfolio to Indian real estate within 3—5 years.
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BA supports pensions flight with office block
UK – Pension fund of the airline British Airways has bought a recently-completed office development in Birmingham city centre, in a bid to help diversify its asset allocation.
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CPPIB loses Auckland but gains Puget
CANADA - Concerns over debt last week scuppered plans by the Canada Pension Plan Investment Board (CPPIB) to acquire a 49% stake in Auckland International Airport (AIAL).
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LACERA trades property for commingled fund
UNITED STATES - Los Angeles County Employees Retirement Association has sold a shopping centre in Los Angeles and traded it for an investment into a commingled fund with the same real estate manager.
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Pramerica expands into Brazil
UNITED STATES - Pramerica Real Estate Investors has expanded its industrial investment efforts into Brazil for the first time, through a joint venture with Racional Engenharia.
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US pension funds rest sleeping capital in hotels
UNITED STATES - Pension funds are still eyeing hotel properties as a good investment, as San Diego is the latest to shift additional assets into the sector and Principal has made its first purchase for investors.
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CalSTRS sets up retail JV
UNITED STATES - California State Teachers Retirement System has established a new joint venture with Urban Retail Properties Company to invest in retail properties.
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US pension funds make play for value-added apartments
UNITED STATES - Pension funds in the United States are moving some capital into investing in value-added apartments, as renter demand for flats is believed to be on the upswing.
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Industry optimistic for Danish REITs
DENMARK - Denmark could be the next European market to introduce real estate investment trusts (REITs), if lobbying by the Danish Property Federation (DPF) proves successful.
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Land is the new property, say planners
UK - Greenbelt and brownfield land earmarked for development is rapidly emerging as a sub-asset class in an otherwise overvalued real estate market.
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Macro growth boosts Nordic retail
NORDICS - Pension funds have an irrational attachment to office real estate when they should be looking to outperforming retail, according to fund manager Cordea Savills.
