Real Estate News – Page 788
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Credit squeeze claims Swiss super-deal
SWITZERLAND - The credit squeeze claimed one of its first major deals last week when a consortium led by London-listed Israeli property firm Delek announced it had pulled out of the planned CHF 3.5bn (€2.8bn) acquisition of property firm Jelmoli’s 88-property Swiss portfolio.
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Maryland makes its foray into Asia
UNITED STATES - Maryland State Retirement Agency has made its first move into investing in international real estate with a $100m (70.2m) commitment to an Asian fund.
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New Jersey taps into real estate debt pressures
UNITED STATES - New Jersey Division of Investment has agreed to commit $150m (€105.3m) to two commingled funds, to take advantage of the market capital squeeze and structured financing.
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US pension funds place capital into distressed paper
UNITED STATES - Several pension funds in the United States have decided to invest some capital into a distressed debt investment strategy but are choosing to do so through leverage-driven funds.
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Entity level deals sign new pension fund capital
UNITED STATES - There is new pension fund capital in the United States being moved into entity level investing in both the private and public real estate sectors.
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CalPERS places fresh $600m in real estate
UNITED STATES - California Public Employees Retirement System has placed $600m (€424.5m) into a combination of commingled funds, co-investments and separate accounts for international and opportunistic strategies.
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PwC to advise Norwegian fund on real estate
NORWAY – The Oslo-based branch of PricewaterhouseCoopers (PwC) has been awarded the contract to advise the NOK2trn (€250bn) Norwegian government pension fund on tax issues related to real estate investments.
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Slovakia to stymie pension property plan
SLOVAKIA - The Slovak government is to scotch a legal amendment that would allow second-pillar pension schemes to invest in real estate.
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BT pension fund backs UK developer
UK - The BT Pension Fund has given UK property which is currently seen as a rare vote of confidence and upped its shareholding in UK developers Development Securities.
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ABP defector joins F&C
NETHERLANDS - ABP real estate securities analyst Jorit Arissen is leaving the Dutch pension fund after just over a year to join fund manager F&C.
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UK, Spanish banks in sale-and-leaseback deals
UK/SPAIN - Two banks involved in the acquisition of ABN Amro are selling off most of their remaining property assets in a series of sale-and-leaseback deals.
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Oslo property market is ‘the new Helsinki’
NORWAY – Europe is good but Norway is better, according to a property market report published by Close, the independent merchant bank.
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PCA 'conflict of interest' forces CalSTRS' shop
UNITED STATES - California State Teachers Retirement System is planning to hire a new real estate consultant for the first time in 10 years.
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US pension fund capital heads back to core
UNITED STATES - Some pension fund capital in the United States is flowing against the tide and being reallocated to a core investment strategy.
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UCAL moves to separate accounts
UNITED STATES - The University of California (UCAL) has moved into the separate account real estate space for the first time signing a relationship with Cornerstone Real Estate Advisers.
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Shorenstein buys into mezzanine gap
UNITED STATES - Shorenstein Properties plans to increase its appetite for mezzanine debt deals on office buildings over the next couple of months, to take advantage of the dislocation in the debt markets.
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LVAM in drive to grow institutional business
UK – LV Asset Management (LVAM), the asset management arm of UK’s largest friendly society, has announced ambitious plans to expand its fund management arm with 12 new funds and the development of a multi-manager capability, targeted at institutional and retail investors.
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UK government to invest €2.4bn in infrastructure
UK - The UK government is to plough £1.7bn (€2.4bn) into boosting infrastructure for planned ‘new’ towns and growth areas over the next three years.
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Bär taps into thirst for infrastructure
SWITZERLAND - A fund jointly launched by Macquarie and Julius Bär, the private bank, is targeting European pension fund investors with a global infrastructure fund focused primarily on energy and utilities.
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Credit crunch creates PE buyers’ market
GLOBAL - Excess capital accumulated by US real estate private equity funds in the first half of 2007 will help them mop up in a downward-valued market, according to an Ernst & Young report on real estate private equity funds.
