Real Estate News – Page 789
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Strategies switched amid lower Romanian returns
ROMANIA - Charlemagne Capital’s €110.5m sale of three Romanian property assets last week indicates a significant shift in that market, according to investors.
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ING real estate wins £100m Welsh mandate
UK – The GBP1.3bn (€1.9bn) Rhondda Cynon Taf council pension fund has awarded a £100m UK property mandate, with possible exposure to other European markets, to ING Real Estate Investment Management.
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State of Alaska branches out into timber
UNITED STATES - Alaska Retirement Management Board has expanded into timberland for the first time with a $200m (€142.5m) allocation.
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CPP Investment Board buys Denver office space
UNITED STATES - CPP Investment Board has made its first acquisition in the Denver office market through a joint venture with Callahan Capital Partners.
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Select-service hotels hit Warburg Pincus’ radar
United States - Warburg Pincus Real Estate Fund I and Triyar Hospitality have formed a joint venture to develop and acquire ‘select-service’ hotels.
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Mass PRIM abandons small cap REITs
UNITED STATES – Massachusetts’ Pension Reserves Investment Management Board has decided to drop a small cap investment mandate for its publicly-traded real estate securities program in the United States.
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Texas Teachers to approve $800m in real estate
UNITED STATES- Teacher Retirement System of Texas is in the process of approving $800m ($568m euros) in new real estate commingled fund investments.
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BT pension fund to sell £240m portfolio
UK – Hermes Real Estate has placed 10 property vehicles on the market, in the hope of generating £240m (€346m) for the BT Pension Scheme.
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Folksam PFs in pilot pooling venture
SWEDEN - Swedish insurance group Folksam has set up the first bespoke property pooling structure designed for separate pension funds within the same group.
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SBB sells 9,800m2 to fund pensions
SWITZERLAND - The Swiss federal railways SBB has sold another one of its real estate holdings under its funding promise to the SBB pension fund.
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Hotels lose clients but grow revenues
UK - Despite flattening occupancy rates, UK hotel revenues will increase by 6.2% in 2007—8, according to a report published by PricewaterhouseCoopers.
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Unite transfers UK student assets
UK - Student accommodation developer Unite has sold assets in Glasgow, Leeds and Bristol to its Unite UK student accommodation fund for £81.8m (€118m) in cash.
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Austrian prices ‘good for two more years’
AUSTRIA - Recovering office across European markets still offers yields as a sector no longer available in retail and industrial, according to property firm Matrix.
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Stunted supply boosts European retail
EUROPE - European pension funds are on a regional shopping spree motivated by a limited supply of new assets in low-risk markets, according to Aberdeen fund manager Nico Tates.
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Ohio Police & Fire sells separates
UNITED STATES - Ohio Police & Fire Pension Fund has voted to approve the transfer of seven separate account assets and move them into a commingled fund.
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Pennsylvania spends €200m in Europe
UNITED STATES - Pennsylvania Public School Employees’ Retirement System has increased its exposure to European real estate by committing a total of €200m to two commingled funds.
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Indiana PERF searches for core and REIT managers
UNITED STATES - The Indiana Public Employees Retirement Fund is now searching for real estate managers for core and REIT strategies through new RFPs.
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CalSTRS expands JV to $500m
UNITED STATES - California State Teachers Retirement System has expanded its real estate joint venture relationship with Pacific Coast Capital Partners by investing a total of $500m (€353m) into two ventures.
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San Diego City targets non-US real estate
UNITED STATES - San Diego City Employees Retirement System has approved its first ever targeted allocation for non-United States real estate investments.
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Pension funds "ready for Russian real estate"
RUSSIA - Pension funds – at least Nordic ones – are ready to invest in Russian real estate, having overcome earlier reluctance concerning the complexity of the market, according to Ole Dall-Hansen, chief executive of Aberdeen Property Investors Eastern Europe.
