All Regulation articles – Page 24
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German-owned Hypo Real Estate fails stress test
GERMANY – Government-owned Hypo Real Estate has failed a stress test by the Committee of European Banking Supervisors (CEBS).
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Austria grants German real estate investors tax-free status
GERMANY/AUSTRIA – Real estate investments made by German pension funds in Austria will be tax-free from now, placing them on an equal footing with their Austrian counterparts, an Austrian financial tribunal has ruled.
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Pension funds to buy 'problem' infrastructure in second wave of privatisation
UK – Pension fund and private equity investors could mop up UK infrastructure assets in a second major wave of privatisation, according to a report by the Adam Smith Institute, a free-market think tank.
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ING REIM offers access to its funds through single structure
EUROPE – An unnamed Swiss insurer has invested €100m via several of its subsidiaries in an ING Real Estate Investment Management fund of funds (FoF) vehicle launched last week.
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Crisis model includes real estate for first time
GLOBAL – A crisis forecasting model developed for banking regulators has included property prices as a key risk factor for the first time.
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BVI issues open-ended counter-proposal
GERMANY - The German Investment and Asset Management Association (BVI) has weighed into the debate over mooted restrictions on open-ended funds, sparked by a federal ministry proposal that would require property valuations to be cut by 10%.
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EC slates ‘disproportionate’ German tax test
GERMANY – Pension funds will shun German property companies unless the government lifts “disproportionate” tests that allow overseas companies relief on 26% withholding tax, according Ernst & Young.
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CalPERS wins right to vote on REIT board
UNITED STATES – California Public Employees Retirement Systems (CalPERS) has won support from fellow shareholders to introduce annual board elections at a specialist hotel real estate investment trust (REIT).
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UK REITs’ cash position strengthened
UK – Real estate investment trusts in the UK will be able to issue stock dividends in lieu of cash dividends if the current government remains in power after the next general election. UK chancellor Alistair Darling made the announcement in his pre-election Budget on Wednesday following lobbying pressure from ...
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German pension funds find a way to tap core US real estate
US/GERMANY – Invesco Real Estate has raised $120m (€87m) from four German institutional investors to invest in core US real estate.
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Hamborner resurrects German listed real estate with Reit move
GERMANY – Hamborner has become the third real estate company in Germany to convert to a real estate investment trust (REIT) status, prompting speculation that the country’s REIT may finally start to grow.
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CBRE launch breaks into DC pensions
UK – CB Richard Ellis Investors has launched its first property fund aimed at the defined contribution (DC) pension sector.
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German property redemptions could carry two-year waiting period
GERMANY – Investors in German open-ended real estate funds will have to abide by a two-year holding period before redeeming their shares, if government plans come to fruition.
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Washington State creates its own real estate benchmark
UNITED STATES - Washington State Investment Board has dropped the NCREIF Property Index as the return benchmark it applied to its real estate portfolio.
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Clavis Walden paifs the way with new structure
UK – Clavis Walden has become the first fund manager to launch a property authorised investment fund (PAIF), an open-ended fund structure offering pension funds the same UK tax benefits as a real estate investment trust (REIT).
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UK real estate recovery looking shaky - experts
UK – Economic forecasters and property market analysts have warned the recovery in UK commercial real estate market could be unsustainable.
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IASB backs down from balance sheet property valuation plans
GLOBAL – The International Accounting Standards Board (IASB) has indicated it will not adopt proposals forcing real estate companies to remove property values and rental income from their balance sheets.
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'Stuck' on governance: perspectives at PREA
Governance issues and the investor/manager relationship occupied centre stage at this year’s PREA Annual Plan Sponsor Real Estate Conference in Beverly Hills, as Martin Hurst reports.
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Sovereign wealth funds hit by US property tax
GLOBAL - Sovereign wealth funds (SWFs) have been dealt “a significant blow” by changes to the US tax regime, according to Steve Renna, president of the National Association of Real Estate Investment Managers (NAREIM).
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GE pension fund caught up in real estate loan battle
FRANCE – Creditors of Paris office complex Coeur Défense may appeal a court ruling which forced them to extend a securitised €1.5bn loan to the property’s joint owners, one of which is a General Electric pension fund.
