Retail – Page 114
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Austrian property outperforms, despite sector fall
AUSTRIA - Austrian real estate returns outperformed both equities and bonds in 2007, despite a decline in retail – the best performing sector.
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TIAA-CREF moves into commingled space
UNITED STATES - TIAA-CREF has created its first commingled fund to be backed by third-party investment capital.
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UK shopping centre investors and developers stall
UK - Investors are holding off from acquisitions in the UK as shopping centre developments stall amid a funding crisis, according to two specialists at property consultancy Savills.
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Pricing and rents repeal increase Poland’s appeal
POLAND - Upward-moving rents and “rational” pricing are boosting the acquisition appeal of Polish property assets, according to James Rushworth, European property director at Standard Life Investments.
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Orange County works on commingled fund manager search
UNITED STATES - Orange County Employees Retirement System is nowworking on a search to hire new commingled fund real estate managers.
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Venture with SWF shows debt still in the black
UK/MIDDLE EAST – An Abu Dhabi sovereign wealth fund (SWF) is to pump £200m (€250m) into London & Stamford via a seven-year joint venture aimed at building a war chest for UK acquisitions.
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Washington State outshines Oregon’s commitment to Lone Star
UNITED STATES - Washington State Investment Board has approved a commitment of up to $600m (€375.1m) into the Lone Star Fund VI commingled fund.
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Canyon Capital raises $1bn for urban fund
UNITED STATES – US-based pension funds were among the biggest investors to Canyon-Johnson Urban Fund III, which has received equity commitments from investors totaling $1bn (€627.4bn).
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UK calls in green experts as EC targets shoppers
UK - The UK government is to examine existing buildings as part of a 'greening' agenda dominated to date by concerns over new-build standards.
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European retail needs 'further distinction'
EUROPE - Investors need to replace the distinction between Western and Eastern European real estate markets with one between mature and maturing Europe, ING Real Estate Development CEO Menno Maas said last week.
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Retail will continue to attract cross-border investment
EUROPE - Shopping centres will continue to attract cross-border property investments because they offer secure income and low risk, according to René Tremblay, CEO of Ivanhoe Cambridge.
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Illinois Teachers signs two core accounts
UNITED STATES - Teachers’ Retirement System of the State of Illinois has hired Cornerstone Real Estate Advisers and Invesco Real Estate as its new core separate account real estate managers.
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Swiss pensions increase AIFAA’s US play
UNITED STATES/SWITZERLAND - AIFAA, an investment company backed by 12 Swiss pension funds, has doubled the size of its real estate portfolio in the United States by acquiring two properties in all-cash deals for $72m (€45.9m).
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VastNed forced to reconsider takeover
NETHERLANDS - VastNed Retail, the €1.8bn property fund, has beenforced by majority shareholders, such as pensions investor PGGM, tore-consider its initial refusal to a takeover bid.
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Pension fund shops for real estate via AEW-Weingarten JV
UNITED STATES - AEW Capital Management and Weingarten Realty Investors have formed a $229m (€144.2m) partnership for the recapitalization of a US-based retail portfolio, which is expected to benefit an unnamed US pension fund.
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Finnish PFs invest in Portuguese retail
FINLAND/PORTGUAL - Finnish investors, including the €24.3bn Local Government Pensions Institution and pension insurer Ilmarinen, are among the reference investors in a Portuguese shopping centre fund.
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San Diego City expands its international focus
UNITED STATES - San Diego City Employees’ Retirement System is growing its international real estate investment program by investing in a commingled fund and moving its domestic REIT program to a global stage.
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Aberdeen pulls out of Swedish retail
SWEDEN - Aberdeen has radically reduced its exposure to Swedish retail, just weeks after the 2007 Swedish Annual Property Index claimed it as the year’s top-performing sector.
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RREEF enters German retail market
GERMANY - A RREEF-dominated consortium is to acquire 164 German properties housing Karstadt department stores, via a 49% stake in Canadian fund manager Highstreet.
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Protego seizes off-market opportunity to shop
FINLAND - Protego Real Estate Investors has acquired Helsinki’s Kamppi shopping centre for €452.5m in an off-market deal.
