Retail – Page 119
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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.
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Pennsylvania eyes opportunities in $461m placement
UNITED STATES - Pennsylvania Public School Employees Retirement System has approved new real estate commitments totaling $461.5m (€293.5m) in the opportunistic sector.
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CalSTRS buys into opportunistic projects
UNITED STATES - California State Teachers Retirement System has grown its opportunistic real estate portfolio by $154m (€100.2m) through two new commitments, including one to a new development project in Washington DC.
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New player to enter 'B-Class' real estate
UNITED STATES - Former principals of Somera Capital Management have created a new player in the real estate manager market called Pacific Retail Capital Partners
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Swedish shoppers overtake industrials
SWEDEN - Swedish retail has overtaken office as the market’s best performing sector, according to the 2007 Swedish Annual Property Index.
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Dubai wealth fund offers €3.1bn for Colonial
GLOBAL – Sovereign wealth fund the Investment Corporation of Dubai (ICD) is seeking approval from two major shareholders in Colonial for its €3.1bn offer for the Spanish property firm.
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New Jersey considers $350m for non-core
UNITED STATES - New Jersey Division of Investment is looking at placing $350m (€232m) into non-core real estate investments through commitments to six commingled funds.
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GIC acquires Finnish retail
FINLAND - GIC, the €145bn Singapore sovereign wealth fund, has acquired 40% of one of Finland’s largest shopping centres for €131.6m.
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Strapped UK investors are still shopping
UK/EUROPE - Investors are still confident in the UK shopping centre market despite a sharp drop in transaction values in the second half of 2007, according to a DTZ report.
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Nevada PERS strengthens ‘all-cash’ core status
UNITED STATES - Nevada Public Employees Retirement System has decided to grow its real estate portfolio through the acquisition of core assets adopting all-cash purchases.
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Ireland returns 10% despite Q4 slide
IRELAND - Irish property returned just under 10% in 1007, despite dropping 2.3 percentage points to 1% in Q4, according to IPD data published last week.
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German 2nd tier delivers 7.5%
GERMANY - Investment in secondary German commercial is paying off, according to Swiss private equity investor Corestate Capital.
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Investor confidence sinks UK property
UK – The UK commercial property market saw its biggest fall in value for more than a decade in 2007, according to the Investment Property Database, but experts warn there could be more to come as investors have been selling more liquid, prime real estate.
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Ohio Police & Fire shifts direct property into core fund
UNITED STATES - Ohio Police & Fire Pension Fund has made a $200m (€135.4m) investment with Invesco, as part of a deal which sees some of its properties move into its core real estate fund.
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LACERA commits to pan-European fund
UNITED STATES - Los Angeles County Employees Retirement Association has approved a $25m (€16.9m) commitment into the Europa fund III commingled fund, which is also expected to contribute to Nordic and Swiss property deals.
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UK rally 'will be short-lived'
UK - Property shares will rally by up to 20% between now and mid-year before halving in value over the subsequent 18 months as the economy slides into recession, according to a research note from Morgan Stanley, the investment bank.
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AP Pension makes first direct Asia property bet
DENMARK -- AP Pension, the Danish occupational pension scheme, haschannelled DKK130m (€17.4m) into an Asian property fund with aportfolio of shopping centres – its first direct foray into Asian realestate funds.
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Serbia: 'the new Poland'
EUROPE - Investors will target Balkan states for returns fast disappearing from Central and Eastern European (CEE) property markets, judging by an Serb acquisition announced last week by Merrill Lynch.
