All articles by Richard Lowe – Page 87
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UK office sees institutional resurgence
UK – An influx of cross-border investors caused investment activity in the central London office market to surge to a value of £2.7bn (€3bn) in the third quarter of 2009, according to CB Richard Ellis.
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European rents have settled but problems still remain - JLL
EUROPE – Prime rental levels stabilised in the majority of European markets in the third quarter of 2009, according to Jones Lang LaSalle.
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Alecta gains ground in Stockholm
SWEDEN – Swedish property company Jernhusen has sold a land site under the World Trade Center (WTC) in Stockholm to Alecta Pensionsforsakring, and bought neighbouring property Orgelpipan 6 from Folksam.
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Aviva pensions vehicle buys a stake in Sainsbury’s
UK – Aviva Investors’ pooled UK real estate vehicle for pension funds has returned to the market by agreeing to buy a Sainsbury’s food store under development in County Durham, England.
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UK pension fund sells LandSecs HQ
UK – LaSalle Investment Management has sold the headquarters of Land Securities in London on behalf of an unnamed pension fund client.
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Savills sets focus on real estate alternatives
UK – Savills has launched a series of papers to identify alternative property sectors, in response to unprecedented volatility seen in the mainstream UK commercial real estate market.
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VBV re-grades real estate as higher risk
AUSTRIA – The financial crisis has prompted Austrian pension fund VBV to view real estate investing as more risky and tactical in nature than previously assumed, and requiring a more flexible allocation policy.
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INREV members fear market will not recover until 2011
EUROPE – Investor sentiment among the unlisted real estate funds community in Europe has deteriorated since the end of 2008 to the extent that most believe markets will not improve before 2011.
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Varma acts on real estate regrowth
FINLAND – VR Pension Fund has re-entered the real estate market after a two-year absence, following the decision by a Finnish construction company to sell assets to local pension funds.
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INREV sees continued delays to fund terminations
EUROPE – Investors in unlisted real estate vehicles are more often than not opting to delay fund terminations due in the next two to three years.
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Liability-driven investment ‘should contain property’
UK – Liability driven investment (LDI) portfolios should include commercial real estate, according to Pramerica Real Estate Investors.
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USS disposes of industrial space
UK – The Universities Superannuation Scheme (USS) has sold 11 industrial assets from its recently acquired Equiton portfolio to Scottish Widows Investment Partnership Property (SWIP) Trust.
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Aberdeen pension fund goes shopping in East Anglia
UK – Aberdeen Property Investors has purchased five retail units in the UK on behalf of the Aberdeen City Council Pension Fund.
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BBC pension fund moves out of London’s Regent Street
UK – CB Richard Ellis Investors has confirmed the sale of Mutual House, owned by the pension scheme of the British Broadcasting Corporation (BBC), for £30m (€32.1m), reflecting a yield of 5.4%.
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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.
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USS snaps another high street bargain
UK – The Universities Superannuation Scheme (USS) has made another retail acquisition in the UK, taking its total UK real estate investment in 2009 to £300m (€327m).
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INREV’s van Doorn returns to ING roots
EUROPE – Lisette van Doorn is leaving the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) to rejoin ING Real Estate Investment Management.
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SWIP re-enters European retail property
EUROPE – Scottish Widows Investment Partnership (SWIP) has signalled its intention to re-enter the continental European real estate market with the launch of retail fund run in partnership with Cushman & Wakefield Investors (CWI).
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Oregon tops up distressed debt real estate holdings
US – Oregon Public Employees Retirement Fund has demonstrated its ongoing commitment to Lone Star Funds by committing a further $400m (€273.6m) of capital to the distressed real estate debt specialist.
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APG-led action forces ProLogis into talks
EUROPE – Prologis European Properties (PEPR) has postponed an extraordinary general meeting (EGM) following shareholder activism led by APG.
