All articles by Richard Lowe – Page 88
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REITS body predicts market upturn, as HSBC predicts down
GLOBAL – Real estate investment trusts (REITs) and other listed property companies could be in a position to “mount a startling about-turn in fortunes” as investors begin to allocate capital back to the sector, according to Reita.
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Impact of Dubai shock still polarised - analyst reactions
GLOBAL – Concerns that Dubai World’s need to deleverage will place a downward pressure on global real estate prices are unfounded, according to Dan Fasulo, head of research at Real Capital Analytics. Yet officials at real estate specialists Hatfield Phillips disagree.
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Nordic real estate predicted to take a hit
NORDICS – Investments in the Nordic real estate markets are expected to deliver negative returns for 2009, according to a new report from Aberdeen Property Investors.
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FirstProperty to target UK pension funds
EUROPE – First Property is aiming to move back into the UK commercial real estate market, after concentrating for several years on Central and Eastern Europe (CEE), with the launch of a new vehicle for pension funds.
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Market downturn holds back funds growth
GLOBAL – More than 200 new unlisted real estate funds are estimated to have come to the market in 2009, but this represents a 73% reduction in the number of funds launched globally since the height of the market in 2007.
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Swedish pensions break into secure locations
SWEDEN – A consortium of Swedish pension funds has purchased two ongoing real estate projects from developer Skanksa, which specialise in crime prevention.
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Germany revisits real estate redemptions pressure
GERMANY – Redemption freezes have been reinstated on a number of German open-ended funds (GEOFs), including Aberdeen Immobilien Kapitalanlagegesellschaft’s (formerly DEGI) and the DEGI Europa and DEGI International funds, which both include institutional money.
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Cornerstone moves into Europe via Protego
GLOBAL – Protego Real Estate Investors has been bought by Cornerstone Real Estate Advisers, a wholly-owned subsidiary of the Massachusetts Mutual Life Insurance Company (MassMutual).
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Gellatly's FoFs follow to Aviva
EUROPE – Aviva Investors has taken over the management of BlackRock’s European fund of funds vehicles following fund manager John Gellatly’s move from the latter to the former in September 2009.
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Pension funds buy up retail targets
UK – LaSalle Investment Management has purchased a shopping centre in the UK on behalf of one pension fund client and secured new tenant leases for two others.
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Korea’s pension reserve buys HSBC tower
UK – HSBC Bank has agreed to sell its London headquarters in Canary Wharf to the National Pension Service of Korea (NPS) for £772.5m (€861m) in cash.
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SRI real estate fund gains positive pensions start
UK – Local authority pension funds have given their financial backing to a new socially-responsible real estate fund based in the UK and launched by Bridges Ventures.
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Unite signs real estate deal with popular M&G fund
UK – Student housing specialist manager Unite has agreed to a sale-and-leaseback arrangement for one of its flagship assets in Bristol with the M&G Secured Property Income Fund for a total cash consideration of £21.5m (€24m).
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Avon pension fund to invest in secondary real estate
UK – The Avon Pension Fund will invest through the secondary market to gain access to real estate funds via its recently-appointed global property investment manager.
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Fimit and Pirelli eye asset pooling 'merger'
ITALY – Real estate investment management company Fimit, which is partly owned by Italian pension funds, is planning to merge with real estate arm of Pirelli.
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US pension funds warned of prolonged property dislocation
US – There are concerns in the US that pension fund allocations to real estate could suffer as a result of prolonged dislocation and modest performance in the coming years, the latest report by PricewaterhouseCoopers and ULI has revealed.
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Korea’s NPS moves into London offices
UK/South Korea – Rockspring Property Investment Managers has acquired the first two UK real estate assets for the National Pension Service (NPS) of South Korea, after being appointed to target prime central London assets.
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Investor demand sees Hermes shift money into PUT
UK – Hermes Real Estate will “phase” new investments into its UK Property Unit Trust (HPUT) following an upturn in demand from corporate pension funds and local authorities.
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Maudsley lands a new role
EUROPE – Charles Maudsley, currently co-head of Europe for LaSalle Investment Management alongside Simon Marrison, is leaving to work for British Land and will not be replaced.
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USS makes industrial move
UK – The Universities Superannuation Scheme (USS) has continued to build its exposure to the UK industrial sector with the purchase of the Great Western Industrial Park in Southall, West London for £110.4m (€124m).
