All articles by Richard Lowe – Page 92
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South Yorks invests in UK retail development
UK – The South Yorkshire Pension Fund has agreed to fund a shopping centre redevelopment in Wales for £11.8m.
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Sarasin launches new green listed fund
GLOBAL – Sarasin has launched what it claims to be the world’s first fund to specialise in investing in sustainable real estate companies.
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CalPERS in $1bn retail joint venture
US – California Public Employees' Retirement System (CalPERS) has entered into a joint venture with First Washington Realty, which will purchase close to US$1bn (€700m) in retail real estate assets from Macquarie CountryWide Trust.
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SBZ begins direct portfolio sell-off
NETHERLANDS - SBZ, the €2.2bn Dutch pension fund for care insurer employees, has made its first two disposals of direct property holdings as part of a transition to a wholly indirect real estate exposure.
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Teeside begins UK acquisition programme
UK - The £2bn (€2.1bn) Teesside Pension Fund, administered by Middlesbrough Council, has purchased its first real estate asset through its recently-appointed property manager LV Asset Management (LVAM).
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Etera reduces office exposure
FINLAND – The €4.9bn Etera Mutual Pension Insurance Company has sold business park Swing Life Science Center in Keilaniemi, Finland to fund manager CommerzReal for approximately €120m.
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NPS partners Carlyle Group in Tokyo office purchase
ASIA - South Korea’s National Pension Service (NPS) has entered into a joint venture with private equity firm The Carlyle Group to purchase an office building in Tokyo.
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Hercules receives backing from pensions giant
CANADA/UK - The Canada Pension Plan Investment Board (CPPIB) has injected £100m (€118m) into the Hercules Unit Trust (HUT), a UK retail warehouse fund run by British Land and Schroders, which is in the process of restructuring its £800m debt facility.
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BT pension fund sells miner’s head office
UK – Hermes Real Estate has sold 20-24 Carlton House Terrace, the UK headquarters of Anglo American, for £66.5m (€78.3m) on behalf of the BT Pension Fund.
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Danish doctors sell offices to Aberdeen
DENMARK – The Doctors’ Pension Fund in Denmark, Lægernes Pensionskasse (LP), has sold two fully-let offices in Copenhagen to Aberdeen Property Fund Denmark, but will be paid half of the €17.8m acquisition price in cash and half in fund shares.
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Henderson prepares for two-tier sustainability
UK – Henderson Global Investors is aiming to “future proof” its UK real estate assets against the emergence of a sustainability-led two-tier market, the fund manager announced today in its first responsible investment report (RPI).
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Goodman loses Wilkinson to AEW Europe
EUROPE - Rob Wilkinson is leaving the Goodman Group to head up AEW Europe’s fund management and separate accounts business.
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Progress continues on real estate sale
NETHERLANDS - Progress, the Dutch pension fund of food giant Unilever, has sold three housing complexes in Breda, Groningen and Nijmegen as it continues to divest its directly-held domestic real estate portfolio.
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ZIA enters new era with new president
GERMANY – Andreas Mattner, executive board member at German developer ECE Projektmanagement, has replaced Eckart John von Freyend as president of the German Property Federation (ZIA).
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ATP trains its eye to 'club’ investments
DENMARK – ATP Real Estate still has €300m of outstanding equity to put into the non-listed real estate markets, but has moved its focus away from large commingled funds to club deals with like-minded investors.
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UK commercial loans at risk of covenant breach
UK – More than three-quarters of UK commercial real estate loans could be in breach of their loan to value (LTV) covenants and there could be up to £50bn (€57bn) of negative equity in the market, according to William Newsom, head of valuation at Savills.
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Lewis moves onto next venture
EUROPE – Ric Lewis has left AEW Europe but will continue to advise two of its institutional real estate funds from the helm of new fund management company Tristan Capital Partners.
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Investor alignment could solve 'diversity' problems
GLOBAL - The common practice of having diverse investor bases in real estate funds poses significant challenges for pension funds’ due diligence, delegates heard at IPE Real Estate’s Investor Forum in Amsterdam last week.
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BPF Bouw alters real estate strategy
NETHERLANDS – BPF Bouw, the €24.2bn pension fund for the Dutch building industry, plans to increase the size of its global indirect real estate portfolio but in doing so will aim for a greater weighting to European markets and core investments with little or no leverage.
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Impact of governance unclear in market downturn
GLOBAL - Speakers at the IPE Real Estate Investor Forum in Amsterdam last week were split over the degree to which the quality of pension fund governance has affected investment performance during the current market downturn.
