All Real Assets articles in September 2008 (Online)
View all stories from this issue.
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News
Felix turns off the road and into Aviva
UNITED STATES – Steve Felix, well-known in the pensions and institutional real estate market, is leaving his full-time writing behind and joining Aviva Investors to become head of marketing for its North American real estate multi-manager products.
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Union seeks growth through Axa CEO
GERMANY - Hamburg-based investment management firm Union Investment Real Estate (Union) has appointed Karl-Joseph Hermanns-Engel to its management board with specific responsibility for the €14bn firm’s international asset management operations.
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Russia to be avoided, warns JP Morgan
RUSSIA - Investors should avoid Russia as a potential area of growth as its property markets will be the hardest hit if the world’s largest country is drawn to the impending global recession, JP Morgan Chase has claimed.
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CalPERS appoints infrastructure manager
UNITED STATES - California Public Employees Retirement System has hired Randall Mullan as its senior portfolio manager for infrastructure investments.
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Germany steps in protect Hypo’s funds behind the funds
GERMANY – A consortium of German banks has stepped in at the eleventh hour to provide Hypo Real Estate, a provider of loans and financing to real estate purchases and funds, with assets to meet its financing obligations.
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Three out of four funds stand firm to real estate
UK – Three-quarters of UK pension funds are either maintaining or increasing their current level of exposure to real estate despite the recent turmoil in their domestic commercial property market.
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Washington State agrees $1.15bn investment
UNITED STATES - Washington State Investment Board has made three commitments in real estate and the tangible asset classes amounting to $1.15bn (€782m).
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New Jersey considers fresh investment
UNITED STATES - New Jersey Division of Investment maybe investing as much as an additional $15m (€10.2m) of capital into the Morgan Stanley Real Estate Fund VII Global commingled fund.
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Ohio School Employees moves into Asia
UNITED STATES - The School Employees Retirement System of Ohio has approved a commitment of $50m (€34.2m) in the Carlyle Asia Real Estate Partners II commingled fund.
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ING Clarion raises $200m for development fund
UNITED STATES - ING Clarion Partners has signed $202m through the capital raising on its latest commingled fund, Clarion Development Ventures III, following support from seven institutional investors, including New York State Teachers Retirement System.
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Sacramento County hires international REIT manager
UNITED STATES - Sacramento County Employees’ Retirement System has selected CB Richard Ellis Global Real Estate Securities as its international (ex-US) REIT manager.
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Non-listed real estate stays top buy in poor conditions
EUROPE - Non-listed real estate funds remain the asset class of choice among institutional investors looking to increase their investments in European real estate in turbulent times, according to a study by INREV, the Amsterdam-based European association for investors in non-listed real estate vehicles.
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Student accommodation contrasts economic slowdown
UK - The UK student accommodation sector is continuing to thrive while most other property sectors feel the pinch in tough economic conditions, according to real estate consultancy group King Sturge.
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Knight Frank expands Middle East operations
MIDDLE EAST - London-based global real estate management and advisory firm Knight Frank has extended its global network by opening a office in Bahrain to cover the burgeoning Middle Eastern property market.
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MEAG appoints new managing director for real estate
GERMANY - Munich Ergo Asset Management (MEAG) has appointed Günter Manuel Giehr as head of its global real estate operations.
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Swiss cut real estate investment limit
SWITZERLAND – The Swiss government has passed new investment regulations for Pensionskassen which put more emphasis on the prudent person principle and the responsibility of heads of Pensionskassen but which also lower the investment limits on assets such as real estate.
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REIT changes demanded
GERMANY – German REIT companies have a long list of demands on how to change the REIT legislation, according to the online information portal www.reits-in-deutschland.de.
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IVG and Metzler lose their heads
GERMANY – German real estate company IVG will have to look for a new chief executive as Wolfhard Leichnitz is leaving the company at the end of September.
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CalPERS uses $700m to tap opportunity
UNITED STATES - California Public Employees Retirement System is continuing to pursue its international real estate investment strategy by placing $700m (€493.8m) in real estate commingled funds generating targeted net IRRs of 20%.
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CalSTRS creates emerging manager real estate programme
UNITED STATES - California State Teachers Retirement System is developing an emerging manager strategy in real estate for the first time.
