All articles by Shayla Walmsley – Page 45
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News
Pension property fund reaches €1bn
EUROPE - TKP Pensioen Real Estate Fonds (TREF), the pooled property fund set up in 1998 for the Dutch KPN and TNT pension funds, last week passed the €1bn mark to become the largest European property fund-of-funds.
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UK market 'has further to fall'
UK - HSBC analysts have claimed the UK market has further to fall, despite recent speculation it had already bottomed out following significant investment in UK property equities by GIC, the Singapore sovereign wealth fund.
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China set to buy Japan
ASIA - Liquid Chinese institutions could replace western investors in the region’s mature property markets, including Japan, according to Standard Life Investments.
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New Jersey PF pulls partners
UNITED STATES - New Jersey state pension fund is scouting institutional partners for infrastructure investment as part of a broader strategy aimed at leveraging critical mass to gain better deal terms.
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Canada scheme bags prime office
CANADA - CPP Investment Board (CPPIB), the investment arm of Canada’s CA$121.3bn (€82bn) public pension fund, has upped its exposure to domestic prime commercial with the CA$64m (€43m) investment in an Edmonton office block.
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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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GIC’s Russian venture comes with promise of disclosure
RUSSIA - The real estate subsidiary of GIC, the Singapore sovereign wealth fund (SWF), is to develop a new suburb outside Moscow via a joint venture with Russian residential developer PIK.
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AXA latest to lock in fund investors
EUROPE - AXA last week became the latest manager to halt investor withdrawals when it imposed a six-month deferral on “switches out, surrenders from and transfers out of” its AXA Pension property fund.
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MagazineRefracted reflection
The usefulness of indices relies on getting a good understanding of how they are put together, as Shayla Walmsley reports
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Technical change hits PFZW property returns
NETHERLANDS - PFZW, the €88bn Dutch pension scheme formerly known as PGGM, said it would maintain its current property allocation despite the portfolio’s significant underperformance in the last quarter.
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Investors retain appetite for private funds
GLOBAL - More than 80% of institutional investors will increase their allocations to non-listed property funds in 2008, with the remainder retaining their current holdings.
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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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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.
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ABP to move back into listed
NETHERLANDS – ABP is to up its investment in listed property, just months after the €215bn Dutch pension scheme divested part of its listed portfolio in Europe and US.
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NEPR quits Finland for Russia
NORDIC/RUSSIA - One of Finland’s key international investors indicated the market was approaching saturation last week as it sold off its remaining 39 hotel assets.
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Private equity performs despite credit woes
GLOBAL - Institutional investors are maintaining their investment in private equity property funds as the credit crunch fails to quell enthusiasm for the asset class, according to private equity firm Preqin.
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Enrichment claims send ‘inadequate’ OMERS board to court
CANADA - Ontario’s appellate court has passed for trial the main substance of a claim arguing the CA$48bn (€32bn) Ontario Municipal Employees Retirement System (OMERs) pension scheme was duped into “unjust enrichment” of directors of its real estate management firm.
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Equity build-up 'not evidence of bottomed-out market'
EUROPE - Industry analysts reaffirmed their forecasts for a mid-2008 return to fair value in the UK property market last week after GIC’s acquisition of shares in British Land triggered speculation the market had already started to bottom out.
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US state scheme invests in student housing
UNITED STATES - An unnamed US state pension fund has set up a US$100m (€67.5m) account to invest in student and faculty accommodation at the University of California.
