Top Stories – Page 1054
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BA Pensions teams up with Columbus on City office buy
UK – The British Airways Pension Fund has entered into a 50/50 joint venture with the Columbus UK Real Estate Fund to acquire London City office Austin Friars House for £25m (€30.6m).
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APG to increase weighting to Asian markets
GLOBAL – APG, which manages the assets of the largest Dutch pension fund ABP, said it plans to increase its Asian real estate exposure by €1bn within the next five years.
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New index rates London City offices 'hottest' CRE market
GLOBAL – A new commercial property index launched in London this week found London City offices to be the world's most attractive commercial real estate market, underpriced by 11.6%.
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Rockspring completes first continental deal for Korea's NPS
GLOBAL – The National Pension Service (NPS) of Korea, the fifth-largest pension fund in the world, has acquired a 51% stake in the O'Parinor Shopping Centre in Paris for €223m.
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Louisiana Teachers to invest as much as $150m in real estate
GLOBAL – The Teachers’ Retirement System of Louisiana is planning on making $100m-150m (€78m-116m)) worth of commitments to opportunity funds in real estate over the next 12 months.
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Thursday people roundup
GLOBAL – Norges Bank Investment Management, Legal & General Property, Invista Real Estate Investment Management, CB Richard Ellis Investors, Redevco
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Rockspring completes multiple Spanish sale and leaseback deals
SPAIN – Rockspring Property Investment Managers has completed a €45m sale and leaseback deal in Spain on behalf of an unnamed UK pension fund.
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NYSTRS makes $50m allocation to Cornerstone fund
GLOBAL – The $72.5bn (€52bn) New York State Teachers’ Retirement System (NYSTRS) has approved a $50m commitment to the Cornerstone Patriot Fund, a commingled fund managed by Cornerstone Real Estate Advisers.
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Polish pension property reform 'would not eliminate risk'
POLAND – Asset managers would be unlikely to take on Polish pension funds' property portfolios even if domestic reforms were to lift restrictions on them investing in alternatives, according to Dariusz Stánko, a specialist at the Warsaw School of Economics.
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LaSalle KAG to tap mid-sized pension funds
GERMANY – The new German capital investment fund (KAG) announced by LaSalle Investment Management last week will tap small and medium-sized pension schemes struggling to adapt to globalisation.
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CEE transactions up, driven by prime retail
EUROPE – Liquidity for larger deals has improved due to greater activity from cross-border investors, according to a CBRE report on European retail.
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Pension schemes shifting toward city centres, says Cushman & Wakefield
EUROPE – European pension schemes are diverting their retail exposure away from shopping centres toward city-centre high streets in search of higher yields generated by active management.
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UK pension fund offloads estate after falling floors undermine asset
UK – The Coal Mineworkers Pension Fund has sold an industrial estate in Poole, Dorset, for £3m (€3.6m) after the floors of the 16-unit asset started sinking.
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LaSalle announces plans for KAG in Germany [updated]
GERMANY – LaSalle Investment Management has announced plans to launch a capital investment fund (KAG) in Germany in an effort to better cater to institutional investors in the Germanic region.
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F&C shareholders reject fund merger – for now
UK – Fund manager Ignis’ failed attempt to take over F&C's Commercial Property Trust (FCPT) this week is unlikely to halt consolidation in the UK market.
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Lifting pension property ban 'would save Polish market'
POLAND – The polish government needs to "get a grip" on its real estate market by lifting the prohibition on pension funds investment, according to Ben Habib, CEO of First Property, the London-listed Polish property investor.
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Illinois Teachers allocates $323m of new capital to real estate managers
GLOBAL - The Teachers’ Retirement System of the State of Illinois has awarded new allocations totaling $322.6m ($243.5m euros) to its four existing fund managers.
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LA public fund proceeds with real estate debt strategy
GLOBAL – Los Angeles County Employees Retirement Association (LACERA) has sanctioned investment in real estate debt for the first time.
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Law change promotes professionalism for Greek pension funds
GREECE – Provisions in the social security laws passed last month by the Greek government are set to kick-start greater professionalism in managing pension funds' real estate assets, a leading fund manager claimed.
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Growth in distressed sales begins to moderate
GLOBAL – The growth in distressed real estate transactions has slowed according to research from the Royal Institution of Chartered Surveyors (RICS).
