Top Stories – Page 1110
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Ohio PERS prepares for move overseas
UNITED STATES - Ohio Public Employees Retirement System is getting ready to make its first ever move into investing in international REITs.
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Pramerica books space at Mexican resort
UNITED STATES - Pramerica Real Estate Investors is expecting to invest as much as $800m (€517m) over several years in a joint venture to develop the second phase of a project along the Sea of Cortez in Mexico, known as CostaBaja Resort & Marina.
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SanFran City & County ups real estate assets by 2%
UNITED STATES - San Francisco City & County Employees’ Retirement System has decided to increase its exposure to real estate to 12%.
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Maryland sees value in adding to real estate
UNITED STATES - Maryland State Retirement System has signed a deal to invest with a new manager to the fund, by committing $100m (€64.6m) to the Rockwood Capital Real Estate Partners VIII fund.
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LACERA extends its hotel funds holding
UNITED STATES - Los Angeles County Employees Retirement Association has further diversified of its assets into hotel investments, and approved a $100m (€64.5m) commitment to the Starwood Capital Global Hospitality Fund II.
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Managers launch green standard for old assets
EUROPE - A consortium containing four of Europe’s largest property investors has developed what it claims is the first standard to measure the sustainability of existing buildings.
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Japanese returns head for zero
JAPAN - Slowing capital growth is accelerating Japanese property’s downward growth trend, according to IPD, as new figures show there was a 5% fall in return to 11% between January and February.
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Hotels grow – but outside Europe
EUROPE - The hotel sector’s centre of gravity has lurched away from Europe, according to Martin Armitstead, DTZ’S managing director of EMEA hospitality.
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Care and cure ‘perfect for pension funds’
EUROPE - ‘Care and cure’ property assets are gaining appeal among pension funds because they offer a hedge against the broader economic downturn, according to ING Real Estate fund manager Wietse de Vries.
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Russian infrastructure spending to soar
RUSSIA –The Russian government has decided to increase infrastructure spending to over $1trn (€650bn) over the next 10-15 years, creating attractive investment opportunities in the Russian infrastructure market, suggests Pictet, the Swiss private bank.
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CalPERS-backed real estate entity files Chapter 11
UNITED STATES - LandSource Communities Development LLC, a US land investment entity backed by California Public Employees Retirement System, the largest pension fund in the United States, has filed for Chapter 11 bankruptcy protection.
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CalSTRS focuses eye on infrastructure
UNITED STATES - California State Teachers Retirement System has begun the process for eventually placing around $1bn (€644.m) of capital in infrastructure investments.
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Wisconsin follows the lower allocation trend
UNITED STATES – Yet another US pension fund has moved to reduce its allocation to real estate this year, as the State of Wisconsin Investment Board has cut its allocated capital by 14%.
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RREEF makes fresh executive hires
UNITED STATES - RREEF Alternative Investments has added to its executive staff with the hiring of Susan Barlow as managing director and head of global client relations.
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Thomas Properties and UBS sign office contract
UNITED STATES - Thomas Properties Group has created a new office building acquisitions joint venture with UBS Wealth Management to purchase assets in selected markets across the United States.
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Tricon Capital creates new investment platform
UNITED STATES - Tricon Capital Group has created a new investment platform for the recapitalisation of single-family communities.
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Blight to leave ING REIM
NETHERLANDS/AUSTRALIA - David Blight, chief executive of ING Real Estate Investment Management is leaving the company to return to his native Australia, the firm has announced.
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J-REITs are bowed but still borrowing
JAPAN - J-REITs are better positioned than other Japanese property firms to weather lender caution, according to a report published by Moody's which maintains a stable outlook for 20 of 22 rated J-REITs.
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Retail booms despite ‘weak’ Russian reputation
RUSSIA - Consumer spending power is driving resurgent growth in Russian retail real estate, according to Swedish fund manager East Capital following the launch of a retail property fund.
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Stay out of politics, OECD tells SWFs
GLOBAL - The OECD has apparently softened its stance on sovereign wealth funds (SWFs), welcoming their “constructive contribution” to economic development and lauding them as “a force for global financial stability”.
