Top Stories – Page 1116
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Swiss pensions increase AIFAA’s US play
UNITED STATES/SWITZERLAND - AIFAA, an investment company backed by 12 Swiss pension funds, has doubled the size of its real estate portfolio in the United States by acquiring two properties in all-cash deals for $72m (€45.9m).
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VastNed forced to reconsider takeover
NETHERLANDS - VastNed Retail, the €1.8bn property fund, has beenforced by majority shareholders, such as pensions investor PGGM, tore-consider its initial refusal to a takeover bid.
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New York stores assets in Europe
UNITED STATES - New York Common Retirement Fund has added European self-storage properties to its real estate investment program for the first time with the acquisition of a 51% interest in Public Storage’s Shurgard Europe operations.
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Pension fund shops for real estate via AEW-Weingarten JV
UNITED STATES - AEW Capital Management and Weingarten Realty Investors have formed a $229m (€144.2m) partnership for the recapitalization of a US-based retail portfolio, which is expected to benefit an unnamed US pension fund.
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Texas Teachers applies $600m to non-core property
UNITED STATES - Teacher Retirement System of Texas approved $600m (€382.1m) of new real estate commitments in March to non-core real estate commingled funds.
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Finnish PFs invest in Portuguese retail
FINLAND/PORTGUAL - Finnish investors, including the €24.3bn Local Government Pensions Institution and pension insurer Ilmarinen, are among the reference investors in a Portuguese shopping centre fund.
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Teeside "may up allocation"
UK - Teesside Pension Fund is mulling an increase to its real estate allocation as it has issued a tender for the management of its £95m (€120m) directly-held UK portfolio.
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European capital shifts to Bavaria
GERMANY - Fidelity is shifting its pan-European real estate operations to Munich, in an expression of confidence in the recovering German property market.
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Pension funds are "comfortable" with global investment
GLOBAL - Pension funds are increasingly comfortable investing in overseas markets they see as subject to increasingly global standards of transparency, according to Standard Life Investments.
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Norway pension fund allocates 5% to real estate
NORWAY – Europe’s largest pension fund, the NOK2136bn (€267bn)Norwegian Government Pension Fund – Global, has said it will switch 5%of its asset to real estate, while moving more money into emerging markets.
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Blackstone creates $10.9bn real estate fund
GLOBAL - The Blackstone Group has closed its latest real estate fund and achieved capital commitments totally $10.9bn (€6.93bn) - an impressive total during a difficult time for fund-raising.
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Europe wins lion’s share of real estate inflows
EUROPE - Europe was the major target of global capital flows for real estate transactions in 2007, capturing 40% of the total $339bn (€215bn) in real estate transactions last year, according to data released by Real Capital Analytics (RCA).
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US REITs see turnaround
US – Real Estate Investment Trusts may be staging an investment comeback and breaking out of the trough they were stuck in for the last three quarters of 2007, suggest figures released by the National Association of Real Estate Investment Trusts (NAREIT).
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Financial crisis will affect 2008 result – IVG
GERMANY – While real estate asset manager IVG and some of its competitors reported record earnings for 2007, the companies there will fear the financial crisis will have a major impact on this year's results.
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Arkansas Teachers takes real estate to 10%
UNITED STATES – The Arkansas Teacher Retirement System has approved a new target for estate investments that is almost twice as much as the previous allocation.
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Morgan Stanley to create real estate FoFs
UNITED STATES - Morgan Stanley Investment Management has formed a fund of funds (FoFs) business in real estate.
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New Jersey commits to high return fund
UNITED STATES - New Jersey Division of Investment has approved a $100m (€64.1m) commitment to the Lehman Brothers Real Estate Partners III commingled fund.
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San Diego City expands its international focus
UNITED STATES - San Diego City Employees’ Retirement System is growing its international real estate investment program by investing in a commingled fund and moving its domestic REIT program to a global stage.
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Ohio Police & Fire invest $162m in real estate
UNITED STATES - Ohio Police & Fire pension fund has approved a real estate strategy to invest $162m (€103.8m) in the asset class for 2008.
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PREA delegates call the real estate recession
GLOBAL - It will take around 18 months for capital markets in commercial real estate to return to normal – that was the consensus among the more than 700 delegates attending the PREA Spring Conference in Boston last week.
