Top Stories – Page 1119
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Philips fund ups real estate sale as experts mull liability
NETHERLANDS – The €14.6bn Dutch pension fund of electronics giantPhilips has further dismantled its real estate portfolio, a processinitiated following an investigation started into the alleged realtyfraud within the fund.
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Arizona State cuts follow-ons to limit market impact
UNITED STATES - Arizona State Retirement System is cutting back on its follow-on commitments to existing real estate investments but still diversifying some assets to prevent ‘denominator’ damage of over-allocation.
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Kåpan eyes more real estate after poor year
SWEDEN – The SEK32.7bn (€3.5bn) Kåpan Pensioner scheme forgovernment employees booked a return of 2.1% for 2007, and now plans toincrease its real estate allocation to 10%.
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LaSalle warns of poor Reits performance
United States - LaSalle Investment Management Securities has indicated the performance of US REITs was lackluster in the fourth quarter of 2007 and further is likely to be for the coming months.
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CalSTRS invests $100m in Nordic real estate
UNITED STATES - California State Teachers Retirement System has bolstered its international real estate portfolio with commitments to three new investment entities totalling nearly $252m (€165.2m), including $100m in Nordic property.
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Virginia to ups its real estate potential
UNITED STATES - Virginia Retirement System has approved a policy to increase its real estate allocation from 7% to 10%.
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Texas buys into Latam real estate
UNITED STATES - Teacher Retirement System of Texas has approved $250m (€164.4m) worth of real estate commitments so far in 2008, including an investment in Pramerica’s Latin American residential offering.
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AP3 urges lifting of infrastructure limits
SWEDEN - Swedish buffer fund AP3 is stepping up its efforts to persuade the Swedish government to lift restrictions on pension fund investments in infrastructure.
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Swedish shoppers overtake industrials
SWEDEN - Swedish retail has overtaken office as the market’s best performing sector, according to the 2007 Swedish Annual Property Index.
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European property to slow despite pensions intervention
Investment in commercial property, having survived the 2007 credit crunch, will tail off in 2008 despite a liquidity injection from liquid investors, investment house Aberdeen has predicted.
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Dubai wealth fund offers €3.1bn for Colonial
GLOBAL – Sovereign wealth fund the Investment Corporation of Dubai (ICD) is seeking approval from two major shareholders in Colonial for its €3.1bn offer for the Spanish property firm.
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Doubt over debt deal could put BAA on block
SPAIN - Infrastructure firm Ferrovial has claimed it will go ahead with its £9bn (€11.7bn) refinancing plans despite rumours suggesting Australian infrastructure investor Macquarie was circling the UK airports operator BAA.
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EC pursues UK and Belgium over EPC status
EUROPE – The Belgian and UK governments are being taken to task by the European Commission for their failure to implement EU requirements stating how energy performance in buildings is measured.
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Norway appoints Partners Group for real estate advice
NORWAY – The Norwegian Ministry of Finance has appointed PartnersGroup to provide real estate consultancy services to the NOK 2.1trn(€265bn) Government Pension Fund - Global.
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German doctors mull infrastructure
GERMANY – The €9bn Nordrheinische Ärzteversorgung (NAEV), the German pension fund for doctors in the North Rhine region, is contemplating a move into infrastructure investments.
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CalPERS allocates $2.4bn to timberland
UNITED STATES - California Public Employees Retirement System (CalPERS) has made an initial new allocation to invest 1% of its total plan assets in timberland, which means $2.4bn (€1.6bn) could be invested to the property type over several years.
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New Jersey considers $350m for non-core
UNITED STATES - New Jersey Division of Investment is looking at placing $350m (€232m) into non-core real estate investments through commitments to six commingled funds.
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Chicago Teachers reviews 'emerging managers' status
UNITED STATES- Public School Teachers’ Pension and Retirement Fund of Chicago is looking at investing $125m (€84.3m) this year, in international real estate and emerging managers, once the scheme has reviewed its definition of an ‘emerging manager’.
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Washington places $250m in 'non-traditional' real estate
UNITED STATES - Washington State Investment Board has approved a $250m (€168m) commitment into the Morgan Stanley Real Estate Special Situations III commingled fund, to gain global exposure to real estate companies.
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US pensions show appetite for entity-level investing
UNITED STATES - School Employees Retirement System of Ohio is one of several pension funds in the United States showing a significant interest in placing capital into entity level real estate investments.
