Top Stories – Page 1121
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Nevada PERS strengthens ‘all-cash’ core status
UNITED STATES - Nevada Public Employees Retirement System has decided to grow its real estate portfolio through the acquisition of core assets adopting all-cash purchases.
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NYSTRS buys $250m in fresh real estate
UNITED STATES - New York State Teachers Retirement System has added a mix of international, opportunistic and structured finance funds to its real estate portfolio totaling up to $250m (€171.1m).
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Savanna creates first institutional fund
UNITED STATES - Savanna Investment Management has joined the institutional fund management business with the closing of its Savanna Real Estate Fund I.
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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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Avon PF to place 1/8th in multi-manager property
UK – Bath and North East Somerset Council is looking to alter the asset allocation strategy and passive equity holdings of the Avon pension fund, to accommodate diversification into UK and global real estate.
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DNB steps up scrutiny on Philips real estate scandal
NETHERLANDS – DNB, the supervisor of the Dutch pension sector, saidit is increasing its review of real estate transactions done by withDutch pension funds, on the back of fraud uncovered at the Philipspension fund, as well as increased volatility on the international realestate markets.
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US pension funds see 5% drop on real estate
UNITED STATES - The Transaction-Based Index compiled by the MIT Center for Real Estate has indicated the value of commercial real estate owned by the large pension funds in the United States fell 5% in the fourth quarter of 2007.
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CalSTRS expands industrial JV with new partner
UNITED STATES - California State Teachers Retirement System has expanded its joint venture industrial program beyond First Industrial Trust by creating a new relationship with Sealy & Company.
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US funds choose the commingled industrial option
UNITED STATES – Some pension funds in the United States are showing evidence of preferring to invest in industrial properties through commingled funds, rather than direct.
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Oregon to spend $700m on real estate
UNITED STATES - Oregon Public Employees Retirement Fund has approved an investment worth $700m (€477.7m) into three real estate commingled funds.
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Pramerica sets up hotel JV
UNITED STATES - Pramerica Real Estate Investors has formed a new joint venture with Ashford Hospitality Trust to invest in hotel properties through structured debt and equity.
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Hewitt urges caution on Irish property
IRELAND – Consultants have urged pension fund trustees to diversify away from Irish property in the medium term, despite property funds averaging 6.9% returns in 2007.
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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.
