Top Stories – Page 1151
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Euro-REITS take off as US veterans de-list
REAL ESTATE - European investors are looking to real estate for high yields and low volatility – except Dutch pension funds, which are looking for geographic diversification, according to a RREEF report into the global real estate securities ma...
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HSBC considers selling Canary Wharf HQ
REAL ESTATE - UK banking giant HSBC is considering selling off its UK headquarters in Canary Wharf in a 15-year sale-and-leaseback deal. No price tag has yet been attached to the world’s largest single-occupier building. An HSBC spokesman s...
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ECP to focus on increased exposure in Sweden
REAL ESTATE - Euro Commercial Properties will focus on increasing its present exposure of 19% in Sweden, it announced. The property investor and developer has budgeted €220m for upgrading and developing its existing retail centres within its...
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Missouri pension fund creates real estate allocation
REAL ESTATE - The Missouri Local Government Employees Retirement System has established a real estate allocation for the first time. The amount that was approved is 5% of its total assets. The pension fund made this decision at its recent board m...
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European office ‘will continue to perform’
REAL ESTATE - European office will continue to perform overall in 2007, according to IVG’s recently published Real Estate Barometer. IVG attributed the sub-sector’s "extraordinary" sales volume last year to falling yields...
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EOP prefers Blackstone’s $39bn bid, spurning Vornado
REAL ESTATE - The Blackstone group has ended up as winner of the bidding war, by Equity Office Properties’ decision to agree with its $39bn all-cash offer. After EOP’s board of trustees had already reaffirmed their acceptance of the Bl...
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CalSTRS expands US apartment JV with BlackRock
REAL ESTATE - California State Teachers Retirement System is in the process of expanding its apartment joint venture with BlackRock Realty called BlackRock Cal I, LLC. The pension fund will be contributing $300m(€231m) of additional equity t...
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AP3 to set up Asian property fund
REAL ESTATE - AP3, the third Swedish buffer fund, has awarded a second mandate in as many weeks to Aberdeen Property Investors – this one for a €250m Asian property fund-of-funds. The fund is scheduled to complete its fundraising by Q2 20...
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London’s Croydon diversifies into real estate
The fund, which is currently exclusively invested in equities, is seeking a real estate investment manager for a 10-year contract to manage a property portfolio of between £40m—£60m (€60.5m—€91m).
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Rockpoint Group raises $500m for new commingled fund
REAL ESTATE - The Rockpoint Group has raised approximately $500m(€387m)of equity for its newest commingled fund, Rockpoint Finance Fund I. The commingled fund has a unique investment strategy. The large majority of its transactions will be ...
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VastNed mulls €50m shares offering for expansion
REAL ESTATE -The pan-European retail property investment fund VastNed Offices-Industrial is considering an €50m share offering to finance future acquisitions, it announced. VastNed intents to place the shares privately with institutional inv...
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Angelo Gordon raises $160m for net-lease fund
REAL ESTATE - Angelo, Gordon & Co recently finished the money raising portion of its latest commingled fund, AG Net Lease Realty Fund LP. The total amount of equity in the fund is $160m(€124m). The alternative investment manager attract...
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UK commercial outperforms equities – for now, says IPD
REAL ESTATE - Property outperformed both UK equities and bonds in 2006, returning 17.9% against 16.8% for UK equities and –0.1% for bonds, according to figures just published by IPD. However, at 3.7% Q4 delivered a return slightly down from...
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Pennsylvania Public School to place up to $525m in real estate
REAL ESTATE - The Pennsylvania Public School Employees Retirement System has approved investments in two commingled funds that could total $525m(€406m). The pension fund took this action at its recent board meeting Pennsylvania Public Schoo...
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Corio to invest €85m in European retail centres
REAL ESTATE - Property investor and manager Corio has entered into agreements on the extension and redevelopment of retail centres in France and Holland, for a total amount of over €85m, it has announced. In an €18.3m transaction, Cori...
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UBS in JV with Alder to exploit southeast US opportunities
REAL ESTATE - UBS Global Asset Management and the Alder Group have formed a joint venture to invest in up to $300m(€232m) worth of assets in the southeast in the US. The debt to equity ratio for the transactions are 60%-40%. The venture wil...
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Oklahoma pension fund to invest in real estate for first time
REAL ESTATE - The Oklahoma Police Pension and Retirement System has decided to invest in real estate for the first time with a new commingled fund manager search. The pension fund has Judy Collins at its chief financial officer. She said: "...
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Rodamco in four-for-one share split move
REAL ESTATE - Property investor and manager Rodamco Europe proposes to split its shares to increase its liquidity and accessibility. At its next annual general meeting, the company will ask shareholders to agree to a split in the ratio of 4 new sh...
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Swiss pension fund sells 23 properties to Avadis and mandates Arlington
REAL ESTATE – BLPK, a CHF5bn (€3.1bn) Swiss pension fund, has sold 23 properties worth CHF221m to asset manager Avadis to diversify its real estate portfolio. BLPK said that as part of its deal with Avadis, it had obtained a shareholdi...
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Institutions could miss out on slice of €1bn ‘gherkin’
REAL ESTATE - Reinsurance firm Swiss Re has sold its landmark London headquarters in St Mary Axe to – known to Londoners as The Gherkin – to German property firm IVG for £630m (€950m). IVG acquired the building for one of i...
