Top Stories – Page 1154
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US institutions: over-liquid and over here
REAL ESTATE - CalPERS’ investment in European real estate will spur other US pension funds to invest in European office and retail, according to Henderson Global Investors. "If the logic has been accepted by CalPERS, it will be accept...
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HVB sells real estate non-performing loans
REAL ESTATE - Hypovereinsbank (HVB) has sold a third portfolio of non-performing real estate loans to Goldman Sachs for an undisclosed price. The portfolio, which the German bank sold by competitive auction, comprises loans in the lowest risk cla...
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Rodamco buys into Moscow retail market
REAL ESTATE - Real estate investor Rodamco Europe has set a first step onto the Moscow property market, by acquiring a 50% stake in the retail centre-under-development Metropolis, it has announced. Its investment of €200m in the ‘top-...
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Clarion creates new US hospitality unit
REAL ESTATE - Clarion Partners figures to become a major player in the investment of hotels with its creation of a new investment unit, The ING Clarion Hospitality Group. This was established to take over responsibility of the real estate manager...
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German firm criticises G-REITs legislation
REAL ESTATE – German property firm IVG Immobilien has lambasted the government legislation creating German real estate investment trusts (G-REITs), saying that unless it is improved, G-REITs will not be successful. Germany’s parliament...
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ABP declares interest in running Dutch toll roads
REAL ESTATE – The €201bn civil service pension fund ABP is willing to operate one or more motorways in the Netherlands as toll roads, its chairman Elco Brinkman said. The conditions are that ABP would get the rights for at least 30 yea...
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UK green-belt residential gets gov't okay
REAL ESTATE - A campaign to scupper the construction of a satellite town in England’s greenbelt has slated landowner the BP Pension Fund as "secretive" and "unresponsive". The remarks, made by Nigel Clarke of the St...
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MEPs’ fund goes into real estate
REAL ESTATE - The €190m (£127.85m) Members of European Parliament Pension Fund is moving away from bonds in favour of euro-zone property to increase the diversification within its portfolio. The news was first announced in a press relea...
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VastNed acquires properties Madrid properties
REAL ESTATE - Retail real estate fund VastNed has acquired two properties in a top location in Madrid, it announced. In a €10m transaction, VastNed purchased shop-premises of 256m2 and 120m2 respectively in the Calle de Fuencarral, a shoppin...
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German Upper House wants housing REITS
REAL ESTATE – The Bundesrat, the Upper House of the German parliament, has opposed excluding municipal housing from German REITs, which are to be introduced next year. The representatives of the German provinces argued that an exclusion of ...
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Italian REITs ‘set for slow start’ – Merrill
REAL ESTATE - Merrill Lynch last week gave a warm response to the Italian government’s decision to introduce REITs in July 2007, although it hinted that the REITs market would have a slower start than the UK and Germany. In a research note ...
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US schemes back international REITs
REAL ESTATE - More US pension funds based are looking at placing capital into international REITs. Two of the most recent examples of this are State Universities Retirement System of Illinois and the Orange County Employees Retirement System....
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Schroders buys German real estate manager
REAL ESTATE - Schroders says it has agreed to buy German real estate asset manager Aareal Asset Management GmbH for an initial £18.8m (€28m) from Aareal Bank. Wiesbaden-based AAM has €1.9bn in assets under management and manages s...
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Eurocastle acquires €2.1bn Deutsche portfolio
REAL ESTATE - Eurocastle, the offshore real estate investment vehicle of US private equity firm Fortress, has acquired a 61-property German portfolio from DB Real Estate for €2.1bn. The firm will fund the deal via a combination of the procee...
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LA mulls new real estate investments
REAL ESTATE - The Los Angeles City Employees’ Retirement System will be looking at investing in the MacFarlane Urban Real Estate Fund II and Buchanan Fund V. The move came at its investment committee meeting on December 4. These investment...
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Land Securities converts to REIT
REAL ESTATE - Land Securities has confirmed that it is to convert into a Real Estate Investment Trust on January 1 next year following its Extraordinary General Meeting. It said 99.1% of shareholders backed the decision. The conversion will result...
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Massachusetts PRIM allocates extra $300m
REAL ESTATE - The Massachusetts Pension Reserves Investment Management Board has set aside $300m for a value-added strategy through one of its separate account real estate managers. Mass PRIM has Lou Canlas as senior investment officer for real es...
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Germany’s NAEV ups real estate exposure
REAL ESTATE – Germany’s NAEV, a €7.75bn medical pension fund, will expand investments in real estate investment trusts (REITs) and other real estate securities over the next three years, says Hermann Aukamp, NAEV’s director of...
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CalSTRS commits $100m to emerging manager fund
REAL ESTATE - The California State Teachers Retirement System has made a $100mn commitment to the Scout Fund that is being managed by Hawkeye Partners. This commingled fund will look to sign up between six to eight emerging managers for the fund....
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Belgium in €500m real estate sell-off
REAL ESTATE – The Belgian federal state is selling off government property, among which some historic buildings, to balance this year’s budget showing a €500m gap. In a notice of sale the Belgian Federal State today announced tha...
