All Investment Vehicles articles 鈥� Page 291
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Lehman spins off real estate after $3.9bn loss
GLOBAL 鈥� Investment banking giant Lehman Bros is separating its commercial real estate business as a new listed entity and selling a majority stake in its investment management division after yet more writedowns generated a third-quarter net loss of $3.9bn (鈧�2.76bn).
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Ohio Police and Fire dampens core strategy
UNITED STATES - Ohio Police and Fire Pension Fund has altered its 2008 real estate strategy and will now be investing in core real estate this year, as previously planned.
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SanFran City and County signs follow-on commitments
UNITED STATES - San Francisco City and County Employees鈥� Retirement System is extending its relationship with CapMark Financial Group by approving follow-on real estate commitments worth $62.5m (鈧�43.2m).
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SEB to cash in on expanding Cologne office market
GERMANY - Frankfurt-based SEB Asset Management (SEB) has further expanded its German property holdings with the purchase of a major office building in Cologne which adds 鈧�75m to the group鈥檚 existing 鈧�132bn assets under management.
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ORG to support Indiana PERF
UNITED STATES- Indiana Public Employees Retirement Fund has selected ORG Portfolio Management as its first consultant dedicated to the real estate asset class.
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CalPERS taps call for debt liquidity
UNITED STATES - California Public Employees Retirement System has made a $200m (鈧�135.4bn) commitment into a US Debt Fund investment run by JER Investors Trust, to take advantage of dislocation in the credit markets.
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Apollo creates AREFIN on new investor demand
UNITED STATES - Apollo Real Estate Advisors has attracted an additional $309m (鈧�210.6m) for its commingled fund, Apollo Real Estate Finance Corp, and placed the new capital raising in a separate holding called AREFIN Co-Investment Corporation.
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Pennsylvania Public School invests $775m
UNITED STATES - Pennsylvania Public School Employees Retirement System has approved new real estate commitments totaling $775m (鈧�526.4m) in four commingled funds, including a $400m chunk with Beacon Capital.
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Pramerica venture to invest in Manhattan skyline
UNITED STATES - Pramerica Real Estate Investors has formed a joint venture with L&L Holding Company to invest in New York City office buildings.
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Contra Costa County seeks moves into wider space
UNITED STATES - Contra Costa County Employees Retirement System is looking to make some big moves into the opportunity fund sector of real estate.
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San Francisco City and County turn to distressed debt
UNITED STATES - San Francisco City and County Employees鈥� Retirement System has made a 鈧�20m commitment into the Apollo European Principal Finance fund, to tap into the growing demand for distressed debt support.
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USS confirmed among Tesco store buyers
UK 鈥� The 拢28.5bn (鈧�35.6bn) Universities鈥� Superannuation Scheme was today officially named as one of four buyers involved in the latest 拢605m sale and leaseback of UK stores owned by supermarket giant Tesco.
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Institutional inflows raise IVG assets to 2007 level
GERMANY 鈥� German real estate company IVG has refilled its assets under management basket after a slump in the first quarter of 2008, thanks to institutional interest in indirect real estate.
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Rate margins push SNS' property profits
NETHERLANDS - Bancassurer SNS Reaal has revealed SNS Property Finance鈥檚 profit rose by 15.9% to 鈧�51m in the first half of 2008 thanks largely to a higher interest rate margin.
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SEPUT acts to protect pension fund returns
GLOBAL 鈥� Schroders has warned investor redemptions in its Exempt Property Unit Trust (SEPUT) could be reduced by as much as 25% if institutional investors withdraw their assets during the current property market downturn.
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Sources confirm Tesco/USS real estate deal
UK 鈥� Sources have confirmed the 拢30bn (鈧�38bn) Universities Superannuation Scheme (USS), the second-largest pension scheme in the UK, is set to purchase a number of UK supermarket chain Tesco鈥檚 largest stores.
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AEW breaks through Asia fund capital target
UNITED STATES - AEW Capital Management has topped the original capital-raising set on its first direct real estate Asian investment commingled fund, as pension funds and investors are keen to diversify into new markets.
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Revalued property drags ING figures down
NETHERLANDS - A revaluation of its Summit portfolio in Canada was the main contributor to an 鈧�180m after-tax loss for ING鈥檚 property investments in the second quarter of this year, the Dutch bancassurer has revealed
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Quebec extends its Brazilian shopping space
CANADA/BRAZIL 鈥� Ivanhoe Investments, the real estate management subsidiary of Canada鈥檚 largest pension fund, has boosted its position in Brazil with the purchase of four shopping centres and more than doubled its stake in a local property partner.
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Schroders seeks growth on agricultural land
GLOBAL 鈥� Schroders, the asset manager, is hoping to tap into growing global demand for food production by investing in agricultural land.
