Â鶹ӳ» Office News – Page 168
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Danish doctors sell offices to Aberdeen
DENMARK – The Doctors’ Pension Fund in Denmark, Lægernes Pensionskasse (LP), has sold two fully-let offices in Copenhagen to Aberdeen Property Fund Denmark, but will be paid half of the €17.8m acquisition price in cash and half in fund shares.
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Mark turmoil encourages AlaskaPerm to rethink weightings
UNITED STATES - The Alaska Permanent Fund Corporation has increased its targeted allocation to real estate from 10% to 13%, to help cope with the impact of the financial markets crisis on its portfolio.
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BP pension fund shops for real estate
UK - The £20.3bn (€23.1bn) pension fund for BP has bought an out-of-town retail park in the UK and an office building in London, and plans to invest a further £100-150m in its domestic real estate market before the end of the year.
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Slowing yield compression may hint at improving sentiment - JLL
EUROPE – The weighted average European price office yield moved out 20 basis points from 5.8% at the end of 2008 to 6%, a much smaller increase than the 50bps movement between Q3 and Q4 2008, according to Jones Lang LaSalle’s (JLL) Q1 2009 European Office Yields Report.
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Rockwood Capital hits fundraising target
UNITED STATES - Rockwood Capital has closed the money raising on its Rockwood Capital Real Estate Partners Fund VIII just shy of its target, at $964m (€720.6m).
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NYSTRS extends its real estate limits
UNITED STATES - New York State Teachers Retirement System has bought a further share in a real estate backed by a European pension fund, as well as extending current management contracts.
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Prime office rents tumble in Q1
EUROPE - European prime office market rents fell by 8% during the first quarter of 2009, the greatest quarterly decline ever recorded by Jones Lang LaSalle’s (JLL) European Office Property Clock index.
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Swiss pension funds buy Schroders lease
SWITZERLAND/UK – AFIAA, the Swiss real estate investment adviser for state pension funds, has purchased the long leasehold on Schroders’ London headquarters for £70m (€76.5m).
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Abbey buys its London HQ
UK – British Land has sold Abbey’s London headquarters to the banking giant for £115m (€126.4m).
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IPD claims German buoyancy may attract investors
GERMANY – The IPD Germany Annual Property Index showed Germany’s property returns proved more resilient during the downturn than most European real estate markets – a situation which the body argues is likely to draw more institutional investors into the market.
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Pensions investors enticed by Catalyst opportunities
EUROPE – Catalyst Capital LLP, a European investment and asset management firm, has secured the support of major institutional investors for its €228.5m pan-European property fund.
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San Diego City plans tactical moves in real estate
UNITED STATES - San Diego City Employees’ Retirement System is planning to take advantage of tactical investment opportunities in the second half of this year in certain property types.
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Norway sees property slip into the red
NORWAY –Norwegian commercial property returns fell into negative territory in 2008 after delivering 15% plus returns for three consecutive years, according to the IPD Norway Annual Property Index.
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France to bounce back after poor 2008 - API
FRANCE - French property investments more than halved in value in 2008, however experts are confident activity will pick up, according to the Aberdeen Property Investors’ French quarterly property snapshot.
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CBRE buys on Broadway
US – CB Richard Ellis Investors, the international real estate investment management firm, has purchased a 44-storey office building in New York for a partnership of institutional investors, making it the largest transaction in the state this year.
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Atis looks to 2010 recovery
EUROPE – Atisreal, part of BNP Paribas Real Estate, has predicted the decline in European commercial real estate investment activity will slow sharply this year but will then recover slowly in 2010.
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Swedish pension funds buys from RREEF
SWEDEN – AMF, the SEK289bn (€24.7bn) Swedish pension fund, has bought an office building in Stockholm from RREEF, the alternative investment management business of Deutsche Bank’s Asset Management.
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Office to recover in 2010 – C&W
GLOBAL – Global office property markets continue to face uncertainty and tough times ahead but should start recovering in 2010, suggests the latest research by Cushman & Wakefield.
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Sweden sees first signs of real estate downturn
SWEDEN – Swedish commercial real estate returns fell to -3.3% in 2008, according to latest figures from the SFI/IPD Index published by the Investment Property Databank (IPD).
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Lancashire lays groundwork for infrastructure investing
UK - The Lancashire County Council Pension Fund is considering investing around £80m (€89.55m) in infrastructure as part of a new strategy to diversify its investments.
