ΒιΆΉΣ³» Real Estate News β Page 909
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Arizona State cuts follow-ons to limit market impact
UNITED STATES - Arizona State Retirement System is cutting back on its follow-on commitments to existing real estate investments but still diversifying some assets to prevent βdenominatorβ damage of over-allocation.
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KΓ₯pan eyes more real estate after poor year
SWEDEN β The SEK32.7bn (β¬3.5bn) KΓ₯pan Pensioner scheme forgovernment employees booked a return of 2.1% for 2007, and now plans toincrease its real estate allocation to 10%.
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LaSalle warns of poor Reits performance
United States - LaSalle Investment Management Securities has indicated the performance of US REITs was lackluster in the fourth quarter of 2007 and further is likely to be for the coming months.
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CalSTRS invests $100m in Nordic real estate
UNITED STATES - California State Teachers Retirement System has bolstered its international real estate portfolio with commitments to three new investment entities totalling nearly $252m (β¬165.2m), including $100m in Nordic property.
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Virginia to ups its real estate potential
UNITED STATES - Virginia Retirement System has approved a policy to increase its real estate allocation from 7% to 10%.
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Texas buys into Latam real estate
UNITED STATES - Teacher Retirement System of Texas has approved $250m (β¬164.4m) worth of real estate commitments so far in 2008, including an investment in Pramericaβs Latin American residential offering.
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AP3 urges lifting of infrastructure limits
SWEDEN - Swedish buffer fund AP3 is stepping up its efforts to persuade the Swedish government to lift restrictions on pension fund investments in infrastructure.
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Swedish shoppers overtake industrials
SWEDEN - Swedish retail has overtaken office as the marketβs best performing sector, according to the 2007 Swedish Annual Property Index.
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European property to slow despite pensions intervention
Investment in commercial property, having survived the 2007 credit crunch, will tail off in 2008 despite a liquidity injection from liquid investors, investment house Aberdeen has predicted.
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Dubai wealth fund offers β¬3.1bn for Colonial
GLOBAL β Sovereign wealth fund the Investment Corporation of Dubai (ICD) is seeking approval from two major shareholders in Colonial for its β¬3.1bn offer for the Spanish property firm.
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Doubt over debt deal could put BAA on block
SPAIN - Infrastructure firm Ferrovial has claimed it will go ahead with its Β£9bn (β¬11.7bn) refinancing plans despite rumours suggesting Australian infrastructure investor Macquarie was circling the UK airports operator BAA.
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EC pursues UK and Belgium over EPC status
EUROPE β The Belgian and UK governments are being taken to task by the European Commission for their failure to implement EU requirements stating how energy performance in buildings is measured.
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Norway appoints Partners Group for real estate advice
NORWAY β The Norwegian Ministry of Finance has appointed PartnersGroup to provide real estate consultancy services to the NOK 2.1trn(β¬265bn) Government Pension Fund - Global.
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CalPERS allocates $2.4bn to timberland
UNITED STATES - California Public Employees Retirement System (CalPERS) has made an initial new allocation to invest 1% of its total plan assets in timberland, which means $2.4bn (β¬1.6bn) could be invested to the property type over several years.
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New Jersey considers $350m for non-core
UNITED STATES - New Jersey Division of Investment is looking at placing $350m (β¬232m) into non-core real estate investments through commitments to six commingled funds.
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Chicago Teachers reviews 'emerging managers' status
UNITED STATES- Public School Teachersβ Pension and Retirement Fund of Chicago is looking at investing $125m (β¬84.3m) this year, in international real estate and emerging managers, once the scheme has reviewed its definition of an βemerging managerβ.
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Pension funds pull out of Equest
UK - The BBC Pension Trust, SAUL, BHS Pension Scheme and P&O Pension Scheme have sold their shareholdings in Jersey-based property investment firm Equest Partners.
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Fair value potential entices investors back to UK
EUROPE - Continental European property yields will follow the widening UK trend in 2008, βthough not to the same extentβ, according to Tony Horrell, CEO of European capital markets at Jones Lang LaSalle.
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Oil powers Canada returns
CANADA - Commercial property in oil-rich provinces contributed to Canadian returns of 16.1%, compared with 10.5% for equities, and 4.7% for bonds, according to IPD figures published last week.
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Spanish spread boosts logistics
SPAIN - Spanish logistics markets are expanding as urban sectoral growth continues at above the national average, according to a Savills report on the countryβs warehousing market.
