North American Investors News 鈥� Page 216
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Illinois Municipal hires Cornerstone, INVESCO for core strategy
GLOBAL 鈥� The Illinois Municipal Retirement Fund has hired Cornerstone Real Estate Advisers and INVESCO Real Estate as core open-ended commingled fund managers.
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NCREIF index shows improved returns for third quarter running
GLOBAL 鈥� The National Council of Real Estate Investment Fiduciaries (NCREIF) has reported improved returns for the NCREIF Property index (NPI) for the third straight quarter.
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Lack of European prime stock slows global transactional recovery
GLOBAL 鈥� The recovery in global real estate transactions has levelled off, driven by a constrained availability of prime properties in Europe, according to Jones Lang LaSalle (JLL).
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OMERS, British Land team up to develop London's Cheesegrater
UK 鈥� Oxford Properties, the real estate division of Canadian pension fund OMERS, has entered into a 50:50 joint venture with British Land to develop the Leadenhall Building in the City of London, otherwise known as the Cheesegrater.
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Canada Pension Plan swoops in on prime DC assets
GLOBAL 鈥� The Canada Pension Plan Investment Board (CPPIB) has invested $91m (鈧�65m) in return for a 45% stake in two prime office buildings in Washington DC, its first investment in the US capital.
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Mass PRIM hires AEW to take over RREEF separate account
GLOBAL 鈥� The Massachusetts Pension Reserves Investment Management Board has selected AEW Capital Management as its fifth core separate account manager.
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Alaska Retirement to hold back on real estate investments
GLOBAL 鈥� The Alaska Retirement Management Board has no plans to increase investment in real estate over the next 12 months.
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Investors moderate their return expectations for US real estate, says ULI/PwC
GLOBAL 鈥� Investors have lowered their return expectations for investing in US real estate over the next few years, according to PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).
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Pension funds targeting US multi-family housing
GLOBAL 鈥� Multi-family housing has been identified as the favoured sector for investment in the US by a number of European pension funds, a position backed up by new research from Pramerica Real Estate Investors.
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Capital flows to US real estate set to double, says DTZ
GLOBAL 鈥� Global investment capital targeting US real estate is set to double in 2011 as the outlook for the market completes a dramatic improvement over the past 12 months, according to DTZ.
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Ohio scheme to invest $400m in real estate funds
GLOBAL 鈥� The Ohio Public Employees Retirement System is conducting due diligence on investments into two new commingled funds totalling $400m (鈧�287.4m).
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Los Angeles tenders RFI for separate account manager
GLOBAL 鈥� The Los Angeles City Employees Retirement System (LACERS) has approved a request for information (RFI) to hire a real estate manager for a separate account.
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GID takes over CalPERS apartment portfolio from BlackRock
GLOBAL 鈥� GID Investment Advisers has taken over the management of a core multi-family residential portfolio from BlackRock Realty Advisors on behalf of the $212bn (鈧�152bn) California Public Employees' Retirement System (CalPERS).
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CalSTRS invests $370m into real estate during second quarter
GLOBAL 鈥� The California State Teachers Retirement System made $370m (鈧�270m) worth of new real estate investments during the second quarter.
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Oregon Retirement Fund considers larger commitments, club funds
GLOBAL 鈥� The Oregon Public Employees Retirement Fund is exploring the possibility of making larger investments into either commingled funds or separate accounts.
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Texas Teachers approves $500m investment in retail REIT
GLOBAL 鈥� The Teacher Retirement System of Texas has approved a $500m (鈧�371m) investment into General Growth Properties (GGP).
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Wisconsin commits $75m to Mesa West debt fund
GLOBAL 鈥� The Wisconsin State Investment Board has made a $75m (鈧�56m) commitment to the Mesa West Real Estate Income II commingled fund.
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Korea's National Pension Service goes global with $300m US mandate
GLOBAL 鈥� The National Pension Service (NPS) of Korea has hired The Townsend Group to invest $300m (鈧�222m) of its capital opportunistically in the Americas.
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Texas Teachers makes $300m commitment to US Government Building Fund
GLOBAL 鈥� The Teacher Retirement System of Texas has become the lead investor in the recently closed US Government Building Fund after Texas Teachers approved a $300m (鈧�230.2m) allocation to the fund.
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San Diego County makes $200m commitment to core fund
GLOBAL 鈥� The San Diego County Employees Retirement Association (SDCERA) has approved a $200m (鈧�152m) commitment into the JP Morgan Strategic Property fund.
