Real Estate news 鈥� Page 724
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LACERA receives 28 responses to debt manager search
GLOBAL - Los Angeles County Employees Retirement Association has received 28 responses to its search for real estate debt managers.
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CalPERS combines property, infrastructure and forestry in allocation overhaul
UNITED STATES 鈥� The California Public Employees鈥� Retirement System (CalPERS) has placed real estate, infrastructure and forestry in a 鈥榬eal鈥� assets bucket as part of an overhaul of its asset allocation strategy.
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Morgan Stanley opportunity fund extends debt lifeline to hotel owner
EUROPE 鈥� A global opportunity fund run by Morgan Stanley Real Estate Investing has provided 鈧�150m in mezzanine financing to BRE/Hospitality Europe Holding, an owner of a European hotel portfolio.
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HOOPP makes first direct purchase outside Canada
GLOBAL 鈥� The Healthcare of Ontario Pension Plan (HOOPP) has made its first direct real estate investment outside Canada by acquiring a 50% stake in the Crown Estate's St James's Gateway development in London.
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AREA Property Partners buys Chicago area hotels for $51m
GLOBAL 鈥� AREA Property Partners has closed on its first hotel purchases of the year with the acquisition of three Chicago area properties for $51m (鈧�38.6m).
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Invesco begins US acquisition trail for German investors
GLOBAL 鈥� Invesco Real Estate has made its first acquisitions in the US for German institutional investors in its MEAG US Immobilien Fonds IV.
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PGGM commits 鈧�57m to Chinese real estate joint venture
GLOBAL 鈥� A joint venture between UBS Global Asset Management and Gemdale Corporation has completed a second successful closing after Dutch investor PGGM agreed to commit as much as $75m (鈧�56.6m) to Chinese real estate.
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F&C REIT raises 鈧�240m for German retail acquisitions
GERMANY 鈥� F&C REIT Asset Management in Germany is looking to invest as much as 鈧�240m in German retail properties having raised capital for a new real estate fund and a segregated account with a German pension fund.
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USS adds Savoy House to burgeoning UK portfolio
UK 鈥� The Universities Superannuation Scheme (USS) has resumed its acquisition programme in the UK with the purchase of Savoy Court in the West End of London for 拢45.5m (鈧�53.9m).
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Ohio Police & Fire approves $30m commitment to opportunity fund
GLOBAL 鈥� The Ohio Police & Fire Pension Fund has approved a $30m (鈧�23.1m) commitment into the Savanna Real Estate Fund II.
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PKA acquires 鈧�79m office, retail project in Copenhagen
DENMARK 鈥� Denmark's PKA has bought an office and retail construction project in the country's capital for DKK588m (鈧�79m), with provisional leases already secured for around a quarter of units.
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APG joint venture in 鈧�1bn Olympic retail venture
GLOBAL 鈥� A joint venture between Dutch pension fund manager APG and the Canada Pension Plan Investment Board (CPPIB) has acquired retail real estate worth 拢870.5m (鈧�1bn) on the East London 2012 Olympics site.
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Texas Teachers-backed apartment fund makes first investments in two years
GLOBAL 鈥� The Camden Multifamily Value Add fund, 80% owned by the Teacher Retirement System of Texas, has closed on its first two apartment deals in more than two years.
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Funds of funds require more transparency on fees, says INREV
GLOBAL 鈥� Managers of funds of funds require greater transparency on fees from the funds in which they invest, according to Lonneke L枚wik, INREV's director of research and market information.
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Blended real estate portfolios perform best, says NAREIT
GLOBAL 鈥� A blended real estate portfolio that combines REITs and private equity real estate with core holdings outperformed portfolios that contained either REITs or private equity real estate funds alone, according to a study by the National Association of Real Estate Investment Trusts (NAREIT).
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脝RIUM targets France for first opportunistic strategy
FRANCE 鈥� 脝RIUM is seeking to raise 鈧�50-60m in third-party equity to invest in prime retail real estate opportunities in France.
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US apartment market in early period of recovery, says Pramerica
GLOBAL 鈥� The US apartment market is in the early parts of a recovery, according to Pramerica Real Estate Investors.
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UK real estate values to fall in 2011, offset by income returns, says Invista
UK 鈥� The recovery in capital values in the UK real estate market slowed to a crawl in October and is expected to see a reversal in fortunes over 2011.
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Investors flock to DIC Asset's German office fund
GERMANY 鈥� DIC Asset has secured more than three-quarters of the 鈧�117m capital raising target for its inaugural special investment fund.
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Germany's BVK sells Paris office after 10 years of ownership
EUROPE 鈥� German pension fund Bayerische Versorgungskammer (BVK) has sold a Paris office building that it has owned for 10 years.
