Real Estate news 鈥� Page 731
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Italian real estate scraped a positive return in 2009
ITALY 鈥� Capital values in Italian commercial property suffered the steepest decline in its seven-year history, falling by -4.6% in 2009, according to Investment Property Databank (IPD).
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Tennessee Consolidated nears real estate commingled holdings
UNITED STATES - Tennessee Consolidated Retirement System is getting close to making new investments in two core open-ended commingled funds, in a bid to gain diversification into office and retail real estate.
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UK residential returns outperformed commercial property - IPD
UK 鈥� Investment grade residential real estate in the UK has outperformed commercial property in the country over the past three, five and nine years, and delivered a double digit total return of 11% in 2009, according to International Property Databank (IPD).
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London鈥檚 iconic Tower 42 is put up for sale
UK 鈥� Hermes Real Estate, the wholly owned property fund management arm of the BT pension fund, has put the Tower 42 office building in the City of London on the market for 拢300m (鈧�342m).
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Spain tops the losses for IPD European returns
EUROPE 鈥� Spain experienced its second consecutive year of negative commercial real estate returns in 2009, while Germany and Switzerland remained relatively stable over the same 12-month period, according to Investment Property Databank (IPD).
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Unilever鈥檚 Progress nears end of direct real estate divestment
NETHERLANDS 鈥� CB Richard Ellis is in negotiations with an unnamed investor to exchange on the remaining assets of the domestic real estate portfolio of Progress, the Dutch pension fund of Unilever.
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Rothschild Realty sees fresh prospects for US housing
UNITED STATES - Rothschild Realty Managers has made a $100m (鈧�74.9m) equity investment with Summit Housing Partners based in Montgomery, Alabama, on the back of renewed confidence in the housing market.
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Ireland鈥檚 NAMA takes on property-backed 'bad bank' loans
IRELAND 鈥� The Irish government has confirmed its National Asset Management Agency (NAMA), or so-called 鈥榖ad bank鈥�, has started to take 鈧�16bn worth of troubled real estate loans on to its books.
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Illinois State to boost real estate holdings by $300m
UNITED STATES - Illinois State Board of Investment has approved plans to invest $300m (鈧�223.1m) in real estate in 2010.
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Pension funds maintain German real estate security
GERMANY 鈥� Total returns for German real estate declined for the second consecutive year, but pension funds in the country have continued to focus heavily on their domestic market because it 鈥渇eels safer鈥�, according to a leading pension fund manager.
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Norwegian pension fund snaps up new office
NORWAY 鈥� Akershus Fylkeskommunale Pensjonskasse (AFKP), a local authority pension fund for the employees of the municipality adjacent to the north and west of Oslo, has acquired a newly-developed office building in Drammen.
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BRIC-built recovery expected - JLL
GLOBAL 鈥� The BRIC countries will lead the global real estate market recovery as their economic expansion boosts occupier demand across all sectors and cross-border investment returns, according to Jones Lang LaSalle (JLL).
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Value emerging in industrials - Hansteen
UK 鈥� European industrial real estate investment trust (REIT) Hansteen has purchased an industrial estate and is in due diligence on three others for its new UK fund backed by institutional investors.
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APG and Corio to invest 鈧�1.3bn in European retail
EUROPE 鈥� Pension fund asset manager APG has agreed to help listed real estate company Corio raise enough capital to acquire more than 鈧�1.3bn worth of retail assets in Europe.
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Aviva's AIPL investments near 鈧�290m
UK 鈥� Aviva Investors has acquired more than 拢260m (鈧�289m) of UK real estate over the last six months for its AIPL vehicle, a low-risk real estate fund for institutional corporate and local authority pension schemes.
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West Midlands bags UK shopping centre
UK 鈥� Property company and fund manager Delancey has sold a UK shopping centre for more than 拢70m (鈧�78m) to the West Midlands Pension Fund.
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Morgan Stanley launches secondaries fund
GLOBAL 鈥� Morgan Stanley has launched the first real estate fund of funds vehicle dedicated specifically to acquiring secondary interests in existing funds.
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Texas Teachers seeks growth in agriculture
UNITED STATES - Teacher Retirement System has made its first ever investment in agriculture with a $250m (鈧�145.9m) commitment into the AG Real Value Fund, managed by Teay鈥檚 River Investments.
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British Steel pension moves into music store
UK 鈥� The British Steel Pension Fund has acquired an HMV music store in Manchester from a private investor for 拢18.9m (鈧�21.14m) and plans to make further acquisitions over the next 18 months.
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Arizona Public Safety takes opportunistic strategy in real estate
UNITED STATES - Arizona Public Safety Retirement System intends to make at least two more real estate commitments to commingled funds by investing through a US opportunistic strategy in 2010.
