Real Estate news 鈥� Page 734
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CalPERS endures fresh $4.2bn real estate hit
UNITED STATES 鈥� The California Public Employees Retirement System has revealed it suffered a $4.2bn (鈧�2.82bn) loss on its real estate portfolio during the second quarter of 2009.
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Pension funds buy up retail targets
UK 鈥� LaSalle Investment Management has purchased a shopping centre in the UK on behalf of one pension fund client and secured new tenant leases for two others.
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Korea鈥檚 pension reserve buys HSBC tower
UK 鈥� HSBC Bank has agreed to sell its London headquarters in Canary Wharf to the National Pension Service of Korea (NPS) for 拢772.5m (鈧�861m) in cash.
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Unite signs real estate deal with popular M&G fund
UK 鈥� Student housing specialist manager Unite has agreed to a sale-and-leaseback arrangement for one of its flagship assets in Bristol with the M&G Secured Property Income Fund for a total cash consideration of 拢21.5m (鈧�24m).
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Korea鈥檚 NPS moves into London offices
UK/South Korea 鈥� Rockspring Property Investment Managers has acquired the first two UK real estate assets for the National Pension Service (NPS) of South Korea, after being appointed to target prime central London assets.
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SanFran City & County suffers fresh real estate drop
UNITED STATES - San Francisco City and County Employees Retirement System took another hit on its real estate portfolio in the first half of 2009, as the falling market continued to hurt investment returns and income.
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BP Pension Scheme rethinks real estate rental risk
UK 鈥� The BP Pension Scheme has reduced its rental risk by selling a number of UK real estate assets with lease break clauses due in the next four to six years.
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Pension plan brings retail shopping to the coalface
UK 鈥� LaSalle Investment Management has bought a The Howard Centre UK shopping centre from Land Securities on behalf of Coal Pension Properties, the real estate arm of the British Coal Schemes Pension Plan.
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UK office sees institutional resurgence
UK 鈥� An influx of cross-border investors caused investment activity in the central London office market to surge to a value of 拢2.7bn (鈧�3bn) in the third quarter of 2009, according to CB Richard Ellis.
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Texas Teachers moves into core investments
UNITED STATES - Teacher Retirement System of Texas has widened its investments in core real estate and hired three real estate managers to look after $800m (鈧�532.7m).
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Alecta gains ground in Stockholm
SWEDEN 鈥� Swedish property company Jernhusen has sold a land site under the World Trade Center (WTC) in Stockholm to Alecta Pensionsforsakring, and bought neighbouring property Orgelpipan 6 from Folksam.
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NY Common adds $200m to affordable housing
UNITED STATES - The New York State Common Retirement Fund has made another $200m (鈧�134m) investment with the Community Preservation Corporation to extend its existing relationship.
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Aviva pensions vehicle buys a stake in Sainsbury鈥檚
UK 鈥� Aviva Investors鈥� pooled UK real estate vehicle for pension funds has returned to the market by agreeing to buy a Sainsbury鈥檚 food store under development in County Durham, England.
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UK pension fund sells LandSecs HQ
UK 鈥� LaSalle Investment Management has sold the headquarters of Land Securities in London on behalf of an unnamed pension fund client.
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GI Partners fund attracts fresh pension fund assets
UNITED STATES - GI Partners has raised $1.9bn (鈧�1.3bn) for its latest commingled fund, GI Partners Fund III, through a mixture of both new and existing pension fund capital, although the firm failed to meet its $2.5bn fundraising target.
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Savills sets focus on real estate alternatives
UK 鈥� Savills has launched a series of papers to identify alternative property sectors, in response to unprecedented volatility seen in the mainstream UK commercial real estate market.
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Varma acts on real estate regrowth
FINLAND 鈥� VR Pension Fund has re-entered the real estate market after a two-year absence, following the decision by a Finnish construction company to sell assets to local pension funds.
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ING to focus on mixed use real estate projects
GLOBAL 鈥� Dutch-headquartered real estate investor ING Real Estate Development is planning to invest in and develop projects over the next few years which provide secure but mixed origin revenue.
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Principal raises $214.4m for green fund
UNITED STATES - Principal Real Estate Investors has raised $214.4m (鈧�144.6m) in equity commitments for its Green Property Fund.
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Urdang opens way to new debt strategy
UNITED STATES - Urdang Capital Management has taken a novel approach to building a new real estate debt strategy by hiring eight people from Capmark Investments, as the move means it will also act as a non-discretionary sub-adviser for two of Capmark鈥檚 commingled funds.
