Real Estate news 鈥� Page 744
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BP deal squares up to property downturn
UK- BP鈥檚 pension fund real estate arm Ropemaker Properties has formed a 拢100m UK investment fund called Cubemaker Partnership with London-based property company Cube Real Estate, that aims to take advantage of the economic downturn and acquire cheap assets.
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London tops the office expenses
UK - London remains the most expensive office market in the world, according to the latest research by London-based global commercial property investment consultants, CB Richard Ellis (CBRE).
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DEGI continues European expansion
BELGIUM 鈥� DEGI, the 鈧�6bn German specialist property investment group, has bought a major European Union (EU) office complex in Brussels, in a deal worth 鈧�90m.
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Swiss funds still favour real estate
SWITZERLAND 鈥� Nine out of 10 Swiss pensions funds are indirectly invested in real estate while the majority also directly invest in the market, according to research from real estate investment specialist Sal Oppenheim.
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CalSTRS prepares for market turn
UNITED STATES - California State Teachers Retirement System is investing capital with existing real estate managers so these firms will have capital ready to place in the real estate market when conditions start to improve.
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New York State takes $450m investment opportunity
UNITED STATES - New York State Common Retirement Fund has approved $450m (鈧�308.2m) of commitments into three opportunity funds, in a bid to generate projected gross IRR of 20%.
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Washington State agrees $1.15bn investment
UNITED STATES - Washington State Investment Board has made three commitments in real estate and the tangible asset classes amounting to $1.15bn (鈧�782m).
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Student accommodation contrasts economic slowdown
UK - The UK student accommodation sector is continuing to thrive while most other property sectors feel the pinch in tough economic conditions, according to real estate consultancy group King Sturge.
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Los Angeles City nears commitment to debt fund
UNITED STATES - Los Angeles City Employees鈥� Retirement System is getting close to making a $25m (鈧�17.6m) commitment to the ING Clarion Debt Opportunity Fund III.
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ABP extends hotel holdings in key European cities
EUROPE - Europe鈥檚 second-largest pension scheme ABP, the Netherland鈥檚 huge 鈧�215bn public service fund, has expanded its European real estate portfolio with the purchase of six hotels in Paris, Amsterdam and D眉sseldorf.
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Propinvest seals largest ever European property deal
SPAIN - London-based real estate investment and management specialist Propinvest has acquired the global headquarters of Spanish banking giant Banco Santander, for 鈧�1.9bn 鈥� the largest ever European real estate deal.
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AvalonBay falls short of capital raising goal
UNITED STATES - AvalonBay Communities has raised $333m (鈧�234.2m) of equity for its latest commingled fund, AvalonBay Value Added Fund II 鈥� but this is short of the $500m goal established early in the process.
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CalSTRS expands real estate debt investments
UNITED STATES - California State Teachers Retirement System is in the process of increasing its efforts investing capital into real estate debt, having just invested $500m (鈧�354.5m) in that arena.
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Kansas PERS moves into senior housing
UNITED STATES - Kansas Public Employees Retirement System has expanded its real estate strategy into senior housing by making a $35m (鈧�24.6m) commitment to AEW Senior Housing Investors LP.
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Orange County considers opportunistic allocations
UNITED STATES - Orange County Employees Retirement System has approved a plan to explore the idea of creating a separate allocation for opportunistic or innovative investments.
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Pramerica sees capital waiting on the sidelines
UNITED STATES - Pramerica Real Estate Investors have found a huge sum of investible capital is currently sitting on the sidelines in the United States, as investors are unsure whether now is a good time to invest given market conditions.
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Texas Teachers makes $250m gateways commitment
UNITED STATES - Teacher Retirement System of Texas has approved a $250m (鈧�171.2m) commitment with Westbrook Partners鈥� latest commingled fund.
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SanFran City and County signs follow-on commitments
UNITED STATES - San Francisco City and County Employees鈥� Retirement System is extending its relationship with CapMark Financial Group by approving follow-on real estate commitments worth $62.5m (鈧�43.2m).
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Emerging markets lift global office sector鈥or now
GLOBAL - The office market worldwide has continued to show resilience despite the general downturn in the global economy, according to Boston-based global property specialist Colliers International.
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DEGI continues expansion eastwards and at home
GERMANY - Specialist Frankfurt-based property investors, DEGI, has acquired the Marynarska Business Park in Warsaw for 鈧�167m, as well as expanding its presence in Frankfurt.
