Real Estate news 鈥� Page 746
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Contra Costa County sees a debt opportunity
UNITED STATES- Contra Costa County Employees鈥� Retirement Association has approved a $75m (鈧�48.6m) commitment into the ING Clarion Debt Opportunity Fund II 鈥� its first investment in a debt fund focused on real estate.
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European office still seen as positive space
EUROPE - Rents will fall but much of the European office market is likely to remain positive in the near future, even though at least 20% of the tenant base in major cities is in financial services, suggests Pramerica.
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Real estate teams sign expertise
EUROPE 鈥� Asset managers Prupim and First State Investments have made changes to their real estate teams which they hope will improve their positions in the retail and infrastructure markets.
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Talking Point: Moving into the distressed debt gap
News has slowly emerged over recent months of plans by US pension funds in particular to allocate some of their real estate assets to distressed debt opportunities, in light of the credit crunch. But just open is the market to new investors, and are there the opportunities.
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Los Angeles City places capital into debt fund
UNITED STATES - Los Angeles City Employees Retirement System has made a $20m (鈧�12.7m) to the Mesa West Real Estate Income Fund II, in a bid to capitalise on the supply and demand financing opportunities in the mid-size segment of the marketplace.
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Pennsylvania State moves capital into distressed fund
UNITED STATES - Pennsylvania State Employees Retirement System has approved a $15m (鈧�9.5m) into Arden Real Estate Fund I - a distressed real estate fund.
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ING Clarion closes in on value-added space
UNITED STATES - ING Clarion Partners continues with its value-added strategy for some of its capital sources with the closing of $166m (鈧�105.4m) worth of transactions.
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ABP joint venture spends 鈧�2.7bn in shopping spree
NETHERLANDS 鈥� The 鈧�205bn Dutch pension fund ABP today revealed it now owns Scandinavia鈥檚 largest shopping centre owner and developer, Steen & Str酶m, after buying the firm in a joint venture for NOK21.9bn (鈧�2.7bn).
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Qu茅bec enters scramble for Russia
CANADA/RUSSIA - Ivanhoe Cambridge, the 鈧�8bn shopping centre subsidiary of the CA$155.4bn (鈧�98.3bn) Caisse de d茅p么t et placement du Qu茅bec, has acquired a Moscow shopping centre for an undisclosed figure.
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Consortium completes German HighStreet purchase
GERMANY 鈥� A consortium comprising of RREEF Alternative Investments, the Borletti Group, the Generali Group, and Pirelli RE today announced it has completed the acquisition of a 49% stake in 鈥淗ighstreet鈥�, the investment company owning the majority of Karstadt鈥檚 German department store premises.
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Opt for Reading over Riyadh - fund manager
MIDDLE EAST 鈥� Pension fund real estate investors should steer clear of the Middle East property, use debt if you can get it, and wait for a property market turnaround in the UK, according to asset managers.
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Market expansion ends at Leipzig
GERMANY - The outward spread of Germany鈥檚 property market will halt at Leipzig, the outpost of international investibility, according to Sascha Hettrich, managing partner of King Sturge鈥檚 German office.
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LA Fire and Police goes for safety with real estate assets
UNITED STATES - Los Angeles Fire and Police Pensions has chosen to make its real estate portfolio more conservative in the near term.UNITED STATES - Los Angeles Fire and Police Pensions has chosen to make its real estate portfolio more conservative in the near term.
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CalSTRS to tread cautious real estate path
UNITED STATES 鈥� The California State Teachers Retirement System is planning to take a cautious approach to real estate investment for its fiscal year in 2009.
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Choose carefully, says SEB, after UK re-entry
UK/GERMANY - Investors are investing cautiously in UK logistics as they wait for the market to fall further, according to SEB, the German fund management arm of the Swedish bank.
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US pension funds still interested in value-added real estate
UNITED STATES - Apollo Real Estate Advisors was able to reach its capital raising target for its latest commingled fund, Apollo Value Enhancement Fund VII.
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CalPERS invests in 鈥榤aster-planned鈥� residential
UNITED STATES - Newland Communities has made another investment in a residential land for a partnership with the California Public Employees Retirement System.
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Florida plans up to $1.1bn investment in infrastructure and timber
UNITED STATES - Florida State Board of Administration has approved commitments to infrastructure and timber for as much as $1.1bn (鈧�691.6m).
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Property funds target Italian market, investors
ITALY - LaSalle Investment Management last week opened an office in Milan under former Redevco chief acquisitions officer Francesco Coviello.
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Developer bags ABP for European reach
NETHERLANDS - APG, the investment arm of ABP, has acquired a 5.77% shareholding in French shopping centre developer Altarea.
