Real Estate news 鈥� Page 749
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Texas Teachers approves $862.5m in new structures
UNITED STATES - Teacher Retirement System of Texas approved $862.5m (鈧�557.9m) in real estate commitments in April, including one deal which has the structure of a commingled fund but is in fact a separate account.
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LaSalle creates hotel JV
UNITED STATES - LaSalle Investment Management and public Reits LaSalle Hotel Properties have formed a $700m (鈧�455.3m) joint venture to invest in US hotels.
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Pennsylvania State commits to senior housing fund
UNITED STATES - Pennsylvania State Employees Retirement System has already approved a $25m (鈧�16.2m) commitment to Senior Housing Partners IV commingled fund.
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TIAA-CREF moves into commingled space
UNITED STATES - TIAA-CREF has created its first commingled fund to be backed by third-party investment capital.
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UK shopping centre investors and developers stall
UK - Investors are holding off from acquisitions in the UK as shopping centre developments stall amid a funding crisis, according to two specialists at property consultancy Savills.
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Pricing and rents repeal increase Poland鈥檚 appeal
POLAND - Upward-moving rents and 鈥渞ational鈥� pricing are boosting the acquisition appeal of Polish property assets, according to James Rushworth, European property director at Standard Life Investments.
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ABP-owned firm sells office portfolio
EUROPE - Corio, the Dutch property firm 37%-owned by the 鈧�220bn ABP pension fund, has sold its Dutch office portfolio for 鈧�650m - 1.5% below book value.
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ATP buys a harbour view
DENMARK - ATP Real Estate, the property arm of Denmark鈥檚 DKK350bn (bn) labour market supplementary fund, is investing DKK700m in a 鈥済round-breaking鈥� office block development in Copenhagen鈥檚 harbour area.
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Pramerica creates UK senior housing vehicle
UNITED STATES - Pramerica Real Estate Investors has setup a new co-investment entity to invest in senior housing in the United Kingdom, to sit alongside its PRECO III commingled fund.
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Orange County works on commingled fund manager search
UNITED STATES - Orange County Employees Retirement System is nowworking on a search to hire new commingled fund real estate managers.
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Venture with SWF shows debt still in the black
UK/MIDDLE EAST 鈥� An Abu Dhabi sovereign wealth fund (SWF) is to pump 拢200m (鈧�250m) into London & Stamford via a seven-year joint venture aimed at building a war chest for UK acquisitions.
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Investor interest lifts non-core Rockpoint to $2.5bn
UNITED STATES - Rockpoint Group LLC has attracted $2.51bn (鈧�1.58bn) of equity for its latest commingled fund, Rockpoint Real Estate fund III but says the sum could have been larger on the back of investor demand.
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DRA invests half of its new $1.25bn fund
UNITED STATES - DRA Advisors has already spent around 50% of the $1.25bn (鈧�787.4m) of equity it has just finished for its DRA Growth and Income Fund VI.
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Washington State outshines Oregon鈥檚 commitment to Lone Star
UNITED STATES - Washington State Investment Board has approved a commitment of up to $600m (鈧�375.1m) into the Lone Star Fund VI commingled fund.
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Canyon Capital raises $1bn for urban fund
UNITED STATES 鈥� US-based pension funds were among the biggest investors to Canyon-Johnson Urban Fund III, which has received equity commitments from investors totaling $1bn (鈧�627.4bn).
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European property returns hit by currency pressure
EUROPE 鈥� Unlisted European real estate funds saw a negative return on their investments of 鈥�3.9% in 2007, driven by the very poor performance of the UK property market as well as currency conversion pressures attached to the dollar and euro.
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FSP outsources residential admin
DENMARK - Finanssektorens Pensionskasse, the Danish pension scheme for financial sector workers, has outsourced the administration of its Danish residential properties and leases to Dan-Ejendomme.
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UK calls in green experts as EC targets shoppers
UK - The UK government is to examine existing buildings as part of a 'greening' agenda dominated to date by concerns over new-build standards.
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European retail needs 'further distinction'
EUROPE - Investors need to replace the distinction between Western and Eastern European real estate markets with one between mature and maturing Europe, ING Real Estate Development CEO Menno Maas said last week.
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Retail will continue to attract cross-border investment
EUROPE - Shopping centres will continue to attract cross-border property investments because they offer secure income and low risk, according to Ren茅 Tremblay, CEO of Ivanhoe Cambridge.
