Real Estate news 鈥� Page 756
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State of Alaska branches out into timber
UNITED STATES - Alaska Retirement Management Board has expanded into timberland for the first time with a $200m (鈧�142.5m) allocation.
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CPP Investment Board buys Denver office space
UNITED STATES - CPP Investment Board has made its first acquisition in the Denver office market through a joint venture with Callahan Capital Partners.
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Select-service hotels hit Warburg Pincus鈥� radar
United States - Warburg Pincus Real Estate Fund I and Triyar Hospitality have formed a joint venture to develop and acquire 鈥榮elect-service鈥� hotels.
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BT pension fund to sell 拢240m portfolio
UK 鈥� Hermes Real Estate has placed 10 property vehicles on the market, in the hope of generating 拢240m (鈧�346m) for the BT Pension Scheme.
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SBB sells 9,800m2 to fund pensions
SWITZERLAND - The Swiss federal railways SBB has sold another one of its real estate holdings under its funding promise to the SBB pension fund.
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Hotels lose clients but grow revenues
UK - Despite flattening occupancy rates, UK hotel revenues will increase by 6.2% in 2007鈥�8, according to a report published by PricewaterhouseCoopers.
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Unite transfers UK student assets
UK - Student accommodation developer Unite has sold assets in Glasgow, Leeds and Bristol to its Unite UK student accommodation fund for 拢81.8m (鈧�118m) in cash.
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Austrian prices 鈥榞ood for two more years鈥�
AUSTRIA - Recovering office across European markets still offers yields as a sector no longer available in retail and industrial, according to property firm Matrix.
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Stunted supply boosts European retail
EUROPE - European pension funds are on a regional shopping spree motivated by a limited supply of new assets in low-risk markets, according to Aberdeen fund manager Nico Tates.
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Indiana PERF searches for core and REIT managers
UNITED STATES - The Indiana Public Employees Retirement Fund is now searching for real estate managers for core and REIT strategies through new RFPs.
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CalSTRS expands JV to $500m
UNITED STATES - California State Teachers Retirement System has expanded its real estate joint venture relationship with Pacific Coast Capital Partners by investing a total of $500m (鈧�353m) into two ventures.
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San Diego City targets non-US real estate
UNITED STATES - San Diego City Employees Retirement System has approved its first ever targeted allocation for non-United States real estate investments.
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Pension funds "ready for Russian real estate"
RUSSIA - Pension funds 鈥� at least Nordic ones 鈥� are ready to invest in Russian real estate, having overcome earlier reluctance concerning the complexity of the market, according to Ole Dall-Hansen, chief executive of Aberdeen Property Investors Eastern Europe.
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Shareholders vote to keep F&C trust open
UK 鈥� Investors in the F&C Commercial Property Trust have voted overwhelming for the continuation of the company, despite an earlier drop in its performance.
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Pension funds show distressed debt interest
UNITED STATES 鈥� US pension funds are considering placing real estate capital into debt strategies on the back of recent market turbulence.
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Thomas Properties goes green
UNITED STATES - Thomas Properties Group has formed its first green investment fund as pension funds are now turning their attentions to sustainable real estate investments.
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New Jersey tries on separates
UNITED STATES - The New Jersey Division of Investment is shifting into the use of real estate separate accounts and has hired General Motors Investment Management for a $150m (鈧�106.4m) equity mandate.
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RREEF expects US cap rates to climb
UNITED STATES 鈥� RREEF has predicted cap rates on the purchase of existing US properties will rise by 50 basis points by the end of 2007.
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Ex-army 鈥榥ew town鈥� set for sale
UK - The UK government is to sell off decommissioned land earmarked for the development of a new town in southeast England.
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UK hotel buy bucks prime trend
UK - Deutsche Bank real estate subsidiary RREEF has bucked a trend towards international prime hotel acquisition by acquiring the Four Pillars Hotel Group, which has five mid-sector assets in Oxfordshire and Gloucestershire.
