People News 鈥� Page 63
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Grosvenor seek urgent retail debt solution
UK 鈥� Grosvenor, the privately-owned property group, has confirmed it is in debt talks to prevent a breach in the banking contract of its retail fund.
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Mercer buys Callan to create consulting giant
UNITED STATES 鈥� Callan Associates, the San Francisco-headquartered consultant to major investors such as US pension funds, is being bought by rival firm Mercer to create one of the largest investment consulting businesses in the US.
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Kalsi鈥檚 'leave' shakes up MS Asian real estate team
ASIA 鈥� Morgan Stanley has reshuffled its Asian real estate team after putting Sonny Kalsi, global head of real estate investments, on administrative leave.
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ING Clarion expands into the DC pensions space
UNITED STATES - ING Clarion Partners is entering the US defined contribution (DC) investor market for the first time, as officials believe there will be significant growth in the DC pensions arena.
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Market conditions bite into CBRE鈥檚 business
GLOBAL 鈥� CB Richard Ellis (CBRE) will continue trying to reduce expenses this year as net income plummeted to $83.9m (鈧�65.37m) in 2008 compared to $390.5m recorded the previous year.
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Duncan heads First Industrial
US 鈥� First Industrial Realty Trust, the North American Real Estate Investment Trust (REIT), has appointed Bruce Duncan as president and chief executive officer.
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JLL sees earnings drop in tough times
US 鈥� Jones Lang LaSalle (JLL) suffered a 61% fall in earning in the fourth quarter of 2008, bringing the firm鈥檚 total net income for the year to $84m (鈧�65.2m).
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BNP Paribas confirms real estate rebranding
FRANCE 鈥� BNP Paribas is uniting all of its real estate subsidiary businesses under the BNP Paribas Real Estate brand as part of a change in strategy, it was confirmed at the Atisreal Ann茅e Immobiliere meeting on Tuesday.
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Spain to see second property giant collapse
SPAIN 鈥� Nozar, a major property company in Spain, is on the brink of going into administration with debts of over 鈧�4bn, which could make it the second- largest corporate default in the country.
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Pramerica expands mezzanine position
EUROPE 鈥� Prudential Real Estate Investors (PREI) has hired a team of real estate financers to build a commercial property mezzanine platform in Europe to take advantage of immediate opportunities created by the volatile markets.
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Hermes' Evans moves into new role
GLOBAL 鈥� Hermes, the pension fund manager owned by the BT Pension Scheme, has reshuffled its property team as part of a new strategy that will focus on investing in debt and listed company shares.
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UBS unwinds real estate secs team
SWITZERLAND 鈥� UBS, the Zurich-based bank, is to close its real estate and securitisation business and cut more jobs, following plans to downsize its fixed-income unit.
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Texas Teachers gets new head
US 鈥� The Teacher Retirement System of Texas (TRS) has appointed Linus Wright as the system鈥檚 new chairman, following Jim Lee鈥檚 decision to resign from the post to pursue a new business venture.
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AREF appoints new chair
UK 鈥� The Association of Real Estate Funds (AREF) has appointed Bill Hughes, managing director of Legal & General Property, as its new chairman.
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Purdon arrival to drive AREIT growth
MIDDLE EAST 鈥� AREIT Management Limited, manager of the Arabian Real Estate Investment Trust (AREIT), has appointed Chris Purdon as chief investment officer (CIO) as part of the firm鈥檚 plans to tap iopportunities in the Middle East region.
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JPM鈥檚 Schwab moves to Abu Dhabi
GLOBAL 鈥� The Abu Dhabi Investment Authority (ADIA), the world鈥檚 largest sovereign wealth fund, has hired Bill Schwab as global head of real estate, it was announced last week.
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Rene Tremblay joins Caisse de Depot
CANADA 鈥� Caisse de d茅p么t et placement du Qu茅bec, manager of public pension plans in Qu茅bec, has appointed Rene Tremblay as executive vice-president of real estate.
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Barclay made associate at Nordic Retail Fund
EUROPE 鈥� Protego Real Estate Investors has appointed Calum Barclay as an associate within its Nordic Retail Fund, it was announced this week.
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British Land fills top role
UK- British Land, the second-largest Real Estate Investment Trust in the UK, has appointed Chris Grigg, former Barclays chief executive, as its CEO.
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Real estate consultant folds Spanish offices
SPAIN 鈥� King Sturge Espa帽a, the Spanish subsidiary of British property consultants, King Sturge, has filed for administration this week.
