Residential 鈥� Page 154
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San Francisco reduces real estate flow by $550m
UNITED STATES - City and County of San Francisco Employees鈥� Retirement System has reduced significantly the amount of capital it is investing in real estate for the 2008/2009 fiscal year.
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Pennsylvania puts $925m beyond the core
UNITED STATES - Pennsylvania Public School Employees鈥� Retirement System has approved $925m (鈧�598.8m) into new real estate investments through a variety of non-core commingled funds.
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Austrian property outperforms, despite sector fall
AUSTRIA - Austrian real estate returns outperformed both equities and bonds in 2007, despite a decline in retail 鈥� the best performing sector.
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Pirelli punts on Euro-property fund
EUROPE - Pirelli Real Estate is targeting international pension funds with an opportunistic pan-European property fund it plans to launch early next year.
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UK residential ready for institutions
UK - The UK residential market is ready for pension fund investors despite being fragmented and dominated by amateur property managers, according to property firm Nice.
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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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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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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 residential 'risky' despite 2007 returns
UK - Market fragmentation and unfavourable tax treatment are scuppering attempts to widen investment in the UK residential, Savills director Jacqui Daley said last week.
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Illinois Teachers signs two core accounts
UNITED STATES - Teachers鈥� Retirement System of the State of Illinois has hired Cornerstone Real Estate Advisers and Invesco Real Estate as its new core separate account real estate managers.
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San Diego City expands its international focus
UNITED STATES - San Diego City Employees鈥� Retirement System is growing its international real estate investment program by investing in a commingled fund and moving its domestic REIT program to a global stage.
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Pramerica takes its next Latam leap
UNITED STATES - Pramerica Real Estate Investors has closed its latest Latin American commingled fund and completed its first transaction in Chile.
