The $1.7bn pension started investing in real estate just three years ago, however it is now considering increasing its target allocation by 3% and investing in international real estate for the first time. The plan said it was 'shutting off two-thirds' of the world by focusing on the US.
2 min read · 22 January 2013
The Canadian pension has set aside an additional C$1.4bn to invest with opportunistic fund managers, and directly, targeting US and UK distressed real estate.
2 min read · 22 January 2013
With distributions from real estate funds at a minimum and general chaos in the financial markets, limited partners are struggling to come to terms with the new global situation, according to a conference in London. It does not mean though that the real estate fund management model is dead.
2 min read · 22 January 2013
The private equity real estate firm led by Barry Sternlicht is in talks with JJW Hotels to sell part of the Concorde Groupe portfolio in a deal worth around $2bn, according to media reports. The sale would include the Concorde Lafayette in Paris and the Hôtel Martinez in Cannes.
1 min read · 22 January 2013
The city will look to invest in domestic infrastructure funds after making an initial investment in the asset class earlier this year and taking a beating in its US equity allocation.
2 min read · 22 January 2013
With its real estate allocation currently over target and returns in the year to June just 4.9 percent against a benchmark of 10.8 percent, the $15.7bn US pension says plans to commit $100m to the asset class over the next nine months will be put on hold.
2 min read · 22 January 2013
The California pension has committed $400 million to Starwood’s $3bn Global Hospitality Fund II, which is targeting 20% IRRs. This summer, Sternlicht said he was rapidly expanding his latest hotel brand: the Baccarat, based on the famous crystals.
2 min read · 22 January 2013
A report commissioned by the Kentucky governor’s office has concluded that the Kentucky Retirement Systems' and the Kentucky Teachers’ Retirement System’s ‘opportunity cost’ for below-average performance amounted to $5bn.
2 min read · 22 January 2013
The head of alternative assets for UK pension Universities Superannuation Scheme says portfolio write-downs coupled with the denominator effect have made fundraising tough. Yet many GPs saw this coming, and raised plenty of dry powder ahead of the storm, he says.
2 min read · 22 January 2013
The private equity real estate arm of Prudential Financial has bought two office properties in Lyon from Invista's publicly listed real estate trust. The offices are let to IBM, BASF Agro, Scotts France and Merial SAS. Invista will use the proceeds to pay down debt.
1 min read · 22 January 2013
