North America

The 2016-18 fund vintages were the last to return capital in full to investors, reaching an average DPI of 1.05x 10 years after inception.

In its latest sector outlook, the manager said a key consideration for an asset is its capacity to host ‘the tenants of the future.’

Terri Herubin was charged with overseeing a major restructuring of the California pension plan’s property portfolio.

Although the aggregate capital raised was muted, about 70% of funds that closed in the first-half either reached or exceeded their target size at final close.

The London-based manager has hired Tyler Rothenberg as a managing director on its US team, which has nearly doubled in headcount since 2024.

The property has undergone five rebrandings and was refurbished in August 2019, reopening under the Hyatt brand.

The pension fund with $8bn in real estate holdings plans to continue selling office assets and limit its REIT exposure while prioritizing industrial and retail.

The Norwegian wealth fund’s venture with Charlotte-based Asana Partners follows last month’s investment in US shopping center owner ECHO Realty.

Only one of the pension giant’s property co-heads will now lead the business, ending a dual-leadership structure introduced in December 2024.

A deep slowdown in construction activity is creating an imbalance between limited supply and budding demand.