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Institutional Real Estate Newsline

March 28,2014: Vol. 22 No. 13

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  • Recent commercial real estate transactions

    The largest completed transactions included an apartment complex in suburban Seattle and an office property in Manhattan.

  • Blackstone holds $7b close

    The Blackstone Group has raised $7 billion for its fourth European real estate fund, making it one of the largest dedicated European real estate funds.

  • Post-crisis funds hold billion-dollar final closes

    Three years after the global financial crisis, fund managers started marketing new vehicles with billion-dollar plus targets. A number of billion-dollar final closes were announced from 2012 to the start of 2014. 


  • February transactions slow back down in 2014

    After a strong February in 2013 that saw year-over-year growth in property transactions of 158 percent and $32.1 billion in total transactions, February 2014 came back to earth, recording $19.8 billion in transactions for a year-over-year drop of 38 percent, according to data from Real Capital Analytics. 

  • Worthe buys Burbank office for $109m

    Worthe Real Estate Group has paid $109 million for Tower Burbank, a 486,972-square-foot office building at 3900 W. Alameda Ave. in Burbank, Calif. 

  • Walton Street holds $1.4b close for Fund VII

    Walton Street Capital has held a final close for its seventh fund on Feb. 28. The firm raised $1.4 billion for its Walton Street Real Estate Fund VII. 


  • Chinese conglomerate enters Spanish office sector

    Chinese conglomerate Dalian Wanda Group Corp. has purchased the historic Edificio Espana building in Madrid for €260 million ($358.6 million).

  • NJDI invests $100m in Och-Ziff real estate fund

    The $76.5 billion New Jersey Division of Investment has made a first-time commitment to the Och-Ziff real estate fund series. 

  • Macquarie launches first pooled infrastructure debt fund

    Macquarie has launched Macquarie Infrastructure Debt, the first fund to have an explicit focus on investing in U.K. inflation-linked infrastructure debt. 


  • New York Common makes $340m follow-on commitment

    The $173.2 billion New York State Common Retirement Fund has made a follow-on commitment to a value-added real estate fund, according to its January 2014 monthly transaction report. 

  • KPERS commits $40m to CBREGI fund

    The $15.66 billion Kansas Public Employees Retirement System approved a $40 million commitment to CBRE Strategic Partners U.S. Value Fund 7, managed by CBRE Global Investors, at its March 14 meeting. 

  • Utah pension fund buys D.C. office

    Utah State Retirement System has purchased a stake in an office building at 90 K St. NE in Washington, D.C. 


  • Florida pension fund commits $18m to real estate, timber

    The $464 million Pembroke Pines (Fla.) Firefighters & Police Officers Pension Fund has committed $9 million each to Intercontinental Real Estate Corp. and Molpus Woodlands Group, according to minutes from a February board meeting. 

  • FOMC scraps Evans Rule, continues tapering

    At its first meeting under the leadership of Janet Yellen, the Federal Open Market Committee decided to continue its tapering of quantitative easing by $10 billion and to update its forward guidance policy to no longer recognize the 6.5 percent lower threshold for unemployment, known as the Evans Rule, that would determine how long the Federal Reserve would continue to suppress interest rates. Both of these results were expected. 

  • Fiera Capital launches infrastructure fund

    Fiera Capital Corp. has launched the Fiera Private Infrastructure Fund to provide accredited Canadian investors with access to investments in core infrastructure assets previously only available to institutional and private wealth investors.

     


  • Centrica agrees to €1b Irish power deal

    Centrica Plc has agreed to acquire the gas and electricity supply arm and a gas-fired power plant from Ireland’s state-owned Bord Gáis Éireann for €1.1 billion ($1.5 billion) in partnership with two private equity firms.

  • CPPIB invests $250m in Chinese real estate venture

    The Canada Pension Plan Investment Board has invested $250 million in the Chinese real estate market through a new venture with China Vanke Co.

  • Pension funds to spend C$3b to develop downtown Montreal

    Two Canadian pension fund managers — Ivanhoé Cambridge and Cadillac Fairview Corp. — have C$3 billion ($2.7 billion) development plans for downtown Montreal.