Institutional Real Estate Newsline
May 16, 2014: Vol. 22 No. 20Buy For $65.00 Add to Cart
Recent commercial real estate transactions
The largest transaction was in Boston.
Blackstone buys Vegas resort for $1.7b
The Blackstone Group has agreed to pay $1.7 billion to Deutsche Bank for The Cosmopolitan of Las Vegas.
AXA JV pays €475m for office building in Belgium
AXA Real Estate Investment Managers, with its joint venture partner ATP, has acquired the shares of the company owning the North Galaxy, a prime office building in Brussels, from Cofinimmo SA.
Health Care REIT invests $386m in 10-property portfolio
Health Care REIT has invested $386 million to acquire a 47 percent joint venture interest in a premier-quality, West Coast senior housing portfolio managed by Senior Resource Group.
Open-end funds down in first quarter
Open-end funds had a 2.62 percent return in the first quarter 2014, a year-over-year drop of 10 basis points and a 69 basis point drop from fourth quarter 2013, according to the National Council of Real Estate Investment Fiduciaries, which has released the first quarter results for the NCREIF Fund Index - Open End.
Wheelock holds $625m close for opportunistic fund
Wheelock Street Capital has held a $625 million final close for its second real estate fund.
Texas Teachers commits $200m to value-added real estate
The $126.1 billion Teacher Retirement System of Texas has committed $200 million to CBRE Strategic Partners U.S. Value 7.
Brookfield enters into JV with MetLife on Denver office property
Brookfield Office Properties has entered into a 50-50 joint venture partnership with MetLife Real Estate Investors for the ownership of the Republic Plaza office building in Denver.
Washington commits $400m to tangible assets, considers $150m more
The Washington State Investment Board has committed $400 million, divided between two commitments, to tangible assets, and will vote on third commitment to tangible assets of up to $150 million next month.
Clarion Partners founder retires
Frank Sullivan, one of the founders of Clarion Partners, has plans to retire as managing director at the end of the month.
NYSTRS invests $100m in real estate, renews REIT managers
The $104.3 billion New York State Teachers' Retirement System was active with its real estate portfolio at a recent board meeting, investing $100 million in a separate account with Grosvenor Capital Management Customized Fund Investment Group and renewing agreements with three of its REIT/REOC managers.
2014 fundraising off to a great start
Fundraising activity started the year with a bang as 23 funds wrapped up their marketing efforts in the first quarter with an aggregate $21.7 billion, according to data collected by the Institutional Real Estate FundTracker database.
Cerberus offloads 51 hotel properties for $1.3b
Cerberus Capital Management has completed the sale of the 51-property, 6,847-room Innkeepers portfolio.
Indiana commits $215m to real estate
The Indiana Public Retirement System has committed $215 million to three real estate funds.
Ohio School Employees commits $250m to infrastructure and real estate
The $12.26 billion School Employees Retirement System of Ohio has committed $200 million to IFM Global Infrastructure Fund, managed by IFM Investors, and $50 million to Lion Industrial Trust, managed by Clarion Partners.