Institutional Real Estate Newsline
June 2, 2008: Vol. 15, No. 21Buy For $65.00 Add to Cart
CORESTATE Raises €486 Million for German Residential Fund
Zurich-based CORESTATE Capital AG has closed CORESTATE German Residential Ltd. with €486 million ($766 million) in committed equity from institutional investors, including U.K.-based Morley Fund Management and Australia-based Goodman Group.
Curzon/AEW Europe Closes European Real Estate Fund with
Curzon/AEW Europe has raised approximately €800 million ($1.2 billion) in its largest ever capital raising for a new fund.
Ohio SERS Chooses Global Real Estate Securities Managers
The board of the $11.2 billion Ohio School Employees Retirement System (SERS) has hired ING Clarion Real Estate Securities and Invesco Real Estate to manage global real estate securities mandates of at least $100 million each, pending successful contract negotiations.
Penn Square Closes Global Fund of Funds with $231.4 Million
Radnor, Pa.–based Penn Square Real Estate Group has raised $231.4 million for its first global real estate fund of funds, Penn Square Global Real Estate Fund I, exceeding the firm’s target equity raise of $100 million.
PREI Closes Mexican Real Estate Fund with $868.5 Million
Prudential Real Estate Investors (PREI) has raised $868.5 million in equity for PLA Residential III, the firm’s sixth investment fund focusing primarily on Mexico.
RREEF Buys Romanian Portfolio
RREEF Real Estate has agreed to acquire a portfolio of office and residential buildings under construction in Bucharest; the transaction size is €341 million ($530 million), and RREEF will acquire the buildings upon completion of construction.
NCREIF and The Townsend Group Release First Preliminary Report
The National Council of Real Estate Investment Fiduciaries (NCREIF) and The Townsend Group, which have been working together to develop an index that tracks open- and closed-end real estate funds across the universe of investment styles, have released the first preliminary report reflecting data through fourth quarter 2007.
- The Praedium Group Forms Joint Venture with Alpha Equity Management