Evelyn Lee
The $26.1 billion pension has at least $100 million to allocate to non-core real estate funds and plans to hire an opportunistic manager as it aims to increase its allocation in the asset class.
The acquisition of Verde Realty, a Houston-based real estate investment trust, is on track to be one of the first investments made by the Toronto-based alternative asset manager’s global real estate fund.
The $5.7 billion pension system plans to liquidate its remaining individually-owned real estate properties to free up more capital to invest in funds.
The former managing director of capital markets at the New York-based real estate fund manager has joined Ares Management in a senior role within its real estate capital markets group.
The Washington, DC-based alternative asset manager, in partnership with Dallas-based developer Cypress Equities, has closed on the purchase of a distressed retail property in San Francisco from Lone Star Funds, with plans to develop a six-level shopping center on the site.
The Maryland-based private real estate firm saw its latest investment vehicle oversubscribed, with commitments from limited partners such as the New York State Teachers’ Retirement System.
The state’s $16 billion investment council is weighing the restructure of its real estate portfolio – which currently comprises almost all equity investments – to increase its exposure to debt strategies.
The New York-based alternative asset manager expects an uptick in real estate sales in the coming year, although 2012 also “is on track to be a huge year” for new investments.
Alfonso Munk, who previously led Morgan Stanley’s real estate investing activities in southern Europe, has joined the real estate investment management business of New Jersey-based Prudential Financial as chief investment officer of its Latin America operations.
The Zurich-based investment bank said today that it is looking to sell one of its largest private equity fund investing groups, which has a $1 billion real estate practice, citing its illiquidity and lack of synergy with the rest of the firm.