Real Estate – Page 104
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New framework may change Dutch funds’ asset mix
NETHERLANDS - The new supervisory framework for Dutch pension funds and insurers may lead to a move out of equities and into bonds, experts have suggested – though the government doesn’t plan to change its bond issuance strategy.
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Danica Pension in E255m shift to equities
DENMARK – Danica Pension, the life insurance and pension arm of Danske Bank which has a large bond portfolio, has made a 1.9 billion-crown (255 million-euro) net investment in equities.
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Deka dismisses real estate executives
GERMANY- Deka Bank has fired three senior executives in charge of its real estate fund arm, claiming the executives lied about the true value of its investments in German real estate.
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PensionDanmark in funds transferral move
DENMARK – Industry-wide pension fund PensionDanmark is bidding for a share in the new market of funds transferral from the government-backed SP fund to other funds chosen by workers.
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Pension consultants slam UK’s property policy
UK – The Society of Pension Consultants has said the government is in danger of “shooting itself in the foot” over its plans to ban upward-only reviews of property rents.
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Deka says institutional funds still healthy
GERMANY - Deka Bank has confirmed that one of its mutual funds investing in real estate suffered outflows totalling 1.2 billion euros in the first eight months of 2004, but said its institutional funds investing in the asset class remained healthy during the period.
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UK’s Dorset allocates to hedge funds in revamp
UK - The 900 million-pound (1.3 billion-euro) Dorset County Pension Fund has allocated five percent of its portfolio to hedge funds investments as part of a review of investment strategy.
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Kodak pension scheme gets property boost
UK – The one-billion-pound (1.46 billion-euro) Kodak Ltd. Pension Plan has seen the real-estate assets in its joint venture with property firm Halladale almost double in a year, according to company documents.
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Deutsche names European real estate research head
EUROPE – Deutsche Bank’s real estate arm has named Peter Hobbs as head of European real estate research.
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This week’s UK pension fund disclosures
UK – The following are UK pension funds’ holdings in companies that have been disclosed this week under the Financial Services Authority’s stock market listing rules.
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Spain’s Zapatero signals confidence in PAYG
SPAIN - The Spanish prime minister, José Luis Zapatero, has announced an increase in state pension payments in a sign of his confidence in the public pay-as-you-go system.
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Deka scandal unlikely to faze investors – HVB
GERMANY – The scandal at Deka Immobilien Investment GmbH which has seen the real estate firm’s head dismissed, is unlikely to faze investors, an analyst at HVB says.
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Rabobank asset management profit falls 6%
NETHERLANDS – Rabobank says its asset management activities’ pre-tax operating profit fell six percent to 80 million euros in the first half of 2004.
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CalPERS buys into German real estate
GERMANY – CalPERS, the largest US pension fund at 166.3 billion dollars (136.8 billion euros), has bought a commercial property in Frankfurt for 14 million dollars.
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Former Varma CEO Pitkänen retires
FINLAND - Paavo Pitkänen, the former president and chief executive of Varma Mutual Pension Insurance Co., has retired from the company.
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BOE says DB closures adding to property boom
UK – The Bank of England says the closure of defined benefit occupational pension schemes has added to the recent “upward pressure” on house prices in the UK.
