Institutional Real Estate Americas

April 1, 2015: Vol. 27, Number 4

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From the Current Issue


Frozen in place: Where does real estate fit in a frozen plan's investment program?

Over the past 20 years, a large part of corporate America has moved away from offering defined-benefit pension plans, and defined-contribution arrangements have become the norm. But the closure of a defined-benefit plan is not the end: The plan must keep operating for as long as there are participants still alive and benefits still to be paid. Thus, a new category of major institutional investor has come into being: the frozen pension plan.


A tale of two cities: London and Paris, Europe's two mega-cities, power ahead

London and Paris stand alone in Europe as the continent’s truly global cities. They are not only leaders in terms of commerce, they are also world-renowned centers for politics, sports, culture, history, tourism, transport and education. All these factors influence the unique real estate needs of the two cities, shaping the urban environment while creating large, liquid markets that are able to provide opportunities for investors throughout the cycle.


Data Bank: The big get bigger (and bigger and bigger and ...)

If it seems as though The Blackstone Group has been capturing an awful lot of investment dollars, that is because it has. Blackstone raised more over the past few years than any other real estate fundraiser, pulling in more than $27.2 billion across five funds from 2012 to 2014.  


Fact or fiction? Is the long-term impact of millennials on office space overhyped?

Today, the conventional wisdom is the millennial generation is transforming real estate priorities and design. This group is going to live differently, shop differently, work differently and commute differently compared with any generation that has come before it. This month’s perspective is going to look at the “work” portion of that equation and speculate on some medium- and long-term impacts of the millennials, as well as some other specific factors relating to the office sector. 


Houston, we have a problem

Falling gas prices are mostly a good thing, economically speaking; they keep a lid on inflation and put more money in consumers’ pockets. But a drop in the price of gas can put a dent in energy-focused Houston’s economy — and that should have commercial real estate investors taking notice.


Cap rates tighten across the United States

A competitive investment environment and attractive performance by commercial real estate have created a tight capitalization rate market. In the second half of 2014, cap rates compressed for most property types, according to a new report by CBRE. 


CalSTRS invests nearly $1.2b in real estate

The nation’s second-largest public pension fund, the $186.4 billion California State Teachers’ Retirement System invested $1.17 billion in real estate during fourth quarter 2014, according to the system’s recent investment committee quarterly activity report.


Growth potential: REITs are emerging in markets around the world, but the biggest opportunities may be yet to come

The REIT structure has been expanding across the globe and, in the wake of the global financial crisis, a number of new REIT markets are opening up in the Americas, Asia and Europe. The introduction of REIT regimes in countries such as India, Ireland and Mexico, as well as the modernization of REIT structures in countries such as Spain, has widened the opportunity set for REIT investing around the globe. And investors continue to watch China, where the potential for REIT investment is huge.

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