By Allen Kenney
GE Real Estate
made its first major foray into Taiwan last year, acquiring a manufacturing facility in Taipei for $20 million.
The deal is the first of more to come, according to Taiwan GE Real Estate Investment Corporation Chief Operating Officer Michael Rii, who cited a robust property market and “rapidly maturing” REITs as some of the primary enticements to investing in Taiwan.
GE acquired the 12-story commercial property, located in the Taipei’s Dunhua business district, from Taiwanese sanitary-ware manufacturer Hocheng Corporation.
CNL Debuts Global Fund
Privately held real estate investment company CNL Financial Inc. unveiled its first real estate securities mutual fund at the end of 2007.
The CNL Global Real Estate Fund will invest primarily in listed REITs and real estate companies in Asia, Europe and North America. The FTSE EPRA/NAREIT Global Real Estate Index series will serve as the fund’s benchmark.
“CNL is broadening its real estate offerings by adding global real estate securities. It’s a rapidly expanding sector that is still early in its growth,” says Grayson Sanders, president of CNL Fund Advisors Company.
The 25-year-old CNL is a conglomeration of companies that focus on different areas, including private equity investment and commercial real estate investment services.
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Contra Costa Invests $50 Million in Global REITs
The Contra Costa County Employees' Retirement Association has elected to invest $50 million in international REITs. The allocation represents roughly 1 percent of the association's $5 billion in assets. Invesco Real Estate is managing the account.
Shaftesbury Posts Strong 2007 Results
Even though most U.K. REITs struggled in their first year of existence, Shaftesbury PLC announced strong operating results for 2007. The company posted 9.5 percent growth in adjusted diluted net asset value per share for the fiscal year ended Sept. 30, 2007. Shaftesbury valued its total portfolio at $2.8 billion, reflecting an 8.2 percent capital value return.
Shaftesbury focuses on investing and developing in London’s West End district. Company chairman John Manser noted that the strong performance came in an environment of heightened concern about general economic stability, especially with regard to property markets.
He characterized Shaftesbury as “well placed to deliver long-term outperformance in both income and capital values.”
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