The investors said the deal followed on from their Regent Street partnership, under which the Crown Estate owns 75% of the £3.25bn Regent Street portfolio – consisting of assets adjoining the Pollen Estate holdings – and the GPFG owns 25%.David Shaw, head of the Regent Street Portfolio, said: “With the benefit of our partnership holdings in Regent Street, we recognised the long-term investment opportunity of the Pollen Estate holdings, particularly in their core streets of Savile Row and Cork Street.”Shaw said the two streets had international reputations for tailoring and art galleries, respectively.“The success of these two streets is crucial to the ongoing success of London’s West End as an international destination,” he said.The deal is the largest single property sale undertaken by the Church Commissioners, the Crown Estate said.NBIM said the price it paid was net of the GPFG’s £36.1m share of total existing debt.Property in the Pollen Estate, established in 1812, is situated mainly between Regent Street and Bond Street, and consists of 43 assets.Half of the space is office, and half is retail.The board of the Pollen Estate trustee company will continue to oversee asset management of the portfolio. Norway’s Norges Bank Investment Management (NBIM) and the UK’s Crown Estate have joined forces to buy a majority stake in the Pollen Estate, 730,000 sq ft of property in London’s West End.NBIM, which manages Norway’s former oil fund, the Government Pension Fund Global (GPFG), has paid £343m (€431m) for a 57.8% stake in the estate, and the Crown Estate has acquired a 6.4% holding.The total deal value was £381m, implying the Crown Estate paid £38m for its portion.The two institutional investors bought the total 64.2% stake in the Pollen Estate – spread over four acres – from the Church Commissioners for England, a Church of England endowment charity.
Month: September 2020
Diversified growth fund (DGF) managers must reassess their strategies and allocations to ensure survival in the next market phase, according to AQR.Research by the multi-asset and smart beta group found that, despite DGFs performing in line with their stated aims, much of the investment return from the funds could be explained by beta.DGFs were highly correlated to a passive benchmark of 50% stocks and 50% bonds, AQR said.In addition, in the five years to the end of 2016, a 50-50 portfolio of the MSCI World index and Barclays Global Aggregate Bond index, hedged to sterling, gained an average 8.2% a year. A group of DGFs targeting cash plus 5-7% a year posted 6.6% annual returns – in line with their aim but trailing a passive substitute. According to AQR’s calculations, the DGF group had a correlation of 0.89 to the passive portfolio, where 1 is completely correlated.The report was written by AQR portfolio managers John Huss and Laura Serban, with Adam Akant, associate in the company’s portfolio solutions group.The authors said: “Over the past five years, the average DGF has likely met its return target by riding the strong performance of stock and bond markets, but it failed to provide much diversification or excess returns relative to these traditional beta exposures.”They also warned that in many areas “traditional assets are currently elevated by historical standards”. This raised questions about the future performance of these assets and DGFs, the authors said, as most economic environments would be “less favourable” than the past five years.“Unless DGF managers change their strategies to be less correlated with traditional portfolios, they may be unlikely to match recent performance going forward,” Huss, Serban, and Akant wrote.They added: “High starting valuations mean that investors or strategies that rely primarily on exposure to a traditional portfolio to generate returns may have much more difficulty reaching their total return objectives going forward than they have had over the past several years.”AQR’s findings echoed those of Willis Towers Watson. Writing for IPE last year, Alice Lee, investment consultant at the firm, warned that investors needed to be “discerning between genuine skill and market beta” and “urge managers to create more modern, cost-effective, and better-structured solutions”.
The tracking error cannot be higher than 2% for either mandate.The pension fund has not yet defined a benchmark for the active allocation, but it should have a bias towards mid-cap companies.Investments under the passive mandate should track one of five specified SIX Swiss Exchange indices.The allocations will be housed in an existing ‘umbrella’ fund structure known as an Effektenfond.Interested parties should have at least CHF750m of assets under management for Swiss equities, and CHF1bn as a firm. They should have a track record of at least five years, but track records of more than 10 years are preferred.Applicants should state their performance, gross of fees, to 31 October. The deadline for submissions is 10 December, 5pm UK time, for both mandates. The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected] A Swiss pension fund has tendered active and passive domestic equity mandates for a total initial commitment CHF60m (€53m) via IPE Quest.According to searches QN-2494 and QN-2495, managers should expect inflows of around CHF60m until 2022 and an additional CHF80m until 2024.Daily liquidity is needed. Individual holdings of the subfunds have to be capped at 10%. An exclusion list based on environmental, social and corporate governance criteria must be respected.
He argued that Koolmees’ promise to reassess the current arrangements for increasing the state pension age was “insufficient”.Arend van Wijngaarden, chair of CNV, the Netherlands’ second-largest union, said that the government was “thrown off the scent”, and argued that the introduction of individual pensions accrual would reduce the chance of Dutch savers achieving a decent pension.Both Van Wijngaarden and Nic van Holstein, chair of the VCP union, contended that the government had failed to offer adequate compensation for older workers who would be affected by a transition from average to degressive pensions accrual.The unions have announced industrial action, with the police unions planning to block the entrances of the Ministry for Social Affairs and the office of the employer organisations in The Hague on Monday. Credit: Mark PrinsWouter Koolmees, social affairs ministerSpeaking on television programme Buitenhof, Koolmees described the response of the unions as “fierce and unjustified”, and denied he was on a war footing.He argued that politicians had to get things moving towards pensions reform, but added that he also hoped that the negotiations would be resumed.The Pensions Federation, which represents Dutch pension funds, said it wanted to discuss how the government’s plan for a new pensions contract related to the current contracts after the abolition of average accrual.In its opinion, the sources of compensation suggested by Koolmees for a transition to degressive accrual required further investigation.The organisation also called for additional analysis of the relationship between future mandatory life-cycle investments by pensions funds and collective risk-sharing as proposed by the government.The Pensions Federation also underlined the importance of a structural agreement relating to the looming cuts to pension payouts and accrued rights – an issue that the minister only wanted to address as part of an overall approach.The KNVG and NVOG, lobbying organisations for pensioners, highlighted the importance of preventing cuts and relaxing the rules regarding inflation compensation.They cited earlier reports from the Social and Economic Council that the introduction of almost all measures announced by the government would take several years.They also argued that the government’s approach lacked priorities and support and so had hit a dead end, leading to additional delays to pension reform. Workers’ unions in the Netherlands have hit out at the government’s plan to push on with pension reform in the absence of an agreement between unions and employers.The trade unions have claimed that the govnerment has ignored most of the issues that resulted in negotiations between the social partners collapsing in November.However, employers have responded positively to the plan – announced by social affairs minister Wouter Koolmees over the weekend – and have urged the unions to return to the negotiating table.Tuur Elzinga of the FNV union described the plan as “a slap in the face of workers and pensioners”. Union representatives walked out of a meeting after 66 minutes earlier today, in a symbolic gesture referencing their preferred retirement ageKoolmees defends actions
Mary Wood (right) has lived in 30 Somerville Close at Whitfield with her husband Neville for 32 years, making the house a home. Now the property is for sale, by Remax agent and close friend Cathy Ratcliffe. PICTURE: BRENDAN RADKEWHITFIELD residents Mary and Neville Webb might just be Cairns’ longest, and best, tenants.The couple have cared for their 30 Sommerville Cr home as if were their own, painting the house, modifying the laundry and installing security screens over the past 31 years.But now, the home is being sold and the Webbs hope an investor will take on the property, allowing them to stay on. “We moved in firstly because we had sold our house and were renting and these people we knew were moving south for a job and preferred someone they knew to become tenants,” Mrs Webb said. “We just paid our rent through the bank. “It suited us here because we have some really good people around us. “The neighbours at the corner, two down, they’re too busy to read their paper before work, so they tell us to take it and throw it back on the porch.More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days ago“I use the kitchen a lot because I do like baking. One of the spare rooms is set up and I do sewing. I still sew for myself. “We are hoping whoever buys the house keeps us on as tenants. It would be really good.”RE/MAX agent Cathy Ratcliffe said the property would be ideal for a first-time property investor, with stable tenants and the added benefit of establishing themselves in a blue-chip Cairns suburb.“This is the first time the property has been offered and the home is really built to last,” she said.“It has all the charms of yesteryear.“If position, potential and location are what you have been looking for, then this Upper Whitfield home should not be missed.” The home is on a 607sq m block, has three bedrooms, a bathroom with a separate toilet, a spacious timber kitchen with black wattle benches and cosy dining and lounge spaces.It is also close to schools and shops and is open for inspection on Saturday from 11am-noon.
Gold Coast skylineREGIONAL property markets are the “new black’’ with a leading property expert predicting demand will continue to lift.The latest McGrath Report revealed Australia’s leading regional hubs, the Sunshine Coast, Gold Coast, Geelong and Newcastle were undergoing significant price growth on the back of strong demand.McGrath executive chairman John McGrath said improved infrastructure had made commuting times faster between regional areas and capital cities and when coupled with the NBN rollout making access to technology better, these regions had become even more appealing to buyers. John McGrath says regional property markets are the “new black”“Massive infrastructure investment across Australia is also boosting employment in regional centres,’’ he said.Geelong was identified as the best performing regional city with its median house price up by 9.8 per cent in the past 12 months.Despite that, its median house price of $505,000 was still $200,000 cheaper than Melbourne’s.In New South Wales, Shoalhaven and Southern Highlands was the strongest performing regional market with 9.2 per cent growth, followed by Newscastle up 7.2 per cent.In Queensland the top regional performer was the Sunshine Coast where the median price was up by 5.2 per cent and the Gold Coast which was up 1.9 per cent.More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoMedian prices on the The Gold Coast are up 1.9 per cent, according to the latest McGrath reportMr McGrath said an influx of buyers from interstate had really driven the Sunshine Coast and Gold Coast markets.Population figures were rising in the regions. Lake Macquarie in New South Wales took 5500 new residents from Sydney and Geelong took 6900 from Melbourne.Seven of the top ten regions to benefit from Brisbane residents moving in were beachside locations, the Gold Coast gained an extra 8800 and the Sunshine Coast 6700. This house at 8 Cottonwood Ct in Noosa Heads is on the market.“The Gold Coast seems to have magnetic appeal, as it was among the top ten destinations chosen by city escapees in every single state and territory, attracting 19,400 people from eight capitals,’’ Mr McGrath said.He said the regions which attracted the most interest were those within a “90 minute arc’’ of the major capital cities. Mahala, a 25-storey high-rise tower by developer Pindan, is just one of many new residential developments on the Gold Coast.“While affordability remains a key reason to move, many (agents) say buyers are increasingly talking about escaping from city stress, traffic and cost of living,’’ he said.“Sydneysiders are thinking I’ve got a $3 million house, I’ve got no money in my bank, what can I do. We are seeing an increased migration back up to southeast Queensland, which was similar to before the GFC when we did see a constant stream of people heading north and I think we are going to see that more courtesy of the higher values in Sydney and Melbourne.’’“Affordability will be the key driver for many to start thinking about shifting out of the metro market. They take a trip to Toowoomba or the Sunshine Coast and they see what they can get and then they remind themselves of the lifestyle available there, arguably in some instances, it’s half the price.’’Mr McGrath said while many were keen to relocate to an affordable regional area it had to have the facilities for them to take the step.“They generally don’t want to be too far away or too inaccessible.’’
Finding a new house is as easy as a swipe.Keeping your property occupied in a society where people can see other options in a tap and swipe of a screen is not as difficult as it seems.Once you have found a good tenant, who pays rent on time and looks after your property, you are bound to want to hang onto them, but as tenants are increasingly spoiled for choice, it is not too difficult for them to up stumps at the renewal of a lease should a better offer come along.Place director of property management Cathie Crampton said it could be more difficult to hold onto a tenant than it has been in the past as tenants are informed and often investors themselves.“We now live in the age of rent-vesting and as such, many of your tenants are in fact property owners themselves who can give insightful and yield orientated feedback for you and improve your return.She said a lack of maintenance and communication were the most common reasons tenants changed rental properties.REIQ CEO Antonia Mercorella said there were a few easy ways to keep a star tenant keen on your property.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:13Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:13 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenGet Rental Ready!01:14 1. Be respectful Consider lettting pets into your rental. Picture: Thinkstock 4. Consider pets 5. Remember to thank them Ms Mercorella said it was important to be respectful of tenants and recognise that your investment property is your tenant’s home.“They’ll have a different relationship with that property than you’ll have but it will be no less respectful,” she said. 2. Be flexible Minor alterations by the tenant make some investors wince, but Ms Mercorella said it was important to be flexible.“If they want to put pictures on the wall, take this as a good sign that they see themselves staying for a long time,” Ms Mercorella said.“High tenancy turnovers mean high costs for you, so rather than fight over petty things like nails in the wall, consider being more tolerant of minor alterations to the property.” 3. Be understanding Issues may pop up from time to time with your tenant, and being understanding can result in keeping the tenant for longer.“If you’ve had this tenant for a while, and they’ve been good with the rent and great at looking after the property, then urge your property manager to be tolerant when things crop up,” she said.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago Reward your tenants. Picture: iStock. Ms Mercorella said the REIQ urged landlords to consider allowing furry friends.“There are many benefits to allowing tenants to have pets, but among them is that they are likely to stay longer,” she said.“Renters with pets struggle to find a property that will allow them to keep pets, so the statistics reveal that they tend to stay for longer periods.” When it comes to keeping a tenant, a small show of thanks can go a long way.“At Christmas time, perhaps give them a $100 gift card, or a house cleaner for a visit or two, or on the anniversary of their tenancy, celebrate it with a bottle of bubbly as a gift, or a carton of craft beer,” Ms Mercorella said.“Show them that you value their tenancy. “Trust me, these small gestures go a long way to building trust and a strong, stable relationship.”
The covered outdoor area enjoys views over Lake Orr. Swim in the water while watching the water.The size of the outdoor entertaining area has impressed prospective buyers, along with the overall layout of the home. “The whole house flows really well, people really like the floor plan,” Mr Willatt said. “All but two rooms in the house face the water.”The current owners purchased the home as a new build 10 years ago and have kept it immaculately maintained, inside and out. More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago MORE NEWS: Gold Coast penthouse gets a “tacky” TV makeover The colour palette is clean and classic. Even the bedrooms offer water views.The overall look is fresh and clean with new paint, carpet and security screens throughout.And with the house and pool occupying much of the block, there’s very little garden to maintain leaving more time to enjoy the surroundings. “You’re pretty much eight minutes from everything in Varsity Lakes,” Mr Willatt said.“Varsity College is one of only a few schools offering Chinese immersion on the Coast and you’ve got the train stations and Bond University all close by as well.”The property will be auctioned online on Wednesday April 15 at 6pm. 1A Washington Court, Varsity Lakes for sale with McGrath Palm Beach.And judging by the pre-auction buzz – local, interstate and abroad – hopeful buyers agree this property has got something special.“This suburb is sought after anyway, so when you get a special property like this the interest is going to be high,” Mr Willatt said. “Even in this current climate, we’ve taken a lot of inquiries … I’ve never done so many FaceTimes and Zoom calls in my life.” 1A Washington Court, Varsity Lakes enjoys exceptional water views and frontage.The imposing four-bedroom abode at 1A Washington Court enjoys the most northerly aspect around and a spectacular frontage to Lake Orr.The modern kitchen and spacious living areas occupy the ground floor while upstairs the luxury master bedroom has two walk-in robes, a balcony and ensuite with water views. Celebrities, instagrammers eye off pretty Hamptons house 1A Washington Court, Varsity Lakes is on the market for the first time in 10 years.It’s fair to say that opportunities like this don’t come around every day. In fact, it’s been a decade since this perfectly positioned Varsity Lakes property has been on the market.And according to marketing agent Josh Willatt of McGrath Palm Beach, you won’t find another like it.“I’ve been selling in the area for 13 years and this is by far the best positioned house in the whole suburb,” he said.“It’s a big call, I know, but I stand by it.”
The just-concluded 2017 regular session of the Louisiana Legislature contained good news for the state’s ongoing program to protect and restore the coast.According to the Coastal Protection and Restoration Authority, the approved legislation allows the continuation of established successful efforts while adding new mechanisms to increase productivity and results.First and foremost, the 2017 update to Louisiana’s Comprehensive Master Plan for a Sustainable Coast, carried this year by Sen. Morrish and Sen. Alario, passed the House and Senate with unanimous bipartisan support picking up an additional 34 co-authors on the House Floor.“The Coastal Master Plan was developed using robust scientific and technical analysis with extensive public input,” said Johnny Bradberry, Chairman of the Coastal Protection and Restoration Authority (CPRA). “This 2017 update recommends 124 projects, including restoration projects, structural protection projects, and nonstructural risk reduction projects.”The Coastal Master Plan outlines specific actions to implement an integrated coastal protection and restoration strategy over the next 50 years with projects constrained by a $50 billion total budget. In this fully integrated plan, half of the projects by cost are devoted to restoration and half to protection.The ecosystem restoration portion includes $18 billion for marsh creation, $5 billion for sediment diversions, and more than $2 billion for other types of restoration projects. On the protection side, the plan allocates $19 billion for structural protection and $6 billion for nonstructural risk reduction. “It is far wiser to spend money proactively today than spend it on damages later,” said Bradberry.In addition to passing the 5-year, long-term strategy document, the Louisiana Legislature also passed the CPRA’s Fiscal Year 2018 Annual Plan which outlines the agency’s project priorities for the coming fiscal year as well as providing a three-year outlook. This year, the CPRA Annual Plan was enacted through two resolutions, a Senate Resolution authored by Sen. Morrish and a House Resolution by Rep. Zeringue.In fiscal year 2018 CPRA will advance the coastal program with $644 million in expenditures on project construction, engineering and design, planning, ongoing programs and initiatives, and the operation and maintenance of previously constructed projects.The implementation of the goals of the Coastal Master Plan will also be assisted by new legislation coming out of this year’s session that provide CPRA with the ability to utilize new project delivery methods and to explore the bonding of some of the Deepwater Horizon oil spill revenues.House Bill 596 by Rep. Leger and Rep. Bishop allows a new contracting mechanism to help get projects constructed earlier. House Bill 618 by Rep. Garofalo also has the potential to expedite Coastal Master Plan project implementation. House Bill 144 by Rep. Jerome Zeringue also aids the accomplishment of coastal projects by allowing public entities to enter into fixed-term agreements with private property owners for servitude and easement rights.Finally, Senate Bill 249 by Sen. Chabert directed the CPRA to dedicate set percentages of its GOMESA revenues for coastal protection projects.
India-based Great Eastern Shipping (G E Shipping) is continuing with the fleet expansion as it has signed a contract to buy a secondhand LR2 product carrier.G E Shipping has not disclosed the seller of the 105,000 dwt vessel.As informed, the 2009-built tanker is expected to join the company’s fleet in Q2/Q3 FY2018.In June, the company took delivery of Jag Pavitra, a secondhand medium range (MR) product tanker bought in April this year.Currently, G E Shipping’s fleet stands at 46 vessels, comprising 30 tankers and 16 dry bulk carriers with an average age of 9.76 years aggregating 3.80 mn dwt.