S&P now rates real estate equity mutual fund managers
NEW YORK - Standard & Poor's Rating Services now rates real estate equity mutual fund managers through its Real Estate Equity Fund Manager Assessment reports, which provide investors with qualitative and quantitative assessment of money managers' style, performance, operational capabilities and organizational structure and stability.
TIAA helps finance Connecticut office building
NEW YORK - Teachers Insurance & Annuity Association provided $16 million in financing for the Enterprise Four office building in Shelton, Conn., said Jim Tolve, TIAA spokesman.
The 146,500-square-foot building completed the office build-out of Robert Scinto's 1.5 million-square-foot Enterprise Park. L.J. Melody arranged the financing.
San Francisco adds to AMB Partners, co-investment pool stakes
SAN FRANCISCO - San Francisco City & County Employees' Retirement System is increasing its stake in AMB Partners II to 80% from 50% for $35 million.
The fund also will be pumping an additional $75 million in the co-investment pool of industrial properties.
The deal offers the fund a 9% cash-on-cash yield in familiar properties and has low transaction costs, said Clare Murphy, executive director of the $10.5 billion system.
Lend Lease obtains remainder of Rosen partnership
SAN FRANCISCO - Lend Lease Real Estate Investments increased its ownership stake in Lend Lease Rosen Real Estate Securities to 74.9%, from 50%, and it has signed a three-year agreement to purchase the remainder of Lend Lease Rosen from partner Rosen Financial Services II.