Alecta appoints Palmer
Alecta Investment Management has appointed Stephen Palmer as UK and continental Europe real estate portfolio manager. He joins the Swedish pension fund from Seven Dials Consulting. He replaces Dr Neil Turner, who is joining Schroders. “Stephen’s depth in research and fund management experience combine to produce an ideal background,” said David Sherwood, head of real estate for Alecta.
Debut deal for Insight trust
The Insight European Real Estate Trust has made its first purchase, buying a warehouse in Madrid from Real IS on behalf of German bank BVG for €14.25m. Cushman & Wakefield Healey & Baker acted for the vendor. The deal kickstarts a €600m continental drive.
UK property lending booms
Bank lending in the UK property sector now stands at £127.9bn — more than three times the level reached in 1991, the peak of the last market boom. Figures released by the Bank of England showed property lending increased by £5.4bn during the second quarter of 2005, compared with £7.5bn in the first quarter.
JLL rewards shareholders
Quoted agent Jones Lang LaSalle has issued its first dividend since the merger of LaSalle Partners Incorporated and Jones Lang Wootton in 1999. It expects to pay a full year dividend of $0.50. Chief executive Colin Dyer said: “Our strong cashflow and healthy balance sheet position us well to return cash to our shareholders.”
