PKA becomes third Danish pension fund to join Sparinvest Property Fund III

first_imgDenmark’s PKA has joined Laerernes Pension and AP Pension in backing Sparinvest Property Fund III (SPF III), which has raised a further €90m in a second closing, bringing the total raised to €243m.There are now six investors in the fund – the first closing was last June.SPF III, a fund of funds, will continue the global value-added investing strategy of the previous fund, SPF II, according to Bo Jensen, managing partner at Sparinvest Property Investors.It will invest primarily in the Americas and Asia (40% of the portfolio each), with 20% in Europe, through carefully selected “hard to find” small and medium-sized managers with hands-on operating experience. “We find good local partners to work with, as we can’t be experts all over the world,” said Jensen.SPF III will invest only in unlisted real estate, focusing mainly on the equity quadrant.The fund will commit to 14 managers and has already invested with four: two in the US, one in the UK and one in China.It hopes to select a Japan and a further US manager by year-end.The fund will maintain a prudent leverage ratio of approximately 50% loan-to-value.Its return target is 11-13% net IRR.Jensen said SPF II, which had its final close in June 2011, had seen a “fantastic” performance, with an IRR of 13%.The new fund will build and reposition commercial real estate, including retail and office properties (making up 25% and 20% of its portfolio, respectively).Residential (25% of the portfolio) will include the development of apartment blocks in India, China and South America.Jensen said this would focus on housing for middle class and lower-income families.“We normally don’t do luxury apartments, as it is too risky, with too much competition,” he said.Around 15% of the fund will be in debt instruments.PKA has now committed €60m to the fund, having committed €50m to SPF II.Nikolaj Stampe, head of property at PKA, told IPE: “We chose the fund because we wish to invest abroad but don’t have the resources to investigate markets, especially far-flung regions like the US.“We wanted a fund of funds to spread risk. And as Sparinvest is a Danish company, it is easy to work with them, especially in terms of taxation and auditing.”Stampe said PKA could also increase its exposure to specific markets by making separate co-investments to funds SPF III commits to, with Sparinvest handling the day-to-day business.PKA’s five constituent pension funds each has an allocation of 8-10% to real estate out of the total DKK200bn (€27bn) portfolio.However, Stampe said the aim was to raise this to 10% for all five funds over the next three years, with 20% of real estate allocated to international property.Meanwhile, there will be two further closings for SPF III, in Q1 and June next year, with a final target of €400m.last_img read more

Baseball Draft

first_imgIf you are not aware, Bryan Hoeing was drafted by a major league team this year.  The Arizona Diamondbacks picked Hoeing in the 32nd round.  On the Diamondback’s website they put their reasons for drafting him even though he had the ACL injury from basketball and is possibly facing surgery on his arm this summer.  They said they would have chosen him higher but they knew of his commitment to attend Louisville along with the injury situation.  They like his size and ease of which he delivers a pitch.Hoeing was not the only local athlete to be picked.  A young infielder from Madeira High School in Cincinnati went in the top ten along with UC’s first baseman.  Another top pitcher from the Indiana High School ranks also was drafted this June.  He competed at Cathedral High School in Indianapolis and was considered Hoeing’s top competitor as a high school player.Now comes the decision on the part of these young men whether they will sign.last_img read more

Davis earns point for N Ireland

first_imgSteven Davis’ second-half strike ensured Northern Ireland’s disappointing World Cup campaign ended on something of a positive with a battling draw in Israel. Captain Davis lashed home a powerful effort with 18 minutes left, responding to Eden Ben Basat’s headed opener just before the break. A share of the spoils represented a fair verdict – and a surprising one given Northern Ireland’s form and depleted numbers – allowing Michael O’Neill’s men to banish at least some of the scars accrued during defeats to Luxembourg and Azerbaijan. He had been on the pitch a matter of minutes when he collected Davis’ lay-off and shot a yard over from outside the area. Israel spurned a presentable opportunity of their own when McArdle’s defensive header found Lior Refaelov lurking on the right but his first touch was with his knee and the ball bobbled out of play. In the 33rd minute a back-tracking Niall McGinn found himself needing to make a crucial tackle on Eyal Meshumar as he homed in on goal. The Aberdeen winger would not be anyone’s first choice for such a task but he managed to muscle out the full-back without attracting the referee’s attention. From then on Israel were well on top, Roy Carroll awkwardly saving a Natcho free-kick with his feet then coming to collect a bouncing ball at the edge of his area only for McArdle to get in the way and leave him stranded. Cathcart was on hand with a sliding block to prevent Ben Basat taking advantage of the unguarded net but he did not miss his next chance. Meshumar was proving a constant threat down the right and and it was his cross that allowed Ben Basat to head home from eight yards. Carroll was rightly upset to see the striker nip between both centre-halves in order to do so. Five minutes into the second half a clash of heads between Cathcart and Keinan left both men bleeding, though the Blackpool man at least earned a rare corner in the process. Paterson was the target but he could not get a clean connection. Clingan, putting in a highly impressive shift, got back well to mop up a dangerous ball at the opposite end but his side needed some attacking spark now too. Davis attempted to supply it when he shook off Yeini and let fly but his shot flew just wide after a slight deflection. Ward replaced the quiet McGinn with 25 minutes remaining and instantly brought some energy to proceedings. The equaliser came after O’Neill had gone back to 3-5-2, Clingan putting a foot in to regain possession and begin a new attack. Ward spotted the well-placed Davis arriving at the edge of the area and he buried a first-time that was left Aouate grasping at air. Northern Ireland were energised, Ward shooting wide seconds after the restart and Paterson’s volley beaten clear by the goalkeeper following Brunt’s clever chip. It was a wonderful chance but Aouate’s reflexes matched the finish. Hodson, given licence to attack now, hesitated when Davis’ header seemed to put him clear on the right and from there on Israel were in the ascendance. They camped out in Northern Ireland’s final third but a series of tackles, blocks and clearances ensured a deserved point. Davis, after a hard first campaign as skipper, was also fully deserving of a leading role and a fifth international goal. Just four days after abandoning his favoured 4-2-3-1 formation for 3-5-2 in Baku, O’Neill reverted to type. Personnel-wise there were no fewer than six changes, half unavoidable due to suspensions for Jonny Evans, Gareth McAuley and Oliver Norwood. Bradford’s Rory McArdle was the main beneficiary of those absences, handed a first competitive start alongside Craig Cathcart at centre-half. O’Neill’s decision to voluntarily leave out another of his senior men in Chris Brunt – stood down alongside Shane Ferguson and Jamie Ward – may have raised eyebrows but the return of the rock solid Chris Baird and Sammy Clingan in midfield ensured there would be no lack of experience. With Ward warming the bench it quickly became clear that Davis would be Martin Paterson’s main attacking support, the Southampton midfielder handed a more advanced role after several matches in the engine room. Northern Ireland’s early strategy involved balls over the top for Paterson, who made a half-hearted penalty appeal after nine minutes when Dudu Aouate challenged him for Baird’s chipped pass. In the 19th minute Corry Evans crumpled after both he and Sheran Yeini slid to retrieve a loose ball, making way for Brunt’s belated arrival. Press Associationlast_img read more

Mike Trout blasts 39th homer as Angels open final weekend with victory

first_imgPreviousThe Angels’ Shohei Ohtani steals third as Oakland third baseman Matt Chapman takes a late throw from home during the second inning of Friday’s game at Angel Stadium. (AP Photo/Mark J. Terrill)The Angels’ Mike Trout greets teammate Shohei Ohtani with a celebratory slap on the hand after Ohtani scored during the second inning of Friday’s game against the A’s. (Photo by Victor Decolongon/Getty Images) SoundThe gallery will resume insecondsLos Angeles Angels starting pitcher Jaime Barria throws to the plate during the first inning of a baseball game against the Oakland Athletics, Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)ANAHEIM, CA – SEPTEMBER 28: Taylor Ward #3 of the Los Angeles Angels of Anaheim hits a two-run homerun during the second inning of the MLB game against the Oakland Athletics at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)Los Angeles Angels’ Taylor Ward, right, hits a two-run home run while Oakland Athletics catcher Jonathan Lucroy watches during the second inning of a baseball game Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)Los Angeles Angels’ Taylor Ward, right, heads to first as he hits a two-run home run while Oakland Athletics catcher Jonathan Lucroy, center, and home plate umpire Doug Eddings watch during the second inning of a baseball game Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)Oakland Athletics starting pitcher Lou Trivino throws to the plate during the first inning of a baseball game against the Los Angeles Angels, Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)Los Angeles Angels’ Shohei Ohtani, right, of Japan, smiles at first base umpire Joe West after hitting a single during the second inning of a baseball game against the Oakland Athletics, Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)Los Angeles Angels’ Shohei Ohtani, of Japan, hits a single during the second inning of a baseball game against the Oakland Athletics, Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)Los Angeles Angels reliever Taylor Cole throws watches a pitch during the sixth inning of a baseball game against the Oakland Athletics on Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)ANAHEIM, CA – SEPTEMBER 28: Mike Trout #27 of the Los Angeles Angels of Anaheim hits a two-run home run during the third inning of the MLB game against the Oakland Athletics at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)ANAHEIM, CA – SEPTEMBER 28: Shohei Ohtani #17 of the Los Angeles Angels of Anaheim congratulates teammate Mike Trout #27 at home plate after Trout hit a two-run homerun as catcher Jonathan Lucroy #21 of the Oakland Athletics looks on during the third inning of the MLB game against the Oakland Athletics at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)ANAHEIM, CA – SEPTEMBER 28: Shohei Ohtani #17 of the Los Angeles Angels of Anaheim hits a sacrifice fly to left field during the fifth inning of the MLB game against the Oakland Athletics at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)ANAHEIM, CA – SEPTEMBER 28: Shohei Ohtani #17 of the Los Angeles Angels of Anaheim is congratulated by teammates in the dugout after hitting a sacrifice fly to left field during the fifth inning of the MLB game against the Oakland Athletics at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)ANAHEIM, CA – SEPTEMBER 28: Pitcher Taylor Cole #67 of the Los Angeles Angels of Anaheim during the sixth inning of the MLB game against the Oakland Athletics at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)ANAHEIM, CA – SEPTEMBER 28: Kaleb Cowart #22 of the Los Angeles Angels of Anaheim gets the tag down on Ramon Laureano #22 of the Oakland Athletics trying to steal second base for the out during the fifth inning of the MLB game at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)Los Angeles Angels catcher Taylor Ward, left, attempts to throw out Oakland Athletics’ Ramon Laureano as Stephen Piscotty, right, heads to third during the eighth inning of a baseball game Friday, Sept. 28, 2018, in Anaheim, Calif. Laureano was safe at first and Ward was charged with a fielding error on the play. (AP Photo/Mark J. Terrill)Los Angeles Angels relief pitcher Hansel Robles throws during the ninth inning of the team’s baseball game against the Oakland Athletics on Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)Los Angeles Angels relief pitcher Junichi Tazawa, of Japan, throws during the eighth inning of the team’s baseball game against the Oakland Athletics on Friday, Sept. 28, 2018, in Anaheim, Calif. (AP Photo/Mark J. Terrill)ANAHEIM, CA – SEPTEMBER 28: Pitcher Hansel Robles #57 of the Los Angeles Angels of Anaheim reacts after striking out the last batter for the last out in the ninth inning to win the game 8-5 against the Oakland Athletics in the MLB game at Angel Stadium on September 28, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)The Angels’ Shohei Ohtani steals third as Oakland third baseman Matt Chapman takes a late throw from home during the second inning of Friday’s game at Angel Stadium. (AP Photo/Mark J. Terrill)NextShow Caption1 of 20The Angels’ Shohei Ohtani steals third as Oakland third baseman Matt Chapman takes a late throw from home during the second inning of Friday’s game at Angel Stadium. (AP Photo/Mark J. Terrill)ExpandANAHEIM — While the Angels’ final weekend of games have little bearing on the present, they opened the series with all sorts of storylines relating to the past and the future.The Angels’ 8-5 victory over the Oakland A’s on Friday night included big offensive contributions from rookies Shohei Ohtani and Taylor Ward, the scoreless pitching of rookies Jaime Barría and Taylor Cole, and a closing flourish from Hansel Robles.It all came against a backdrop of what is likely to be the final weekend for Mike Scioscia after 19 years managing the team.On Saturday, the Angels will honor Scioscia with a bobblehead, and on Friday the ballpark concourse included at least one ad for the promotion that included a list of the manager’s accomplishments. Angels offense breaks out to split doubleheader with Astros Angels’ Mike Trout working on his defense, thanks to Twitter Angels’ Shohei Ohtani spending downtime working in outfield Trout singled and hit a two-run homer, his 39th of the season. Trout, however, might only be cementing his place as the MVP runner-up – for the fourth time. Mookie Betts is having a season that, by most measures, is equal to Trout’s, but he’s doing so on a 107-win team going to the playoffs.The Angels, meanwhile, are going nowhere, but at least feeling good about a four-game winning streak in the final week and the performances of a few players who could be part of the solution in 2019.Barría, a 22-year-old who began last season at Class-A Inland Empire, has risen quickly to become a reliable member of the rotation. In his 26th start of the season, Barría did not allow a hit or a run. He was knocked out after 4-2/3 innings because he walked six, though.Related Articles Jose Suarez’s rocky start sinks Angels in loss to Astros Angels’ poor pitching spoils an Albert Pujols milestone The Angels got the lead with three runs in the second, including two on a homer by Ward, his fifth of the season and second in as many games.Ward had a rough defensive game. Still learning third base after being a catcher until this year, Ward made an error and had an infield single deflect off his glove in the A’s five-run eighth inning.Although the lead was sliced to three, Robles finished it off with a dominant ninth, striking out three of the four batters he faced. He also hit 100 mph for the first time with the Angels, and he was consistently at 99 mph. He had been throwing mostly around 97 mph.Robles, who has a 2.97 ERA in 37 games since the Angels claimed him on waivers, said the adrenaline of the ninth inning helped boost his velocity.“All my life,” he said through an interpreter, “I’ve wanted to be a closer.” Barría finished his season with a 3.41 ERA in 129-1/3 innings.“For his first crack at the major leagues, Jaime did terrific,” Scioscia said. “Tonight, he uncharacteristically totally lost his release point. That’s not the way Jaime can pitch.”His shot to pitch part of a combined no-hitter ended when Cole gave up a single to Jed Lowrie leading off the sixth. Around that, Cole pitched 2-1/3 innings, striking out five of the eight batters he faced. Signed as a minor league free agent right before spring training, Cole has a 2.75 ERA in 36 innings.Related Articlescenter_img Angels’ Shohei Ohtani spending downtime working in outfield Angels offense breaks out to split doubleheader with Astros Jose Suarez’s rocky start sinks Angels in loss to Astros Angels’ poor pitching spoils an Albert Pujols milestone In between all that, the most significant developments relating to 2018 came from Mike Trout and Ohtani, who are making their final statements in the bid for individual awards.Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.Ohtani, who had two singles, a double and a sacrifice fly, seems like a good bet to win the AL Rookie of the Year award.“For my money, he’s hands down Rookie of the Year,” Scioscia said. “I don’t know if anyone’s come into this league in a long time and done what he’s done. His pitching season was cut short but when he was out there, he was dominant. At the plate, you see the talent. He’s having a terrific season.”Ohtani also stole his 10th base of the year. As you’d expect, Ohtani is also the first player in major league history to steal 10 bases, hit 10 homers and start 10 games as a pitcher in the same season. The only other Angels rookies to combine the 10 steals and 20 homers – Ohtani has 22 – were Devon White (1987) and Trout (2012).Trout was the unanimous Rookie of the Year then, and now he’s trying to win his third MVP award. Angels’ Mike Trout working on his defense, thanks to Twitter Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more