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14 February 2012
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22 February 2012
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03-04 May 2012
Vienna, Austria
Hines, Calpers cut funds targeting Spanish `costas' property
Hines Interests España and the giant California Public Employees' Retirement System pension fund have cut the amount of capital jointly targeting property on Spain's `costas' to 80% of the original value, or e35m, the companies reported. Calpers announced the launch of the HCS Interests fund in 2006, targeting e183m to invest in Spanish housing, principally in Andalucia and the Mediterranean coast. With the benefit of leverage it was envisaged that the fund would reach e1bn.