Summary
Pension fund investments
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Extract
Wrapping Up Canada's Malls.
The most acquisitive pension funds in Canada have taken over the largest, bluest-chip shopping center portfolios, some of which include malls in the United States.
WITH THE ACQUISITION IN MID-MARCH OF CADIL-lac Fairview Corporation, Toronto, and its 60 market-dominant shopping Centers across North America, institutional-investor ownership of most of Canada's trophy malls is complete. It began about five years ago, when mainly high school teachers' and public servants' pension funds started investing in leading real estate development companies with regional (400,000 to 800,000 square feet of gross leasable area) and super-regional malls (in the 1.5-million-square-foot range). While shopping centers are an American invention and far more pension funds with deeper pockets exist in the United States, Rene Tremblay, president and chief operating officer of Montreal-based Ivanhoe Inc., a major mall investor, says the scope and pace with which domestic pension funds are investing in shopping centers in Canada is far greater and moving much faster than in the United States. He predicts that Canadian pension funds will be persuaded...See the full content of this document
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