2014 investor 30 ranking

PERE’s ranking of the 30 largest institutional real estate investors in the world

Welcome to the fourth annual Global Investor 30, PERE’s ranking of the 30 largest institutional real estate investors in the world. Produced in conjunction with PERE’s Research & Analytics divi-

sion, the ranking measures the amount of equity committed to commercial real estate through commingled funds, separate accounts and joint ventures, as well as direct property investments.

At the top of the list, the Abu Dhabi Investment Authority once again retained the Number One spot. Despite continuing to be extremely guarded about its investments, PERE was able to discern that, on a net basis, the sov-ereign wealth fund put more than $1.5 billion of capital to work in real estate over the past year, including a pair of investments in a French portfolio with turnaround potential and a foray into the UK’s nascent private rented sector.

The California Public Employees’ Retirement System once again was the largest US institution investing in real estate, moving up to fourth place in the ranking. With more than $6 billion in new investments on tap for the coming year, it is expected that the pension plan could pose a challenge for the top spot next year. Meanwhile, AXA Group was the highest-ranked European investor, hanging onto third place for a second year in a row, and Asia’s top entry, GIC Private Limited, slipped a few spots to ninth place.

This year’s ranking witnessed the long-awaited debut of the Norwegian Government Pension Fund Global. Norway’s sovereign wealth fund, the larg-est in the world with some $923 billion in total assets, has been buying up property around the globe at a rapid clip in an effort to reach its 5 percent target to the asset class. With just 1.2 percent invested so far, expect it to climb the ranking fairly quickly over the next few years.

Looking at the Global Investor 30 as a whole, the largest contingent of inves-tors in the top 30 were based, perhaps not surprisingly, in North America, where 11 were from the US and six were from Canada. Europe also had a strong showing, taking six spots, while Asia grabbed four spots. Sovereign wealth funds from the Middle East rounded out the ranking with three spots.

With this year’s cutoff level growing by a whopping $1 billion to just north of $10 billion, it is becoming harder for the next tier of institutions to crack the top 30. Indeed, the next closest investor, Manulife Financial, was $500 million off the pace, while the Ohio Public Employees’ Retirement System was nearly $1 billion shy. These institutions and others below them will need to step up their investment activity in the coming year if they hope to appear in next year’s ranking.

Rank Institution Name HeadquartersEquity Invested

in RE ($m)2013 Rank

1 Abu Dhabi Investment Authority United Arab Emirates $37,177.75 1

2 Qatar Investment Authority Qatar $35,213.75 2

3 AXA Group France $32,171.49 3

4 California Public Employees' Retirement System United States $30,610.00 5

5 Canada Pension Plan Investment Board Canada $29,496.48 7

6 Stichting Pensioenfonds ABP Netherlands $27,454.98 6

7 California State Teachers' Retirement System United States $26,980.86 8

8 Caisse de dépôt et placement du Québec Canada $23,324.21 9

9 GIC Private Limited Singapore $22,050.00 4

10 Washington State Investment Board United States $19,402.00 10

11 New York State Common Retirement Fund United States $19,081.52 12

12 Teacher Retirement System of Texas United States $17,959.55 14

13 Ontario Teachers' Pension Plan Canada $17,564.60 13

14 Public Sector Pension Investment Board Canada $17,470.59 18

15 Assicurazioni Generali Italy $17,387.66 11

16 Ontario Municipal Employees Retirement Scheme Canada $15,805.63 16

17 British Columbia Investment Management Corp Canada $15,510.09 15

18 Pennsylvania Public School Employees' Retirement System United States $14,859.36 17

19 Allianz Germany $14,361.76 20

20 National Pension Service of Korea South Korea $14,274.35 19

21 TIAA-CREF United States $14,176.60 22

22 Kuwait Investment Authority Kuwait $13,530.00 23

23 Metropolitan Life Insurance United States $13,300.00 24

24 Dai-ichi Mutual Life Insurance Japan $11,814.10 25

25 New York State Teachers' Retirement System United States $11,743.00 26

26 Pensioenfonds Zorg en Welzijn Netherlands $11,581.16 32

27 Florida State Board of Administration United States $11,100.00 28

28 Norwegian Government Pension Fund Global Norway $11,080.46 —

29 Temasek Holdings Singapore $10,974.58 27

30 Oregon Public Employees' Retirement Fund United States $10,300.00 21

Total $567,756.52

Legend: Higher rank than 2013 Lower rank than 2013 Same rank as 2013 Global Investor 30 debut Global Investor 30 return

Source: PERE Research & Analytics

Methodology

The Global Investor 30 measures the amount of equity committed to commercial real estate through commingled funds, separate accounts and joint ventures, as well as direct property investments, as of September 15. It does not include investments in publicly-traded REIT or real estate company stocks; mortgages or mortgage-related securities and struc-tured debt; or assets managed on behalf of third parties.

Top 10 Investors in Commingled Real Estate Funds

Rank Institution Name

Equity Committed to Commingled RE

Funds ($m)

Overall Equity Invested in RE

($m)7 California State Teachers' Retirement System $17,095.5 $26,980.9

18 Pennsylvania Public School Employees' Retirement System $14,423.0 $14,859.4

12 Teacher Retirement System of Texas $14,021.2 $17,959.5

11 New York State Common Retirement Fund $13,002.6 $19,081.5

26 Pensioenfonds Zorg en Welzijn $11,581.2 $11,581.2

30 Oregon Public Employees' Retirement Fund $9,658.8 $10,300.0

4 California Public Employees' Retirement System $9,276.4 $30,610.0

35 BPF Bouw $8,318.8 $8,488.8

24 New York State Teachers' Retirement System $7,155.9 $11,743.0

37 New York City Retirement Systems $7,115.9 $7,970.9

Total $111,649.2 $159,575.2

Source: PERE Research & Analytics

Asia Europe

Top 5 Top 10 Top 15

Canada Middle East

United States

Capital Distribution By RegionA weighted look at where all of the capital targeting real estate among the Global Investor 30 is coming from

Capital Distribution in RankingA weighted look at the proportion of overall capital contributed by select subsets of the Global Investor 30 relative to the entire ranking

10%

29%

71%

50%

50%

66%

34%

21% 20%15%

33%

Ratio Ratio From Rest of GI30

Abu Dhabi Investment Authority $37.18 billion

For the Abu Dhabi Investment Authority (ADIA), 2014 was a year of both more of the same and something a little different when it came to its real estate investments. Big outlays were made, most notably in Europe. At the turn of the year, the sovereign wealth fund acquired a French REIT called Docks Lyonnais for a cool €672 million. That transaction, comprising an office portfolio with assets in Paris, reflected something of a discount to its €744 million carrying value, according to local press. The discount had more than a little to do with vacancies at certain of its key assets, like the 266,169-square-foot Haussmann office that was 56 percent vacant at the point of sale.

Such is ADIA’s strength in depth – the sovereign fund has been staffing up since becoming a predominantly direct investor in 2009 – it has not shied away from such turnaround challeng-es. It also has been bold enough to invest outside of the comfort zone of real estate’s primary property types as evidenced by its $333 million investment in Fizzy Living, a residential property company targeting young professionals in the UK. In so doing, ADIA demonstrated its appreciation of emerging sectors, as the UK had no meaningful private rented sector until recently.

Concurrently, ADIA has stuck with assets with which it already is familiar, as testi-fied with another investment in the Pacific Fair shopping mall on Australia’s Gold Coast, its second in two years. Overall, it may not have deployed capital as fast as Norway, but ADIA sure has kept its tally ticking upwards.

Qatar Investment Authority $35.21 billion

Tracking the investing activities of the Qatar Investment Authority (QIA) in 2014 shows some serious activity in India. Alongside other large institutional buyers of property in the country, QIA’s investment embodies what is happening in India’s private real estate market currently, whereby only long-term joint ventures and clubs have com-mitted any serious capital of late.

Following last year’s $300 million backing of RMZ Corp, southern India’s largest of-fice developer, QIA has committed $160 million to a club fund of Kotak Realty Fund, the

real estate investment management business of financial conglom-erate Kotak Mahindra Group. The club initially was intended to be structured as a traditional fund, much like those of the managers that entered the market in 2006. However, in keeping with shifting trends, QIA and the fund’s other major investor, the Abu Dhabi Investment Authority, pushed for a club structure.

In Europe, meanwhile, QIA has stuck to its knitting with deals like a 20 percent interest in 10 Upper Bank Street in the City of London. Its stake in the £795 million building was purchased by subsidiary Qatar Holding as part of consortium that also included China Life Insurance and Canary Wharf Group.

Meanwhile, Qatari Diar, QIA’s other real estate-buying subsidiary, received planning permission to build out Chelsea Barracks in London, which it acquired pre-crisis. Expect that to receive further funding from the Middle Eastern state fund in the near future.

Institution TypeSovereign Wealth Fund

Assets Under Management$773 billion

Current Allocation to Real Estate5.7%

Target Allocation to Real EstateBetween 5% and 10%

Year First Invested in Real Estate1976

Investment ConsultantN/A




Target Allocation to Real EstateN/A


Investment SubsidiaryQatari Diar

2

1 Head Office211 CornichePO Box 3600 Abu Dhabi, United Arab Emirates

971 2 415 0000971 2 415 [email protected] www.adia.ae

Bill SchwabGlobal Head of Real EstateAbu Dhabi, United Arab [email protected]

Head OfficeP.O. Box 23224Doha, Qatar

974 4499 5900974 499 [email protected]

Navid ChamdiaHead of Real EstateDoha, [email protected]

Paris: absorbed €672m of ADIA’s equity

10 Upper Bank Street, London:

clubbing it

THE 2014 MACQUARIE CAPITAL GLOBAL INVESTOR 30 | PERE 11

AXA Group $32.17 billion

There are around 10 AXA Group insurance companies that invest in global real estate via its in-house investment management division, AXA Real Estate Investment Managers (REIM). Despite keeping a vast portfolio of assets, however, the companies rarely put their name to publicized deals or fundraising efforts by its management arm, meaning they remain in the shadows.

What is known, however, is that AXA as an insurance company is on the familiar track of diversify-ing its real estate holdings globally – a drive that began several years ago. In July 2011, an an-nouncement arrived expressing how AXA insurance companies

had sold a 50 percent stake in seven prime Paris offices to Norges Bank Investment Management for €1.4 billion through a joint venture that has since gone on to acquire property elsewhere. At the time of that transaction, AXA REIM’s chief executive Pierre Vaquier noted that AXA had a strategy of diversifying its in-vestments into other European markets, especially the UK and Germany. Sure enough, the two partners later teamed up on a €784 million acquisition of Berlin’s 16-story Kurfürstendamm Boulevard tower and Die Welle in Frankfurt.

Since then, there have been precious few more clues, but a news report in September did mention AXA insurance companies. It suggested that AXA REIM had hired John Eland to make a €1 billion push into data centers in Europe using capital from its group insurance clients as well as third-party capital.

California Public Employees’ Retirement System $30.61 billion

According to this year’s ranking, the California Public Employees’ Retirement System (CalPERS) nudged up one spot to fourth place. The largest pension system in the US will

go higher still if it achieves its ambition of committing $6.6 billion to real estate in the fiscal year that began in July.

As part of its annual investment plan disclosed in September, CalPERS plans to get the massive amount of capital deployed via a dozen managers. Among the managers to benefit are GID Investment Funds, Miller Capital, First Washington Realty, CommonWealth Partners, Invesco Real Estate, Bentall Kennedy, GI Partners and Pacific Urban Residential – all for US investments, where much of CalPERS’ energies have been focused.

If you are looking for a common thread with these investments be-yond their location, you’ll notice that securing consistent income generation is another. In a recently published strategy paper, CalPERS detailed how it planned to have illiquid assets like real estate be cash flow accretive, leaving behind its old approach to the asset class as predominantly a means to benefit from capital appreciation. That entailed a re-trenching from its previous heavy backing of opportunistic strategies.

On stage at PERE’s China conference earlier this year, Ben Meng, head of asset alloca-tion, told the audience how, when it came to overseas investments, CalPERS would adopt a similar attitude but allow for a little extra risk to enable a slightly higher return.

Institution TypeInsurance Company

Assets Under Management€476.03 billion



Year First Invested in Real EstateN/A


Institution TypePension Fund

Assets Under Management$301.4 billion


Target Allocation to Real Estate11%


Investment ConsultantWilshire Associates (General), Pension Consulting Alliance (RE)

4

3 Head Office25 Avenue MatignonParis, France 75008

33 1 4075 5700www.axa.com

Henri de CastriesChairman & Chief Executive OfficerParis, France

Head OfficeLincoln Plaza North400 Q StreetSacramento, California 95811

1 916 795 34001 916 795 3344www.calpers.ca.gov

Tom McDonaghActing Senior Investment Officer, Real AssetsSacramento, [email protected]

AXA HQ: seeking diversity

Meng: a focus on income

12 PERE | THE 2014 MACQUARIE CAPITAL GLOBAL INVESTOR 30

Canada Pension Plan Investment Board$29.49 billion

Over the past year, the Canada Pension Plan Investment Board (CPPIB) has continued to grow its property portfolio at a rapid pace. As of June 30, CPPIB’s real estate investments were valued at C$32.31 billion (€22.37 billion; $28.67 billion) – a significant increase on the C$25.24 billion on its books at the same time last year. That total includes C$5.93 bil-lion of equity committed to commingled real estate funds and C$26.37 billion currently invested in real estate joint ventures.

The C$7 billion put to work in real estate this past year required some sizable outlays on the part of CPPIB. Among them were the pur-chase of a 39 percent interest in Interparking, one of Europe’s biggest car parking groups, for €376 million in July and a 15 percent stake in Citycon, an owner-operator of shopping centers in the Nordic and Baltic regions, for €200 million in May. The Canadian pension plan also formed its fourth real estate venture in China in March – this time with China Vanke – to invest $250 million in the residential market over the next few years.

CPPIB also made investments in individual properties, such as in-creasing its stake in the office tower at One Park Avenue to 45 percent with a further investment of $108 million in July. The pension plan also made equity commitments totaling more than $330 million over the past year for six Class A multifamily devel-opments with existing joint venture partners in California, Georgia and Massachusetts.

Stichting Pensioenfonds ABP $27.45 billion

Stichting Pensioenfonds ABP, which invests in property via APG Asset Management, is an ever-present force in the real estate sector. It began 2014 with a deal to gain exposure to the 1.2 million-square-foot International Plaza shopping mall in Tampa, Florida. For $499 million, the Dutch pension teamed up with TIAA-CREF to buy a 49.9 percent stake in the super-regional mall from Taubman Centers. Other than that deal, it made a commitment to Greystar Real Estate Partners’ Fund VIII, which invests in value-added multifamily assets across the US.

Turning attention to the Asia-Pacific region, ABP began investing in logistics property. It invested some $650 million for a 20 percent stake in Chinese warehousing firm E-Shang, founded by private equity company Warburg Pincus in 2011. Elsewhere, in Australia, the Dutch pension busied itself investing in the $6 billion Barangaroo South project in Sydney, where PricewaterhouseCoopers Australia and HSBC Bank Australia have signed on as anchor tenants.

In Europe, ABP made various investments in the residential sec-tor including Finnish rental company Sato, in which it bought a 50 percent stake from Varma Mutual Pension Insurance. Another example would be involvement in London’s Elephant & Castle regen-

eration project alongside Delancey. In addition, it has invested in a new European retail outlets venture with Value Retail, Hammerson and Meyer Bergman, plus made top-ups to vehicles such as TIAA Henderson Real Estate’s European Outlet Mall Fund.


Assets Under ManagementC$219 billion






Assets Under Management€300 billion




Investment AdvisorAPG Investments

6

5 Head OfficeOne Queen Street East, Suite 2500Toronto, OntarioCanada M5C 2W5

1 416 868 40751 416 868 [email protected]

Graeme EadieSenior Managing Director & Global Head of Real Estate InvestmentsToronto, [email protected]

Head OfficeOude Lindestraat 70 6411 EJ Heerlen, Netherlands

31 45 579 91 [email protected] www.abp.nl

Patrick KantersManaging Director, Global Real EstateHeerlen, [email protected]

International Plaza, Tampa: ABP

takes a stake

One Park Avenue: upping the stakes


California State Teachers’ Retirement System $26.98 billion

While the California Public Employees’ Retirement System has fixed its sights firmly on core real estate mandates, the oft-compared California State Teachers’ Retirement System (CalSTRS) has been just as happy to keep committing capital to higher risk/higher return strategies. In the quarter ending June 30, CalSTRS pledged $800 million to commingled funds, half of that to value-added and opportunistic strategies. Managers to ben-efit included Brookfield Asset Management, CBRE Global Investors and, perhaps most

intriguingly, Kildare Partners, the recently launched business of for-mer Lone Star Funds executive Ellis Short.

Kildare was formed by Short to take advantage of bank deleverag-ing in Europe. In backing Short’s firm, CalSTRS has demonstrated a willingness to support a start-up, arguably in unchartered waters. Short may well be a nonperforming loan specialist, but his track re-cord was forged in Asia. Nonetheless, CalSTRS is in for $200 million in total, equivalent to 10 percent of Kildare’s debut fund.

CalSTRS’ outlays in the quarter actually mirror its overall holdings in the asset class. Of the $22.12 billion in its portfolio as at June 30,

about $10 billion was invested in core strategies and more than $12 billion was invested in value-added and opportunistic real estate. Its location means the activities of CalSTRS always will be compared with those of its high-profile neighbor, but those looking close-ly will notice more engagement with higher risk, at least where real estate is concerned.

Caisse de dépôt et placement du Québec$23.32 billion

Every year seems to be a big year for real estate investing for Caisse de dépôt et placement du Québec. Indeed, the Canadian pension plan has been able to grow its property port-folio yet again over the past year. However, 2014 may end up being more notable for what it sold than what it bought.

Through its property arm Ivanhoé Cambridge, the Caisse entered into an agreement in March to sell its 49.4 percent stake in Citigroup’s New York headquarters to SL Green

Realty. The 2.6 million-square-foot property was valued at a total of $1.585 billion, making Ivanhoé’s exit worth approximately $783 mil-lion. The Montreal-based investment subsidiary also sold a portfolio of 18 hotels across Europe to Apollo Global Management in May, reportedly for €425 million.

However, the biggest exit occurred in August, when Ivanhoé sold a Canadian mall portfolio totaling 5.66 million square feet to Cominar for $1.527 billion. In the transaction, Cominar will issue $500 million in new units, $250 million of which will be purchased by Ivanhoé, making it the REIT’s largest unitholder.

Of course, there were big investments as well. In June, Ivanhoé purchased a 49 percent stake in 330 Hudson Street from Beacon Capital Partners for $150 million. Most recently, in October, it formed a new partnership with Black Creek Group to invest up to $500 mil-lion to develop mixed-use urban communities in major Mexican cities.






Investment ConsultantThe Townsend Group, Pension Consulting Alliance


Assets Under ManagementC$200.1 billion


Target Allocation to Real Estate11.4%


Investment SubsidiaryIvanhoé Cambridge

8

7 Head Office100 Waterfront PlaceSacramento, California 95605

1 800 228 54531 916 414 [email protected]

Mike DiRéDirector of Real EstateSacramento, California [email protected]

Head OfficeCentre CDP Capital1000 place Jean-Paul-RiopelleMontréal, QuébecCanada H2Z 2B3

1 514 842 32611 514 842 4833www.lacaisse.com

Daniel FournierExecutive Vice President, Real Estate GroupMontréal, [email protected]

Short: attracted $200m of CalSTRS’

equity

388 Greenwich Street: a sizeable

exit


GIC Private Limited $22.05 billion

GIC Private Limited, the Singaporean sovereign wealth fund formerly known as Government of Singapore Investment Corporation, has grown its assets under management to $315 billion over the past year, but its allocation to real estate has fallen from 10 percent to 7 percent. As a result, its place in the Global Investor 30 ranking also has fallen, from fourth place last year to ninth place this year.

One of GIC’s most high-profile deals this year was the pur-chase of Tokyo’s Pacific Century Place, reportedly for more than $1.5 billion. In doing so, it beat out such bidders such as Goldman Sachs and Tokyo-based Mori Trust. However, the sovereign wealth fund also made news for withdraw-ing its bid for Japan’s Arco Tower and Meguro Tower Gajoen office complex, which was being sold by Lone Star Funds. The ¥130 billion (€941 million; $1.27 billion) bid was called off amid concerns of impending litigation.

Beyond those transactions, GIC has been actively expanding its footprint around the globe. The purchase of a shopping mall in Korea for $285 million; a joint stake in an Australian student accommodation group; and another venture for residential development with a developer in India sums up its other major investments in the Asia-Pacific region. It also is putting its faith in the Eurozone, recently acquiring a 50 percent stake in a shopping center near Rome just weeks after buying a 30 percent stake in Spanish property group Gmp.

Washington State Investment Board$19.40 billion

It was another quiet year on the real estate front for Washington State Investment Board, which closed on just one property commitment over the past 12 months. In June, the $104 billion pension plan approved a follow-on investment of $500 million to Aevitas Property Partners, an Amsterdam-based property firm that invests in early and growth-stage real estate operating companies.

Aevitas was established in 2012 specifically to serve as an interme-diary for Washington State, which initially committed $250 million to the firm. Led by Glenn Aaronson, the former chief executive of Dutch retail developer Multi Development, Aevitas was expected to focus initially on Southern Europe, Turkey and India.

As of June, Aevitas had committed a total of $225 million to three real estate operating companies, and it will continue to make investments focused on the Mediterranean region, select countries in Western Europe and India. The total capital committed to Aevitas would represent approximately 4 percent of Washington State’s total

potential real estate exposure.As of June 30, Washington State had invested $9.65 billion, or 12.36 percent of its de-

fined benefit pensions, in real estate. This was up from $9.24 billion, or 13.61 percent, invested one year earlier. Consequently, the pension plan raised its long-term real estate target from 13 percent to 15 percent last year.



Current Allocation to Real Estate7%



Investment SubsidiaryGIC Real Estate






Investment ConsultantHamilton Lane

10

9 Head Office168 Robinson Road#37-01 Capital TowerSingapore 068912

65 6889 888865 6889 [email protected]

Goh Kok HuatChief Operating Officer & President, GIC Real [email protected]

Head Office2100 Evergreen Park Drive, SWPO Box 40916Olympia, Washington 98504

1 360 956 [email protected]

Steven DraperSenior Investment Officer, Real Estate Olympia, [email protected]

Pacific Century Place: Tokyo trophy

Aaronson: serving as intermediary


New York State Common Retirement Fund$19.08 billion

The New York State Common Retirement Fund continued to make relatively few equi-ty investments in real estate this past year. With each one of the commitments, however, the $180.7 billion pension plan carved out a sizable chunk of capital. For example, ARA Asset Management was designated $200 million for Morningside Investment Partners, an Asia-focused fund-of-one, in November. The value-added investment represented New York Common’s sole new relationship in real estate over the past 12 months.

Another major recipient of capital was JPMorgan Asset Management’s JPMorgan Star Lake Fund II in January. The value-added fund-of-one, in which New York Common closed on a $291 million commitment along with a $48.5 million pledge to a sidecar, focuses on the repositioning, development and redevelopment of assets in the office, industrial, retail, residential and hotel sectors.

In March, New York Common allocated an even larger amount to Franklin Templeton Real Asset Advisors’ Lake Montauk Fund of Funds II, an opportunistic global fund of funds. The pension plan earmarked $300 million to the vehicle, along with a $50 million sidecar commitment.

The pension plan’s biggest real estate capital outlay this past year, however, came one month later, when it granted $500 million to Artemis Real Estate Partners’ NYSCRF Frontier Mach II, a separate account focused on investing with emerging real estate operators. New York Common and Artemis launched the program in October 2011 with an initial $300 million allocation from the pension plan.

Teacher Retirement System of Texas $17.96 billion

The Teacher Retirement System of Texas counts itself among those looking to be better exposed to real estate than it currently is. In June, the $125 billion pension system pre-sented a new strategic plan that sees its target allocation to the asset class (and other real assets) increase from 13 percent to 16 percent. Given the current value of its assets, that would see it with just shy of $20 billion in real estate, making it one of the larger public pension exposures to the asset class in the US.

Among the more notable outlays made by Texas Teachers in 2014 was a €135 million commitment to AXA Real Estate Investment Managers for value-added investment in Europe. In addition to its customary backing of US managers, America’s sixth-largest pension plan saw an opportunity to bolster its returns with the higher- risk, higher-return strategy of AXA, which essentially seeks to ac-quire income-producing property that nonetheless requires some form of asset management to make it core.

Apparently then, AXA has made Texas Teachers’ renown premier list of managers selected via a method famously dubbed by former real estate head Steve LeBlanc as “the Texas Way.” The list ranks top-

quartile managers by performance, track record, strategy and team composition. Still in place under the leadership of LeBlanc’s former deputy Eric Lang, it will no doubt aid the pension plan as it strive to hit its new allocation target.






Investment ConsultantThe Townsend Group






Investment ConsultantThe Townsend Group (RE), Hewitt Ennis Knupp (General)

12

11 Head OfficeOffice of State Comptroller110 State Street Albany, NY 12236

1 518 474 40441 518 473 [email protected]/pension

Skip MillerDirector of Real Estate Investments Albany, New [email protected]

Head Office1000 Red River StreetAustin, Texas 78701

1 512 542 64001 512 370 0502www.trs.state.tx.us

Eric LangManaging Director, Real Assets Austin, [email protected]

Lang: working towards a new

target


Ontario Teachers’ Pension Plan$17.56 billion

This past year, the Ontario Teachers’ Pension Plan has been pretty much flying under the radar in terms of real estate investments, but all that changed in June. That is when the Canadian pension plan joined a consortium comprised of TPG Capital and PAG Asia Capital to acquire property services business DTZ.

At the time, a source told PERE how the $1.215 billion deal should be viewed as something of a capital injection, with a view to growing the global advisor into a greater challenger to firms like CBRE and Jones Lang LaSalle. Lo and behold, just a couple short months later, DTZ announced its intention to complete its global offering by acquiring its US complement, Cassidy Turley.

In terms of more traditional real estate investments, Ontario Teachers, through investment subsidiary Cadillac Fairview, continues to develop Quad Windsor, a $2 billion residential and commercial project in downtown Montreal. And it is spending $2.4 billion on retail redevelopment throughout Canada, including more than $500 million to add 210,000 square feet to the Sherway Gardens mall in Toronto.

Public Sector Pension Investment Board $17.47 billion

Last year, the Public Sector Pension (PSP) Investment Board made headlines for forming a €1 billion European logistics joint venture with UK REIT Segro. The Canadian pension plan committed €303 million to the venture, with the aim of ultimately assembling a €2 billion portfolio over the next few years. In February, the joint venture took its next step, purchasing a €472 million portfolio of prime logistics assets and development land in Germany, Poland and France from funds managed by Tristan Capital Partners.

PSP’s biggest deal this year came in July, when it bought out the portfolio of New Zealand’s largest unlisted property fund from AMP Capital for more than NZ$1 bil-lion (€647 million; $882 million). However, in terms of prestige, it may be hard to top the pension plan’s reported $220 million eq-uity investment in March in Phase One of Washington DC’s $2 billion The Wharf. Once completed, the project will comprise 3.2 million square feet of residential, office, hotel and retail space.






Investment SubsidiaryCadillac Fairview







14

13

The Wharf in DC: high-profile project

Assicurazioni Generali $17.39 billion

Assicurazioni Generali puts a lot of lira to work in property due to the scale of insurance premiums coming in – some €66 billion per year from 65 million customers. It has investments in 13 mar-kets, mostly countries in Western Europe, but it also has branched out to the UK, Asia and the US. The assets are a mix of historic and new properties, with 40.7 per-cent located in its domestic Italian market, 25 percent in France and 15.9 percent in Germany. Almost two-thirds of the portfolio is of-fice space and, interestingly, the company is heavily involved in development.

In September, for example, Generali announced one of its latest projects – the develop-ment of a new headquarters for building company Compagnie Saint-Gobain in the La Defense district of Paris. Meanwhile, in London, the Milan-based insurer is embarking upon a scheme to provide 430,000 square feet of office at 10 Fenchurch Avenue for fund manager M&G Investments.


Assets Under Management€ 342.04 billion





15


Ontario Municipal Employees Retirement Scheme$15.81 billion

Having laid the groundwork for the expansion of its real estate investment program out of London and into Continental Europe last year, the Ontario Municipal Employees Retirement Scheme finally made its debut in September. Through its real estate subsidiary Oxford Properties Group, the Canadian pension plan purchased a 237,500-square-foot office building in central Paris from The Carlyle Group for around €263 million.

Over the past year, however, Oxford was much more active in North America. In May, Oxford agreed to buy a five-property office portfolio in the Boston area from The Blackstone Group for about $2.1 billion. Oxford was said to be acquiring 101 High Street and 125 Summer Street outright while partnering with JPMorgan Asset Management to buy 60 State Street, 225 Franklin Street and One Memorial Drive in Cambridge.

In another noteworthy deal, Oxford entered into an agreement in February to purchase 450 Park Avenue from Somerset Partners for $575 million. That sale marked one of the highest prices paid for a Manhattan office building at approximately $1,789 per square foot.

Most recently, in October, Oxford announced it had purchased a 50 percent stake in Quartier DIX30 in Brossard, Quebec from Carbonleo Real Estate for an undisclosed sum. The 2.3 million-square-foot shopping complex, the second-largest in Canada, has been developed in phases since 2004 at a cost of about $800 million, with an additional 295,000 square feet to be completed in 2015 and 2016.

British Columbia Investment Management Corp$15.51 billion

Last year, British Columbia Investment Management Corp (bcIMC) outlined a strat-egy to allocate more than 30 percent of its overall portfolio to real assets, including a C$1 billion commitment to real estate in 2014 and 2015. It was able to cover more than half of that commitment earlier this year with its purchase of the Bayview Village Shopping Centre in Toronto for $505 million. The 440,000-square-foot premium retail center also provides bcIMC with a unique opportunity for additional mixed-use development in a prime urban location.

In addition to the Bayview deal, bcIMC also completed eight developments in metropolitan areas throughout Canada. Those projects, which include offices, industrial facilities and hospital-ity, represent an investment of approximately $200 million on behalf of the institutional pension administrator and its clients.

It wasn’t all about investment, however, as bcIMC put its Fairwinds development on Vancouver Island up for sale. That property encompasses 700 homes, a championship golf course, a private fitness center, trails and a full-service marina and recent-

ly received zoning approval for the construction of an additional 2,000 homes.Looking forward, bcIMC intends to focus its real estate investment efforts on its in-

ternal strengths, including growing its portfolio through a build-to-core approach and identifying opportunities for enhancing net operating income from existing properties.






Investment SubsidiaryOxford Properties Group







17

16 Head OfficeOne University Avenue, Suite 400Toronto, OntarioCanada M5J 2P1 1 416 369 24001 416 360 [email protected]

Blake HutchesonPresident and Chief Executive Officer, Oxford Properties GroupToronto, [email protected]

Head Office301 - 2940 Jutland Road Victoria, British Columbia Canada V8T 5K6

1 250 356 02631 250 387 [email protected]

Mary GardenSenior Vice President, Real EstateVictoria, [email protected]

450 Park Avenue: a new high

Bayview Village: bcIMC’s latest trophy


Pennsylvania Public School Employees’ Retirement System $14.86 billion

After actively investing in real estate debt strategies in late 2012 and early 2013, the Pennsylvania Public School Employees’ Retirement System (PSERS) refocused on real estate equity commitments this past year. The $52 billion pension plan wrapped 2013 with three follow-on commitments to existing managers in December: $100 million to DRA Advisors’ Growth and Income Fund VIII; $75 million to Exeter Property Group’s Industrial Fund III; and $100 million to The Blackstone Group’s Blackstone Real Estate Partners Europe IV.

PSERS then kicked off 2014 with a $75 million pledge to Bell Partners’ Institutional Fund V, which will pursue multifamily acquisitions across the East Coast and the Southwest, followed by allocations of $100 million each to Ares Management’s European Fund IV and The Carlyle Group’s Realty Partners VII in March. In September, the pen-sion plan also set aside $100 million to Angelo, Gordon & Co.’s Core Plus Realty Fund.

However, PSERS’ real estate activity this past year wasn’t solely about commingled funds. It also continued to bolster its in-house real estate co-investment and secondar-ies program with not one but two follow-on commitments totaling $200 million. The program, which was launched in 2012 with an initial $100 million commitment, will invest in co-investment opportunities and secondaries transactions in funds where the pension plan already is a limited partner. And the institution wasn’t just a buyer of real estate secondaries but also a seller, having unloaded its stake in Prologis’ North American Industrial Fund in August.

Allianz $14.36 billion

Allianz is nearing the end of the year with an interesting deal – its first real estate investment in Ireland. The German insurance giant committed €140 million to IPUT Property Fund, a Dublin-based investment vehicle with €1.2 billion in assets. “As the economic recovery in Ireland takes hold, we see the potential for strong long-term income returns at attractive levels for our stakeholders,” said Charles Pridgeon, Allianz’s chief investment officer.

Other investments in 2014 have included Isator City in Munich, acquired from UBS Global Real Estate for €120 million; a majority stake in Fiumara shopping and lei-

sure center in Genoa, Italy, from CBRE Global Investors; and Kö-Galerie on Königsallee, Düsseldorf’s famous luxury shop-ping mile, purchased from The Blackstone Group and the Hamburg-based retail operator ECE Real Estate Partners for approximately €300 million.

Overall, Allianz is more than five years into an expansionist real estate program. It generally has been investing in European locations though expanding its footprint in less common mar-kets and making a special play for retail. In the past year, it

has invested in the Silesia Shopping Center in Katowice, Poland; the Kamppi Shopping Center in Helsinki; a retail portfolio consisting of assets in Austria, northern Italy and Slovenia; and another package made up of a number of properties in France. Allianz also entered the retail sector in the US by acquiring a stake in a development in Brooklyn.






Investment ConsultantCourtland Partners (RE), Hewitt EnnisKnupp (General)







19

18 Head Office5 North 5th StreetHarrisburg, Pennsylvania 17101

1 717 787 85401 717 772 [email protected]

Charles SpillerManaging Director, Private Markets and Real EstateHarrisburg, [email protected]

Head OfficeKoeniginstrasse 28Munich, Germany 80802

[email protected]

Olivier PianiChief Executive Officer, Allianz Real EstateMunich, [email protected]

1 Grand Canal Square: exposure via IPUT


National Pension Service of Korea $14.27 billion

The National Pension Service (NPS) of Korea has been consistent-ly growing its alternative assets portfolio. According to its latest annual report, some $37.8 billion was allocated to alternatives in 2013, an increase of more than 7 percent from

2012. More importantly, the real estate sector saw the most invest-ments of all of its alternative classes this year.

Looking at recent deals signed by NPS shows an increased expo-sure to overseas assets. In 2013, 28 percent of its alternatives allocation was invested in overseas real estate versus 14 percent in domestic real estate, which is significantly greater than in 2012. Among its overseas outlays was its third mandate to London-based Rockspring Property Investment Managers to invest €300 million via a pan-European, value-added strategy.

At the same time, NPS also is expanding its Asia footprint. Continuing its relationship with The Townsend Group, it award-

ed a third mandate to the consultant-cum-fund manager. The mandate will deploy $400 million of equity into a variety of investment vehicles, including co-investments, joint ventures, club deals and secondary fund interests, across the region.

Meanwhile, Choi Kwang, chief executive of NPS, seems to have massive expansion plans in store. In news reports earlier this year, he said the pension will double its overseas investment staff in three years. Overall, the pension plan’s target is to reach total assets of $3.3 trillion within 30 years.

TIAA-CREF $14.18 billion

New York-based TIAA-CREF has had a busy year, with new joint ven-tures and the official launch of its much-awaited global alliance. However, the deals made through TIAA Henderson Real Estate, its joint venture with Henderson Global Investors, typically are made on behalf of third-party clients and therefore have not been considered for this ranking.

In terms of activity on behalf of its own account, the bulk of TIAA-CREF’s invest-ments this past year have come in the joint venture space. In February, the financial services firm made its second foray into Australia, forming a $2.8 billion joint ven-

ture with listed developer Mirvac Group. The partnership gives TIAA-CREF the exclusive first rights to all of Mirvac’s office deals in Australia for the next three years. Two months later, it struck its first deal under the 50:50 venture with the acquisition of an office development at 699 Bourke Street in Melbourne for $68 million.

TIAA-CREF also recently acquired an office property in San Francisco under its joint venture with Norges Bank Investment Management, which was created in early 2013. A sum of

$350 million was paid to buy the Class A office building at 405 Howard Street in July. In addition, its joint venture with Dutch pension administrator APG Asset Management surpassed the $2 billion mark following the acquisition of a 49.9 percent stake in International Plaza in Tampa from Taubman Centers for $499 million.


Assets Under ManagementKRW 446,000 billion











21

20 Head OfficeKukminyeonkum Kang-nam Building128 Dosan-daero Kangnam-kuSeoul, South Korea 135-811

82 2 3014 188182 2 3485 [email protected]

Andie KangHead of Real EstateSeoul, South [email protected]

Head Office730 Third Avenue, 3rd FloorNew York, New York 10017

1 212 490 90001 212 907 2454www.tiaa-cref.org

Tom GarbuttSenior Managing Director & Head of Global Real Estate InvestmentsNew York, New [email protected]

88 Wood Street, London: part

of Rockspring’s mandate

405 Howard Street: part of its Norges JV


Kuwait Investment Authority $13.53 billion

Kuwait’s love affair with offices in London continued this past year for the country’s sovereign wealth fund. Following its 2013 purchase of 5 Canada Square, the Kuwait Investment Authority (KIA) went even bigger at the turn of the year with the £1.7 billion purchase of More London, a nearly 1.8 million-square-foot mixed-use estate developed over an 11-year timespan. Through its property arm St Martins, the acquisition was executed via the purchase of London Bridge Holdings from Dikran Izmirlian, an entre-preneur of Armenian descent who made his fortune in the peanut industry.

On the opposite side of the spectrum was KIA’s involve-ment in Moroccan state investment fund-cum-private equity firm Wessal Capital. In April, €2.5 billion was raised from state investors, which also included Aabar Investments of Abu Dhabi and Qatar Holding, for real estate and real estate-related devel-opment in Morocco, including a substantial redevelopment of the landmark Casablanca harbor.

These deals represent polar ends of the property investment universe – premium offices in one of the world’s most sophis-

ticated property markets and ground-up development in a country that never has been regarded as having an institutional-grade property market. Nonetheless, they both rep-resented large ticket sizes and will see KIA’s exposure to the asset class ramp up alongside its sovereign peers.

Metropolitan Life Insurance $13.30 billion

This year, Metropolitan Life Insurance branched out to new markets and rejigged its investment strategies in others. America’s largest insurer currently has 86 percent of its real estate investments within the US, with California and Florida having the largest concentrations. In October, it announced a partnership with a California developer to build three industrial parks in Seattle, reportedly for $63 mil-lion. In a statement, Robert Merck, senior managing director and global head of real estate, said the deal reflected the insurer’s plans to add more high-quality industrial assets to its portfolio.

Meanwhile, MetLife seems more willing to increase its exposure to overseas real estate markets as well. In May, it announced its first UK transaction with US-based Greystar Real Estate Partners. Under the deal, MetLife provided a $206.5 million senior debt package to Greystar for the acquisition of three student accommodation properties in London.

There also was a shift in the insurer’s investment strategy in Mexico. Over the summer, MetLife announced plans to move beyond mortgage financing and ramp up equity investments across Latin America, where it plans to pursue transactions between $50 million and $100 million in size.

According to its 2013 annual report, the estimated fair value of the properties held by MetLife were estimated to be $12.5 billion, a sizeable increase over previous years’ holdings of $10.7 billion. More than 50 percent of the New York-based insurer’s invest-ments were in office assets, followed by apartments at 20 percent.






Investment SubsidiarySt Martins







23

22 Head OfficeMinistries Complex AlMurqabKuwait City, Kuwait

965 0 2485600965 0 [email protected]

Ahmed Al-BaderDirector of Real EstateKuwait City, [email protected]

Head Office200 Park AvenueNew York, NY 10166

1 212 578 [email protected]

Robert MerckHead of MetLife Real Estate InvestorsNew York, New [email protected]

More London: KIA’s latest deal


Pensioenfonds Zorg en Welzijn $11.58 billion

Pensioenfonds Zorg en Welzijn, the pension plan for Dutch healthcare workers, has around 14.5 percent of its assets wrapped up in real estate. Those investments, primarily lim-ited partner positions in numerous funds, are looked after by pension administrator PGGM.

Highlights of the past year include exposure to The Redwood Group, the Singapore-based logistics fund manager, in which PGGM kicked a further $144 million into the firm’s China logistics strategy. “This addition-al commitment fits with PGGM’s policy to invest more capital with a limited number of strategic partners, including Redwood,” said Thijs Schoenaker, senior investment manager at PGGM.

Earlier in the year, PGGM committed $300 million to co-invest in US multifamily properties with Behringer Harvard Multifamily REIT I. The new agreement will double the amount of capital that the Dutch pension has committed to its partnership with the Dallas-based REIT.

New York State Teachers’ Retirement System $11.74 billion

The New York State Teachers’ Retirement System (NYSTRS) stepped up its real estate game this past year, both in the number and size of its commitments to the asset class. Since last year’s ranking, the pension plan’s property activity included $534.88 million in follow-on investments during the fourth quarter, its largest quar-terly commitment in the asset class since the crisis. Among the recipients were The Blackstone Group’s Blackstone Real Estate Partners (BREP) Asia, Exeter Property Group’s Industrial Value Fund III, Lone Star Funds’ Real Estate Fund III and Brookfield Asset Management’s DTLA Holdings.

This year, NYSTRS has backed Blackstone’s BREP Europe IV, CBRE Global Investors’ Strategic Partners US Value 7, Lone Star’s Fund IX and Artemis Real Estate Partners’ Fund II with $399 million in aggregate com-mitments. Additionally, the pension plan made its first real estate-related investment focusing on emerging managers, setting aside $100 million for the creation of a program with Grosvenor Capital Management to tar-get opportunistic and value-added funds and co-investments, primarily in North America.






Investment ConsultantCallan Associates (RE), Hewitt EnnisKnupp (General)

25Dai-ichi Mutual Life Insurance

$11.81 billionDai-ichi Mutual Life Insurance’s allocation to real estate has been de-creasing steadily over the past three years as its focus has remained on increasing its holdings in stocks and bonds, both domestically and internationally. According to its 2013 annual review, the insurer holds $311 billion worth of assets, of which $11.52 billion is allocat-ed to real estate – down 1 percent from the previous year.

The only note on Dai-ichi’s real estate strategy in the review per-tains to the insurer’s efforts to negotiate rents and improve oc-cupancy rates in a bid to increase returns from its existing portfolio. However, with Japanese govern-ment bond yields on a downward trend, many Japanese insurers are beginning to re-jig their real estate portfolios, and so is Dai-ichi. If local reports are to be believed, the insurer recently partnered with Goldman Sachs to acquire sever-al apartment buildings in Tokyo, with further plans to spend close to ¥100 billion over the next few years on new acquisitions.






Investment AdvisorPGGM

26Chinese logistics:

exposure via Redwood

24


Assets Under Management¥ 33.23 billion






Florida State Board of Administration $11.10 billion

In December, the Florida State Board of Administration (SBA) ap-proved increasing its real estate allocation target from 7 percent to 10 percent. Since then, the state agency, which oversees the $149.1 billion Florida Retirement System, has wasted no time in striving to reach the new allocation goal.

In March, SBA unveiled a new five-year real estate pacing model that would call for allocating $5.2 billion to the asset class during that period. The plan outlined $1.21 billion of commitments for this year alone, including $651.5 million in new core investments, $351.2 million in value-added and $204.9 million in opportunistic.

Concurrently, SBA has been making a big overseas push in real estate, striking its debut investment in The Blackstone Group’s first Asia fund with a $200 million commitment during the fourth quarter. Many of the public institution’s subsequent commitments also have been international, including the equivalent of $75 million in Tristan Capital Partners’ European Property Investors Special Opportunities 3, $100 million to Europa Capital’s Fund IV and €50 million to JPMorgan’s European IP Fund III.

The pension plan also has remained active in the US, with pledges of $50 million to The Carlyle Group’s Realty Partners VII, $100 million to Starwood Capital Group’s Distressed Opportunity Fund X and $100 million to Prologis’ Targeted US Logistics Fund. SBA also struck a number of direct property deals in the US, the most high-profile of which was the acquisition of 1370 Broadway, in Manhattan for $186 million in April.

Norwegian Government Pension Fund Global$11.08 billion

Norway’s Government Pension Fund Global enters the Global Investor 30 for the first time this year. Indeed, there has hardly been a month this year without an announcement of an investment somewhere in the world as the colossal sovereign wealth fund, which is advised by Norges Bank Investment Management, puts its $923 billion of capital to work across Europe, the US and Asia.

A sample of the deals made by Norges Bank over the last few months are: the acquisition of the Bank of America Merrill Lynch Financial Centre in London from GIC Private Limited for £582.5 million; a 45 percent interest in 601 Lexington Avenue in New York, 100 Federal Street in Boston and the Atlantic Wharf Office Building in Boston for $1.5 billion; a 49.9 percent interest in Foundry Square II in San Francisco through a joint venture with TIAA-CREF; a portfolio of eight logistics properties in Madrid and Barcelona via its existing joint venture with Prologis, paying €242 million for a 50 percent stake; a £343 million deal for a 57.8 percent stake in the Pollen Estate, a portfolio of 43 buildings located between London’s Regent Street and Bond Street, from the Church Commissioners for England; and two office buildings in the Lenbach Gärten quarter in Munich from AM Alpha for €176.1 million.

Given its desire to invest up to 5 percent of its total assets in property, the Government Pension Fund Global should move up the ranking pretty swiftly over the next few years.






Investment ConsultantTownsend Group (RE), Hewitt EnnisKnupp (General)


Assets Under ManagementNOK 5,590 billion




Investment AdvisorNorges Bank Investment Management

28

27 Head Office1801 Hermitage Boulevard, Suite 100 Tallahassee, Florida 32308

1 850 488 4406www.sbafla.com

Steve SpookSenior Investment Officer, Real Estate Tallahassee, [email protected]

Head OfficeBankplassen 2P.O. Box 1179 SentrumNO-0107 Oslo, Norway

47 24 07 300047 24 07 [email protected]

Karsten KallevigChief Investment Officer, Real Estate Oslo, [email protected]

BoAML Financial Centre: big all-cash acquisition

1370 Broadway: direct success


Temasek Holdings $10.97 billion

This year marks the 40th anniversary of the incorporation of Temasek Holdings. It seems befitting then that this past year also saw the Singapore state investor expand its investments and venture into new markets.

In its annual review, Temasek termed 2013 as “one of the most active years for new investments since the global financial cri-sis.” Its total global investment portfolio currently stands at S$223 billion ($175.64 billion; €137.56 billion), but real estate continues to represent just a small part of Temasek’s portfolio. Lumped together with life sciences and ‘consumer’ investments, the asset grouping comprised 14 percent of the total portfolio last year, up from the 12 percent allocated the previous year.

The bulk of Temasek’s operations are centered in Asia, with its only overseas offices located in Brazil and Mexico. That changed this year with the launch of new offices in London and New York. A few months later, the state investor struck its first real estate deal in London with the acquisition of a 50 percent stake in MidCity Place. There also was change in the firm’s management team in Europe, which saw John Cryan, Temasek’s president in the region, step down to later be replaced by Tan Chong Lee.

In news that could further expand its Asia exposure, Temasek announced in September that it will merge two of its real estate subsidiaries – Surbana and Singbridge – with Ascendas and JIH from state firm JTC. The merged group intends to seek opportunities in sustainable urban development in Asia and beyond.

Oregon Public Employees’ Retirement Fund $10.30 billion

The Oregon Public Employees’ Retirement Fund (OPERF) has been a more diversified investor in real estate this past year. Since last year’s ranking, the $70.8 billion pension plan has committed a total of $1.125 billion to eight managers, compared with $1 billion to just three managers during the previous 12-month period.

From December through October, OPERF earmarked most of its real estate capital to commingled funds. Among its equity commitments were $100 mil-lion each to Rockpoint Group’s Core Plus Fund, DivcoWest’s Fund IV and Landmark Partners’ Real Estate Secondaries Fund VII, as well as $125 million to Och-Ziff Capital Management’s Real Estate Fund III. OPERF also designated $400 million to two real estate debt funds.

The pension plan’s sole non-fund commitment in 2014 was a $200 million allocation to a joint venture with Lionstone Partners to target primarily office properties in high-growth US markets. Meanwhile, the rest of 2014 will include a potential investment in a value-added alternative or niche-focused real estate fund.

Going into 2015, one of OPERF’s objectives will be to maintain the value-added tilt of its property portfolio. In fact, all of the separate account initiatives that it is considering for next year will have this risk/return profile, such as a joint venture with a mixed-use national developer; new relationships to complement existing multifamily and retail joint ventures; and a pan-European separate account with a retail or industrial focus.


Assets Under ManagementSGD 223 billion








Target Allocation to Real Estate12.5%


Investment ConsultantPension Consulting Alliance

30

29 Head Office60B Orchard Road#06-18 Tower 2The Atrium@OrchardSingapore 238891

65 6828 682865 6821 [email protected]

Chong Lee TanHead, Portfolio & Strategy Group Singapore

Head Office11410 Southwest 68th ParkwayTigard, Oregon 97223

1 503 598 73771 503 598 [email protected]/pers

Anthony BreaultSenior Real Estate Investment Officer Tigard, [email protected]

MidCity Place: London foray

Breault: value-added tilt


2014 investor 30 ranking

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