Pension Pulse

Rob Kozlowski of Pensions & Investments reports PSP Investments appoints new president and CEO: Deborah K. Orida was named president and CEO of the Public Sector Pension Investment Board, Montreal, effective Sept. 1. She will replace Neil Cunningham, who will take on the title of vice chairman and special adviser to the president and CEO to support the transition until his previously announced retirement March 31, 2023, a news release said Thursday. Ms. Orida was most recently senior managing director, global head of real assets and chief sustainability officer at the C$539 billion ($413.8 billion) Canada Pension Plan Investment Board, Toronto. CPPIB spokesman Frank Switzer said in an email that Ms. Orida is leaving in August and the board has begun a thorough assessment of potential candidates to succeed her . PSP Investments had C$230.5 billion in assets as of March 31. PSP Investments spokeswoman Maria Constantinescu could not be immediately reached for fur...

Today, the University Pension Plan Ontario (UPP) announced the launch of its roadmap to net zero portfolio emissions by 2040 and reported on 2021 Year: Today, University Pension Plan Ontario (UPP) launched its formal commitment and action plan to achieve net-zero portfolio emissions by 2040 or sooner, with an emphasis on decarbonizing the real economy. Released in conjunction with UPP’s inaugural Annual Report , UPP’s Climate Action Plan focuses on driving down greenhouse gas emissions in the real economy while hitting portfolio emission reduction milestones for 2025 and 2030 on the path to a net zero portfolio by 2040 or sooner. “This Climate Action Plan speaks to two deeply connected objectives,” explains Barbara Zvan, President and CEO of UPP. “The first is to grow a strong, resilient fund that secures retirement benefits for our members today and far into the future. The second is to invest in a stable, healthy world for our members to retire into”, Zvan says. The re...

Ivanhoé Cambridge and Hines recently announced multifamily joint venture in Brazil for multifamily projects in São Paulo: Ivanhoé Cambridge and Hines, the global real estate firms, today announced a new joint venture to develop, own, and operate best-in-class multifamily buildings in São Paulo, Brazil. The venture will have the capacity to invest up to R$750 million of equity to deliver highly amenitized, international-caliber products and services to a market that is lacking in purpose-built multifamily rental projects. Hines’ multifamily property management firm, Willowick Residential, will be responsible for the property management of each project upon completion.  “Ivanhoé Cambridge strongly believes in the global development of the residential rental-housing business and Brazil is no exception. We are very excited to enter the multifamily rental market in São Paulo together with Hines as first movers in the institutionalization of the sector in Brazil”, declared ...

Marc Stiles of Puget Sound Business Journal reports new Seattle life science tower mostly full, owner says: A Canadian pension plan's bet on Seattle's life science real estate market appears to have paid off. Fourteen months ago, Oxford Properties Group paid $119.1 million for a new 10-story office building , Boren Lofts, with plans to convert it to a life science facility called Boren Labs. On Tuesday, Oxford said seven of the nine life sciences floors have been leased. The speedy pace of leasing at the project (1930 Boren Ave.) is not surprising given the strong demand. According to CBRE, life science companies were seeking 1.2 million square feet of lab space in the Seattle region as of September. That was an increase of 138% over the prior six months, the period’s largest rate of demand growth nationally. A spokesperson for Oxford said in an email that "there was a need for the unique product offering that Boren Labs presents" and the company is "h...