Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 08 August 2018

CalPERS Increases Real Estate Investment Target

The California Public Employees' Retirement System has approved $4.8 billion for real estate investments during the fiscal year that began on July 1. That's up from the $4.2 billion that was approved in the last fiscal year. While the pension has been judicious in making new investments, some of the added capital could be used to take advantage of potential off-market and other opportunities.

Commercial Real Estate Direct Staff Report

The California Public Employees' Retirement System has approved $4.8 billion for real estate investments during the fiscal year that began on July 1. That's up from the $4.2 billion that was approved in the last fiscal year.

But the giant pension system has been judicious with its real estate investments. Nearly 30 percent of the capital it hopes to invest this year in real estate will go to existing investments and relationships with investment managers.

The increased investing target also would put the pension system in a strong position to take advantage of "sizable off-market opportunities that may arise," the adviser said in a memorandum.

As of the end of April, CalPERS had invested only about 25 percent of the $4.2 billion it had targeted investing in the asset class, according to the Pension Consulting Alliance, or PCA, which advises it on its real estate...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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