The British Columbia Investment Management Corp. announced that it will invest $18 billion dollars of real estate assets under management to create its own company creating a formidable new competitior in the real estate market. They are looking to develop and expand both nationally and internationally. The name of this new company is to be called QuadReal Property Group.
BcIMC have been known to serve the public with their managing of investment and making sure the funds of the public -which are not currently needed to pay pensions – are invested well enough and also provide benefits to them. The new company QuadReal will have its own board members who will be taken care of the needs and operations.
Remco Daal, who was the president of (Bentall Kennedy) that provides outside control of the B.C pension trust, will be assigned as the co-president of QuadReal.
At this very moment, Bentall are the ones in charge of externally managing the real estate assets of the British Columbia Investment Management Corp. Transfer of the management over the real estate properties will begin to take place as at 2017 to QuadReal.
It’s been a good experience for the Bentall, GWL Realty Advisors and Realstar to work alongside with bcIMC, and because of that; close to 500 employees from Bentall will move in to join the new firm.
As they expand and come out as an uprising company, QuadReal will save up on a whole lot of cash, and have 14 percent from their $123 billion asset set aside for real estate. The bcIMC is expects real estate assets to surge up to $150 billion dollars over the upcoming four years with real estate allocation of 18%. In reference to the asset managers that are being dropped off, Daal said they are ready and buckled up for any upcoming assets or tenants for which they will compete. He calls it ‘’fair game”. Jonathan Dubois-Phillips who will be the co-president and take care of QuadReal global operation, has been hired by bmIMC to look into this issue after the company started reviewing the it’s internalization.
QuadReal aims to be market driven and not concentrate on any specific area, neither in real estate nor asset class. They have no interest in selling real estate properties or assets. It is impossible to be able to have a duplicate of the national portfolio. As for now, the income seems to be flowing in rapidly just as how the clients prefer it.