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CIC said its profits rose to $75.3 billion last year from $73.9 billion in 2015, while it earned $83 billion in investment income, up from $76.7 billion the previous year. The fund attributes its most successful year since 2013 to a global equities rally that has boosted returns for other sovereign wealth funds from Japan to Singapore, as well as portfolio adjustments that have seen CIC increase its share of alternative assets.
In its report, CIC pointed out that for 2016, the fund had “created a multi-tiered structure of managers” for its real estate investment operations, aiming to improve its returns from the sector as it revamped its investment model.
The fund’s managers also stated that with regard to its real estate approach for 2016, “Believing in investing in the best, we invested in several high quality and resilient core assets in major real estate markets in the world that could generate stable long-term returns.”
CIC committed $5 billion to real estate projects worldwide last year, accounting for a 2.65 percent share of its overseas portfolio. Among its biggest deals, last December the firm spent $1.03 billion to take a 45 percent stake in a building in New York’s Rockefeller Center, buying the interest from CPPIB. That Manhattan mega-deal followed CIC’s first major foray into US real estate in May, when it purchased a 49 percent stake in the 1 New York Plaza office tower from Brookfield Property Partners for $700 million.
By Courtesy of Mingtiandi