The California Public Employees' Retirement System Purchases One-Third Interest in Bentall Kennedy

Seattle, WA - 27 June 2012

The California Public Employees' Retirement System (CalPERS) has become a one-third owner in Bentall Kennedy, one of North America's largest real estate investment advisors, it has been announced.

"Bentall Kennedy has a track record of fiduciary excellence and is a global leader in environmental, social and governance practices," said Rob Feckner, President of the CalPERS Board of Administration. "This relationship will allow our real estate team to further expand on trends and opportunities in real estate investment and management."

CalPERS, the largest public pension plan in the United States, has acquired the ownership interest that has been held for the past two decades by Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec.

The remaining two-thirds limited partnership ownership is evenly split between the British Columbia Investment Management Corporation (bcIMC) and Bentall Kennedy's senior management team.

"CalPERS is a complementary and welcome addition to the Bentall Kennedy Group," said Doug Pearce, Chief Executive Officer and Chief Investment Officer, bcIMC. "bcIMC and CalPERS are like-minded institutions with similar investment goals and core values. We admire the leadership of the CalPERS team in the U.S and look forward to the opportunity to work more closely together as they become a co-investor in Bentall Kennedy."

For Ivanhoé Cambridge, the sale is part of a strategic process to, over the long-term, bring more of its real estate activities in house.

"We have been very pleased with the success in our equity investment in Bentall Kennedy," said Daniel Fournier, Chairman of the Board and Chief Executive Officer of Ivanhoé Cambridge. "It was the product of an effective and mutually beneficial relationship."

CalPERS said Ivanhoé Cambridge's record of successful long-term investment with Bentall Kennedy also was a factor in its decision.

"Ivanhoé Cambridge has been a significant owner in our firm for almost 20 years," said Gary Whitelaw, Group Chief Executive Officer of Bentall Kennedy. "We have been very privileged to learn from their talented people represented on our Board and within their real estate operations. The seamless transfer of their ownership to a new strategic partner is beneficial for all involved."

"We welcome the experience, strength, and global perspective that CalPERS now brings through its significant ownership in our firm. Our deeper relationship will be valuable to both organizations as we pursue our shared goal of successful and sustainable long-term investment performance," Whitelaw said.

"This important endorsement confirms our position amongst the industry leaders across North America. Through this close association with world class plan sponsors such as bcIMC and CalPERS, our organizations will continue to learn from each other to the benefit of all clients, tenants and employees in both Canada and the United States," said Whitelaw

CalPERS has been a Bentall Kennedy client for over 15 years, and will continue to utilize its research and investment services.

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