CalPERS Funds $125 Million to CIM California Urban Real Estate Fund.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Sept. 21, 2000 The California Public Employees' Retirement System (CalPERS) has voted to earmark earmark taking a piece out of the edge or center of the ear with a punch as an identification mark. The shape of the mark may be registerable under local legislation. $125 million to increase its investments in urban areas in California's cities and communities. The System's Board of Administration approved a $125 million investment into CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. California Urban Real Estate Fund, L.P., an investment fund managed by the Hollywood-based real estate firm CIM Group, L.L.C. The Fund will target investments in commercial and residential real estate projects in urban areas throughout California. "CIM has an impressive resume of transactions," said William D. Crist, President of CalPERS Board of Administration. "The firm's work with local community redevelopment agencies and city developers will help source good urban investments for the benefit of our investment portfolio. We look forward to this relationship." CIM's redevelopment sites include a number of well-known high foot-traffic environments in California. The firm has re-developed sites in San Diego's Gaslamp District, Old Town Pasadena Built on the foundation of one of the oldest, most beautiful and most prosperous cities in California, Old Pasadena arose from the ashes of a decaying bowery that had a well deserved patina of homeless and hippie. , and Santa Monica's 3rd Street Promenade. CIM's future development projects include downtown San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and Old Downtown in Brea, California Brea is a city in Orange County, California, United States. The population, as of 2007 is 39,560. The city began as a center of crude oil production, was later propelled by citrus production, and is now an important retail center because of the large Brea Mall and the . The firm also has significant holdings in buildings planned for refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur located in Hollywood, adjacent to Mann's Chinese Theater and Trizec Hahn's new $500 million mixed-use project that will include the Academy of Motion Pictures Theater. Since CIM's inception in 1994, the firm has invested $111 million in 20 completed projects and land transactions. CIM currently has 9 projects under development totaling a projected investment of $114 million. CIM is targeting a rate of return for the Fund in excess of 20 percent. "CIM reflects our commitment to find strong redevelopment investments in California's urban areas that have the potential to reap financial gains and strengthen communities," said Michael Flaherman, Chair of CalPERS Investment Committee. This is the latest in a series of investments for CalPERS to boost its California urban investments in the Fund's real estate portfolio. Recently, the System's Investment Committee approved an additional $100 million to California Urban Investment Partners, a 1996 partnership formed by CalPERS, real estate advisor Victor B. MacFarlane MacFarlane or Macfarlane is a surname shared by:
In June, CalPERS established a $200 million Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern Urban Infill Program and hired San Francisco-based Bridge Housing Corporation and RREEF to fund infill projects that include new construction and renovation of existing structures in older established urban areas. Last year, the Fund created a $100 million partnership with the Los Angeles-based CommonWealth Partners, L.L.C. to make investments in southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, urban areas. As of July 31, 2000, CalPERS had nearly $17 billion invested or targeted for investment in California. CalPERS is the nation's largest public pension fund with assets totaling $177 billion. The System provides retirement and health benefits to more than 1.2 million state and local public employees and their families. For further information on CalPERS, please visit the System's web site at www.calpers.ca.gov. |
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