NY Fund Garners Gain
Fiscal 2008 was not a bad year for the New York State Common Retirement Fund, particularly since its real estate assets scored an increase of 14.8% in the year ended March 31, 2008.
Overall, seven of the $153.9 billion fund’s eight investment classes saw gains, as it recorded a 2.56% increase in value for the period, according to New York State Comptroller Thomas DiNapoli. Private equity rose 24.8% while stocks, which total 37% of the fund’s investments, dropped 6.4%.
RREEF Builds in South Korea
RREEF Alternative Investments, a global management business of Deutsche Bank, is tapping into overseas opportunities with its first new development in South Korea, a dual office tower project.
Through a state fund it manages, RREEF is building a 16-story office tower on the same parcel of land that currently houses the Irae Building — a 20-story office tower located in the growing Youngdungpo District of Seoul. RREEF acquired the fully leased Irae Building from the Korea Chamber of Commerce & Industry in November 2007.
RREEF assumes development and asset management responsibilities. When completed in 2010, the project’s overall value should exceed $200 million.