SEATTLE, WA, USA, June 26, 2012 /PRNewswire/ – 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 was announced today.

“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 Ivanho Cambridge, the real estate subsidiary of the Caisse
de d pôt et placement du Qu bec.

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 Ivanho 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 Ivanho Cambridge. “It was the product of an
effective and mutually beneficial relationship.”

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

“Ivanho 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.

About CalPERS
CalPERS is the largest public pension fund in the U.S. It administers
retirement benefits for more than 1.6 million California state, local
government, and public school employees, retirees, and their families
on behalf of more than 3,000 public employers, and health benefits for
more than 1.3 million enrollees. The average CalPERS pension benefit is
$2,332 per month. The average benefit for those who retired in the most
recent fiscal year that ended June 30, 2011, is $3,065 per month. For
more information, please visit www.calpers.ca.gov.

About bcIMC
bcIMC is an independent investment management corporation that manages a
globally diversified investment portfolio of $91.1 billion as at
December 31, 2011. Based in Victoria, British Columbia and supported by
industry-leading expertise, bcIMC invests in all major asset classes
including infrastructure and other strategic investments. bcIMC’s
clients include public sector pension plans, public trusts, and
insurance funds. With real estate holdings valued at $14.4 billion as
at December 31, 2011, bcIMC is one of Canada’s major property owners
and developers. bcIMC’s Canadian real estate portfolio includes
offices, retail malls, residential and industrial buildings, hotels,
and interests in real estate management companies. For more
information, please visit www.bcimc.com.

About Ivanho Cambridge
Ivanho Cambridge is one of the ten largest real estate companies in the
world, with more than $30 billion of assets in over 20 countries as at
December 31, 2011. Ivanho Cambridge is a real estate subsidiary of the
Caisse de d pôt et placement du Qu bec (lacaisse.com), one of Canada’s leading institutional fund managers. For more
information, visit ivanhoecambridge.com.

About Bentall Kennedy
Bentall Kennedy is one of North America’s largest real estate investment
advisors and one of its foremost providers of real estate services.
Bentall Kennedy serves the interests of more than 500 clients across
140 million square feet of office, retail, industrial, hotel, and
apartment properties totaling $28.7 (as at March 2012) billion
throughout Canada and the U.S.

Bentall Kennedy has a 100 year track record of delivering superior
returns and a reputation for integrity, innovation and creating value.
Bentall Kennedy is a member of UN PRI and is a recognized global leader
in Responsible Property Investing. For more information, visit www.bentallkennedy.com.

Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership
and Bentall Kennedy (U.S.) Limited Partnership.

SOURCE Bentall Kennedy