Pension fund investment in commercial real estate: a qualitative analysis of decision-making and investment practices in Brazil

Latent State Infrastructure and Financialisation: Insight from a Post‐Apartheid Public Pension Fund and Real Estate

“…Waterfall City was, after all, according to Attacq, “a growth node, having attracted blue‐chip firms including PwC, Deloitte, Cisco, Pfizer, Ericsson as well as Amazon Web Services” (Gernetzky 2023). These transactions and their coverage in business media are illustrative of how the GEPF's mainstream investment, mediated by the PIC, is not anomalous to financial logic and other return‐driven pension funds (Sanfelici and Magnani 2022:75–77). It also points to how government workers’ pensions are multifariously embedded in real estate financialisation in South Africa.…”

“…In 2020, Japan's, Norway's, and South Korea's government pension funds ranked first, second, and third respectively (Willis Towers Watson 2021). Although Sanfelici and Magnani (2022) and Hebb and Sharma (2014) include state‐based pension funds in their analyses in Brazil and the USA respectively, they focus on the rationalities and spatialities of pension funds generally, in comparison to other institutional investors.…”

Unpacking corporate ownership in property markets: A typology of investors and the making of an investment value chain in Brazil

“…Indeed, within state-sponsored PFs, the largest investors in property in the group, the professional body is often composed of employees whose careers were pursued in the sponsor firm, instead of in financial markets. This often means that their views lean toward more conservative investment options (Interviews A1, A2, and A3) that preserve the fund's ability to meet future liabilities (Sanfelici & Magnani, 2022).…”

“…Our data show, however, that property managers in large PFs usually stick to models of Asset-Liability Matching that prescribe investment decisions in line with the maturity of liabilities due (Interviews A1, A2, and A4). This means that PFs are more likely to engage in riskier ventures in property markets-by making brownfield investments, even in locations considered less standard to invest in-when pension plans are less mature, but shift to a more passive, lower-risk investment strategy-by investing in rent-generating core property-as benefit plans come closer to their maturity (Sanfelici & Magnani, 2022).…”

Fondos inmobiliarios cotizados y financiarización de la vivienda en Argentina

“…Estudios sobre el caso brasileño han enfatizado el gran impacto de los fondos cotizados (Nakama y Rufino, 2021;Sanfelici, 2017;Sanfelici y Magnani, 2021), que según los datos actuales ascienden a 333 cotizados en la Bolsa de Valores de Brasil (B3), que junto con los no cotizados (246) controlan un patrimonio líquido de 144 mil millones de reales (aproximadamente 27,5 mil millones de dólares) (B3, 2021). En México doce FIBRAS comerciales (REITs mexicanos) administraban 1.600 propiedades en 2019 (Gasca-Zamora, 2017; Gasca-Zamora y Castro Martínez, 2021), mientras que en Chile los fondos inmobiliarios alcanzaron un récord de seis mil millones de dólares bajo administración en 2009 (Cattaneo Pineda, 2011).…”