Mounties pension fund invests in Marina City owner

22-May-10 – A corporation in Canada that manages the pension funds of Canadian armed forces and the Royal Canadian Mounted Police has put money into the real estate investment trust that owns Hotel Sax and commercial property at Marina City.

Public Sector Pension Investment Board, also known as PSP Investments, bought 843,365 “cumulative redeemable preferred shares” from LaSalle Hotel Properties on May 14. The shares can be redeemed after a certain date for a fixed amount. The number of shares represent 13.3 percent of outstanding shares LaSalle had in July 2009, according to a document filed with the U.S. Securities and Exchange Commission.

Annual net contributions to the Canadian pension funds that PSP manages are approximately $4 billion. (Left) The Royal Canadian Mounted Police, Canada’s national police force.