British Columbia Investment Management Corp. is on the hunt for bargains and hopes to take advantage as higher interest rates bite and sellers need to unload some assets at cut-rate prices.
“We don’t think public markets will get any less volatile than they are right now, so we’re quite pleased with our portfolio construction as it stands,” said Ramy Rayes, BCI’s executive vice president of investment strategy and risk, in an interview. Private loans also performed well, earning a 13.3-per-cent return. But after years of strong gains, boosted by banks that were reining in lending and forcing companies to turn to private lenders, a more crowded market has made the loans less lucrative.
In response, BCI has focused on improving the assets it already owns and building new properties to meet demand in sectors that are performing better. “We’ve been building, for example, data centres in the U.S., a high-conviction area for us,” Mr. Rayes said. “When you’re in a place where there’s fewer transactions, you’ve got to think about value creation with what you own.”
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