(Source: Bloomberg)

Caisse de Depot et Placement du Quebec, Canada’s biggest pension-fund manager, lost C$5.7 billion ($5.2 billion) on real estate and investments including commercial paper in the first half of the year.

The Montreal-based fund manager will exit its mezzanine loans business and merge its residential-and-hotel property unit into its office-building business, the Caisse said in an e- mailed statement today.

The Caisse had unrealized losses of C$2.2 billion on real- estate debt, C$1.8 billion on declining values on properties, C$1.3 billion related to private equity and infrastructure, and C$400 million on asset-backed commercial paper, the fund manager said.

Read Doug Alexander and Frederic Tomesco’s full article “Quebec’s Caisse de Depot Loses C$5.7 Billion on Real Estate” in Bloomberg (August 11, 2009).

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