The AFL-CIO Building Investment Trust
The mission of the AFL-CIO Building Investment Trust (BIT), a bank collective trust for which PNC Bank serves as trustee, is to provide competitive risk-adjusted returns for qualified union pension plans through investments in institutional quality commercial real estate. The BIT also provides collateral benefits such as union job creation and economic development. As of December 31 2016, the BIT had a net asset value of $4.67 billion.
The BIT invests exclusively in US markets and has developed and implemented one of the most comprehensive written union labor policies in the industry. In its 28 year history, the BIT has invested over $7 billion for the development and acquisition of more than 200 office, retail, multifamily, hotel, warehouse, and mixed use properties across the country. These investments have generated approximately 72 million hours in union construction work and created thousands of permanent union jobs in the service, maintenance and operations of facilities owned by the BIT.
As a fund carrying the AFL-CIO name, the BIT strives to meet the highest expectations both as a prudent steward of pension capital and as a fund dedicated to creating American jobs and building American communities.
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