Canada's national pension fund's acquisition of two Manhattan office buildings point to an increased interest in U.S. property from these funds. But analysts warn Canadian pension funds and REITs will have to choose carefully as not all U.S. deals offer strong fundamentals. "In the United States, you have the haves and have nots," said Shant Poladian, with Canaccord Adams. "Not only does the U.S. have more challenging fundamentals in terms of vacancy rates and rents, a lot of companies put on debt at the top of the cycle."

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