SPAIN - The US$204bn California Public Employees' Retirement System (CalPERS) has formed a new venture with real estate firm Hines to access the Spanish residential market.
New company HCS Interests has been capitalised with $231m (e183m). Focusing chiefly on the Mediterranean coast, it has a target of three years for initial investment and a 10-year life span.
Edouard Fernandez, a general manager with Hines Spain said opportunities in Spain’s second and vacation home property market were borne from its weather, cultural and economical conditions, and infrastructure development.
Carlo Matta, fund manager for HCS added that CalPERS' commitment to the fund demonstrated the potential of the Spanish market.
CalPERS has $10.8bn invested in real estate. Hines has assets valued at approximately $12.5bn.
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