US - The Alaska Permanent Fund has increased its allocation to direct property to more than US$3bn.
The fund said it would have a half interest in the $515m property in a joint venture with real estate managers Macerich Partnership.
Michael Burns, chief executive officer, said: "The Permanent Fund owns 60 solid properties across the US, but North Bridge's public profile and significant value make it a real find, and we are pleased to add it to our portfolio."
The Shops would be the fund's second largest single-property holding after Tysons Corner Center, Washington DC, which has an estimated total value of $1.5bn. Macerich were also their equal partners in this deal
In addition, the Permanent Fund has a co-controlling stake in Simpson Housing Limited Partnership, a firm that owns and manages multi-family residential properties throughout the US, and almost $800m in US and global real estate investment trusts.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
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